Story of the Day:
With only 8 weeks of its 2019 financial year remaining, REIZ has announced the resignation of one of its Directors from the board, according to a statement released by the listed company. Read more
Local Business and Finance
Ebbing dollar demand in Africa’s copper hotspot has weighed its currency weaker to record lows. The Kwacha closed trading on 12 November at a 6 months low, crossing the psychological mark of 14 for a unit of the greenback. The copper currency has been on a losing streak for over a month from levels of 13.05 to current record lows. Read more: The Business Telegraph
Association of Mines Suppliers and Contractors (AMSC) president Augustine Mubanga says contractors are optimistic of getting their outstanding dues paid by Konkola Copper Mines (KCM) Plc as the mine gets back to full-scale operations. Read more: News Diggers
Vice-President Inonge Wina says President Edgar Lungu has directed that government should not engage in acquiring more loans or purchasing of expensive items like the presidential jet. Read more: News Diggers
Tourism and Arts Minister Ronald Chitotela has requested tour operators in Zambia to financially support government efforts of marketing tourist destinations through international media houses like CNN. Read more: ZNBC
Speaking at a public discussion organized by celebrated think tank the Economics Association of Zambia (EAZ), ZESCO’s Director of Strategy and Corporate Services Patrick Mwila told the audience as he justified the tariff proposal that the power utility is bleeding. Read more: The Business Telegraph
International Business and Finance
Zimbabwean banks on Tuesday began issuing new notes and coins aimed at easing severe cash shortages, but they are severely limiting the amounts that people can withdraw. Read more: Africa News
Facebook Inc. just dove into payment systems with a service across Facebook, Messenger, Instagram, and WhatsApp called Facebook Pay. The payment system will compete with Apple Pay and Paypal and will allow users to send money without a fee. Read more: CNBC
President Donald Trump on Tuesday dangled the prospect of completing an initial trade deal with China “soon,” but offered no new details on negotiations in a campaign-style speech touting his administration’s economic record. Read more: Reuters
The world’s biggest banks pressed policy makers to pass an urgent Brexit fix to ensure European traders’ access to London derivatives clearinghouses and avoid rupturing $78 trillion in contracts. The groups’ members include the biggest derivatives traders in the world including JPMorgan Chase & Co., Goldman Sachs Group Inc. and Deutsche Bank AG. Read more: Bloomberg
Even as the market ascends to new heights, wealthy investors are bracing for a turbulent period that could produce a “significant drop” in equity benchmarks in the near term. That is according to a recent survey produced by UBS Wealth Management that finds that some 55% of deep-pocketed investors are preparing for a drop in the market before the end of the 2020. Read more: Market Watch
Capital Markets Report
In 17 trades recorded yesterday, 291,000 shares were transacted, resulting in a market turnover of K274,552. A share price gain of K0.01 was posted in Zambia Sugar. Trading activity was also recorded in Cavmont Capital Holdings Zambia, Copperbelt Energy Corporation and Zambeef. The LuSE All Share Index (LASI) closed at 4,311.90 points up by 0.02% from its previous close of 4,311.90 points. The market closed on a capitalization of K56,752,681,244 including Shoprite Holdings and K22,513,475,264 excluding Shoprite Holdings.
Chart of the Day: