Story of the Day:
Production at First Quantum Minerals’ Sentinel Mine for the first quarter of 2021 was broadly in line with the company’s expectations, with production increasing by 3% year-on-year, according to the company’s latest results announcement to shareholders. Read more
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Zambia recorded increased interest in 5-year fixed income in April 30, bond auction. The tenor attracted bids totaling K722.0 million of the K410 million on offer of which K360 million of appetite was absorbed. Other tenors sought for were the 3-year which was the second preferred with appetite at K471 million part of which K319 million was satisfied. Read more: The Business Telegraph
Citibank Zambia’s first quarter headline earnings sagged 25.0% to K67 million compared to a year ago. Well known for its corporate banking brand and stellar transactional processing services, Citi’s financial performance is an autopsy of cautious balance sheet extension (lending) approach especially at a time of waning sovereign posture as the US bank sought to manage its risk appetite. Read more: The Business Telegraph
Mines Minister Richard Musukwa says there has been mistrust between government and mining investors because they have not been coming to the table with “clean hands”. And Musukwa says government is looking for an investor that can immediately bring US$300 million. Read more: News Diggers
Lusaka Securities Exchange (LuSE) listed firms witnessed a sharp rise in turnover to K1.6 million from K700,905. The rise in turnover entails that the local bourse witnessed increased trade activities. According to LuSE’s weekly stock news update for April 30, overall trading activity occurred in 12 firms. Read more: Zambia Daily Mail
International Business and Finance
In the first three months of 2021, the vaccine generated revenues of $3.5bn as governments scrambled to try to contain the pandemic. Revenue from the treatment is expected to hit $26bn this year – accounting for more than one third of Pfizer’s sales. Read more: BBC News
Ether, the digital coin linked to the Ethereum blockchain, hit an all-time high of $3,456.57 as the cryptocurrency extends a rally that has seen its price gain over 350% this year. The digital coin pared some of those gains in Tuesday morning trade in London and was trading at $3,369.74 at 11:20 a.m., according to CoinDesk data. Read more: CNBC
The U.S. trade deficit hit a fresh record high in March as consumers flush with government cash spurred a continuing demand for foreign-made goods. With a new round of $1,400 stimulus checkspouring in and the domestic economy continuing to show substantial improvement, the imbalance in goods and services with the rest of the world swelled to $74.4 billion, the Commerce Department reported Tuesday. Read more: CNBC
Kenya and Tanzania on Tuesday agreed to eliminate barriers hindering the smooth flow of trade and people between the two East African countries. The agreement was arrived at during bilateral talks between Kenyan President Uhuru Kenyatta and his Tanzanian counterpart Samia Suluhu Hassan, who is on a two-day state visit in Nairobi. Read more: CGTN
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In 47 trades recorded yesterday, 81,653 shares were transacted resulting in a turnover of K247,077. A share price gain was recorded of K0.01 in Lafarge. A share price loss was recorded in Airtel of K0.01. Trading activity was also recorded in Copperbelt Energy Corporation, FQM, PUMA, Zanaco and Zambia Sugar. The LuSE All Share Index (LASI) closed at 4,109.53 points, 0.01% up from its previous close of 4,109.31 points. The market closed on a capitalization of K58,096,218,384.53 including Shoprite Holdings and K23,851,577,610 excluding Shoprite Holdings.
Chart of the Day: