Story of the Day:
In the first week of October 2021 we can already see a turn around on the bond markets weekly performance as it recorded a 97% to 3% on the equities market. Hoping to see more bond trading in the final quarter of the year. Only one day recorded trades throughout the week but dominated the equities market. Read more
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President Hakainde Hichilema says trade and investments will play a critical role in his administration’s sustained effort to revive the country’s economy. Speaking when he welcomed UK Trade Envoy, Lawrence Robertson, President Hichilema has said trade and investment remain the basis upon which his party the UPND ascended to power. Read more: ZNBC
Italian Ambassador to Zambia Antonio Maggiore says over 30 companies are interested in investing and partnering with Zambian Small and Medium Enterprises (SMEs). Mr. Maggiore says Zambia has incredible potential to develop SMEs. Read more: ZNBC
The Kwacha last Friday made marginal gains against the US dollar following interventions by Bank of Zambia, which entered the market to supply the green back. It is projected that the local currency will trade steadily and post more gains as the central bank continues to support it and coupled with this week’s tax conversions. Read more: Zambia Daily Mail
ZCCM Investment Holdings has recorded K1.48 billion in profit as a result of a surge in copper prices on London Metal Exchange (LME) during the six months ended June 30, 2021. Copper prices on LME recorded an average price of US$ 9,200 per tonne compared to US$5,490 per tonne recorded during the same period in 2020. The group’s share of profit in associate companies was K1.48 billion compared to K354.7 million in June 2020. Read more: Zambia Daily Mail
International Business and Finance
Dubai ports giant DP World and Britain’s development finance agency CDC Group on Tuesday said they planned to jointly invest up to 1.72 billion U.S. dollars in logistics infrastructure in Africa over the next several years, starting with modernizing three ports. Read more: CGTN
The report, based on a survey of 200 business leaders in sub-Saharan Africa, found that UAE has invested $1.2 billion in Sub-Saharan Africa over the past five years, accounting for 88 per cent of investment between January 2016 and July 2021. Read more: Business Insider
The economic recovery has weakened in most rich nations due to the impact of the Delta variant of coronavirus, the International Monetary Fund (IMF) says. It also told the BBC inflation would “stay elevated” for the next few months in countries like the UK and US and central banks needed to be vigilant. Read more: BBC News
US lawmakers have temporarily put off a dangerous game of brinkmanship over lifting the debt ceiling – a limit on how much the US government can borrow. Treasury Secretary Janet Yellen had warned Congress that the country would reach its ceiling by 18 October. Republicans dared Democrats to resolve the conflict alone. Democrats called that move reckless. The showdown prompted fears of a default on the national debt. Read more: BBC News
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In 18 trades recorded yesterday, 6,353 shares were transacted resulting in a turnover of K13,613.73. Trading activity was recorded in Airtel, Zambia Sugar, Zambeef, Lafarge, British and Puma. The LuSE All Share Index (LASI) maintained its close at 4,979.40 points, with a 0.01 percent increase.
Chart of the Day: