Story of the Day
To be successful, be it in exams or life at large, we must all work to eliminate those self-imposed limitations that are stunting our personal development. And just like Jim Rohn said, “no matter who you are, there are three self-imposed limitations you have to contend with.” Let me tell you about them. Read more
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Zambia’s central bank will bump up the size of its local-currency bond auctions by 73% this month to cash in on improved investor sentiment after the government moved closer to concluding a bail-out deal with the International Monetary Fund. The size of monthly bond tenders will increase to 2.6 billion kwacha , from 1.5 billion kwacha previously, according to the Bank of Zambia. It will offer 2 billion kwacha in fortnightly treasury bill sales, a 43% rise from the previous 1.4 billion kwacha. Read more: Bloomberg
The Industrial Development Corporation has announced plans to restructure state power utility ZESCO. Through a tender published in the Daily Mail of Tuesday, January 4th 2022, the IDC wants to engage a Consultant who will undertake financial and operational restructuring of ZESCO. The IDC says the Consulant should also assess the possibility of segregating ZESCO’s main divisions such as generation, transmission and distribution into separate units. Read more: Lusaka Times
Zambia’s MinFin has spelt a clear road map towards debt restructure running from December 2021 all the way to Mid 2022 commencing with a virtual bilateral creditor engagement. See below extract from a recent presentation to bilateral creditors on by Dr. Situmbeko Musokotwane, Zambia’s MinFin Head. Read more: The Business Telegraph
As Zambia descended into the year 2022, markets were left wondering whether or not the yield curve was merely correcting a temporal ‘kink’ in the 9 month to 1 year or maybe money markets were signaling a bearish rate trajectory on the horizon. Read more: The Business Telegraph
International Business and Finance
OPEC+ agreed on Tuesday to stick to its planned increase in oil output for February because it expects the Omicron coronavirus variant to have a short-lived impact on global energy demand. The group of producers comprising the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia has raised its output target each month since August by 400,000 barrels per day. Read more: CNN
Wall Street is having a topsy-turvy moment. Long-term Treasury yields have shot up dramatically, and investors in stocks are cheering the bond market’s big moves. That doesn’t happen often. So what gives? Rising rates are supposed to be a bad sign for stocks. In theory, higher yields for the 10-year US Treasury should make it more expensive to get mortgages and other types of consumer and business loans. Read more: CNN
In the latest edition of its Nigeria Development Update, the World Bank has revealed that Nigeria may have one of the highest inflation rates globally in 2022, with increasing prices diminishing the welfare of Nigerian households. According to the World Bank, the inflationary pressures, which were trigged by multiple demand and supply shocks could hamper the country’s attempt to achieve economic recovery, eroding the purchasing power of most vulnerable households. Read more: Business Insider
Samsung Electronics Co Ltd is likely to post a record fourth-quarter profit thanks to solid demand for server memory chips and higher margins in contract manufacturing, analysts’ estimates showed. Operating profit for the world’s biggest memory chip and smartphone maker likely hit 15.2 trillion won ($12.7 billion) in the quarter ended December. Read more: Reuters
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In 14 trades recorded yesterday, 7,300 shares were transacted resulting in a turnover of K 16,385.A share price gain of K0.01 was recorded in Zanaco. Trading activity was recorded in Copperbelt Energy Corporation and Zanaco. The LuSE All Share Index (LASI) closed at 6,062.99 points,0.05% up from it previous close of 6,059.68 points. The market closed on a capitalization of K67,197,259,499 including Shoprite Holdings and K32,414,574,059 excluding Shoprite Holdings.
Chart of the Day
