Story of the Day:
The only electricity generating company listed on the Lusaka Securities and Exchange has advised shareholders and stakeholders that the contract they have with national utility that provides it with the power it supplies both to domestic mining companies and exports to the Congo will be ending in March this year. Read more
Local Business and Finance
Zambia Revenue Authority (ZRA) has surpassed its revenue target of K51.8 billion for the fiscal year 1st January 2019 to 31st December 2019 by K1.1 billion. Read more: Zambia Reports
Absa Group Limited, Barclays Bank Zambia’s parent company, has announced the appointment of Aaron Daniel Mminele as its new Group Chief Executive effective January 15, 2020, taking over from René van Wyk. Read more: News Diggers
Amid increasing speculation that Uzi Zambia will have its mobile license revoked, the government claims the operator is facing financial challenges that has delayed the launch of its network and has requested more time. Read more: IT Web Africa
Zambia Revenue Authority (ZRA) has paid out K10.5 billion towards Value Added Tax (VAT) refund in 2019 although this has been a strain on the budget. Read more: Zambia Daily Mail
International Business and Finance
Oil prices have risen after two bases hosting US troops in Iraq were hit by ballistic missiles. Read more: BBC News
Samsung said on Wednesday its operating profits likely fell 34% in the fourth quarter. But the forecast beat analysts’ estimates, signaling a turnaround for the company in the coming year. Shares in Samsung rose nearly 2.9% in Seoul. Read more: CNN
Uber and Hyundai unveiled a flying taxi that may eventually transform your ridesharing trips. Read more: CNN
After years of reconnaissance, China’s retail king Alibaba is finally making its move on Europe. It is undercutting Amazon sellers’ fees to attract vendors but has had mixed results, six sources with direct knowledge of the matter said. Read more: Reuters
JPMorgan says US-Iran tensions and a possible manufacturing slowdown are the biggest issues for the market today, far outpacing the Trump impeachment. Read more: Business Insider
Capital Markets Report
In 27 trades recorded yesterday, 5,223 shares were transacted, yielding a market turnover 14,845. A share price loss of K0.01 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in AELZ, Lafarge, Standard Chartered Bank Limited, Zambeef and Zanaco. The LuSE All Share Index (LASI) closed at 4,260.60 points down by 0.09% from its previous close of 4,264.51 points. The market closed on a capitalization of K56,539,305,418 including Shoprite Holdings and K22,300,099,438 excluding Shoprite Holdings.
Chart of the Day:
