Story of the Day:
The Lusaka Securities Exchange All Share Index (LASI) has lost approximately 9.4% of its value since the start of the coronavirus pandemic, according to an analysis conducted by Financial Insight Zambia. Read more
Local Business and Finance Sponsored By Liquid Telecom
The Chamber of Mines says it will stand by what it earlier stated that the Mineral Royalty Tax dropped by 12 percent and not the six percent announced by the Zambia Revenue Authority. Read more: News Diggers
Zambia’s power utility company ZESCO Limited has disclosed that it is currently assessing additional load shedding hours for all its customers owing to the loss of 130MW of power from the national grid. Read more: Zambian Business Times
One of Zambia’s prominent economist, Yusuf Dodia, has urged the Zambian Government to quicken the process of rebasing its Gross Domestic Product – GDP in order to align it with the recent changes that the country’s economy has experienced. Read more: Zambian Business Times
Commerce Minister Christopher Yaluma says the World Bank-funded Zambia Agribusiness and Trade Project (ZATP) is empowering thousands of Zambians to run small businesses as a way of generating income for households. Read more: ZNBC
International Business and Finance
South Africa’s manufacturing output fell 16.3% year on year in June after contracting by 32.4% in May, the statistics agency said on Tuesday. Read more: Reuters
Boris Johnson has warned the UK has a “long, long way to go” before the economy improves, after official figures showed the largest drop in employment in over a decade. However, he said parts of the economy were “showing great resilience”. Read more: BBC News
Tesla announced a five-for-one stock split which goes into effect on August 31. Tesla shares rose more than 6% in post-market trading even though the stock split changes nothing fundamental about the stock. The move could mean more smaller investors could afford the stock. Read more: CNBC
Airbnb is reportedly close to filing to go public, marking a surprise turnaround for the company that recently cut a quarter of its workforce during the pandemic. The home-sharing company is planning to file IPO paperwork with the Securities and Exchange Commission later this month and could be publicly listed by the end of the year. Read more: CNN
Bitcoin is on a tear: The price of one bitcoin is now trading just above $11,500, the highest level in about a year. Bitcoin has surged more than 60% in 2020 and is up more than 180% from its mid-March lows of about $4,000. What’s driving the bitcoin spike? Experts say much of it is due to the weakness in the US dollar. Read more: CNN
Capital Markets Report Sponsored By ZCCM-IH
In 5 trades recorded yesterday, 325,008,101 shares were transacted yielding a market turnover of K42,264,663. A share price loss of K0.16 was recorded in PUMA, and a share price gain of K0.01 was recorded in Zambia Sugar. Trading activity was also recorded in CEC Africa on the quoted tier. The LuSE All Share Index (LASI) closed at 3,847.75 points, 0.46% down from its previous close of 3,865.40 points. The market closed on a capitalization of K55.568,374,947 including Shoprite Holdings and K21,329,168,967 excluding Shoprite Holdings.
Chart of the Day:
