Daily FiZ – Wednesday 14/07
Economy

Story of the Day:

Africa Trust Group (ATG) is pleased to announce new funding from Shell Foundation, a UK charity that helps create and scale business solutions to enhance access to energy and supports people living in low-income communities. Read more 

Local Business and Finance Sponsored By Liquid Intelligent Technologies

Mopani Copper Mines – MCM which was recently handed back to ZCCM IH under a local management team has continued to improve production month on month since the transition on April 1, 2021 producing 8,306 tons and 8,330 in April and May resulting in monthly revenues of about US$80 million. Read more: Zambian Business Times 

The Information Communication Technology – ICT and Telecommunication sectors have recorded increased business opportunities while the hotel and travel industry has been the worst hit by the COVID pandemic, the Zambia Chamber of Commerce and Industry – ZACCI has revealed. Read more: Zambian Business Times 

The Industrial Development Corporation (IDC) has injected K684 million into Nitrogen Chemicals of Zambia (NCZ) in Kafue. IDC CEO Mateyo Kaluba says K638.4 million is working capital support to produce fertiliser and K45.6 million for the procurement of a fertiliser blending plant. The injection will assist NCZ compete with the private sector in the supply of fertiliser and diversify its revenue. Read more: ZNBC 

Following the incarceration of the former President Jacob Zuma, South Africa has suffered political instability through general unrest that could potentially be of economic ramifications to its trade partners. Zambia has 35-40% of its import bill comprising South African goods. The current impasse is posing disruptive for trade resilience and if not managed could be a potential driver of inflation. Read more: The Business Telegraph 

International Business and Finance

The US has issued a tough new warning to companies about doing business in China’s Xinjiang province. American firms that still have supply chain and investment ties in the region were told they “could run a high risk of violating US law.” Washington cited evidence of genocide and other human rights abuses in Xinjiang. Read more: BBC News 

Prices in the US spiked again in June, driven higher by the cost of used cars and food increasing. Consumer prices jumped 5.4% in the 12 months to the end of June, up from 5% the previous month. It marks the biggest 12-month increase since August 2008, according to the US Labor Department. Read more: BBC News 

JPMorgan Chase is minting money as the US economy races back from the pandemic. America’s largest bank said Tuesday it hauled in $11.9 billion in profit during the second quarter, up 155% from the same period of 2020. Read more: CNN 

Goldman Sachs said Tuesday that it reported a net profit of nearly $5.5 billion, or $15.02 a share, in the second quarter. That was up sharply from earnings of $373 million in the same quarter a year ago and easily topped analysts’ forecasts. Read more: CNN

Capital Markets Report Sponsored By ZCCM-IH

In 105 trades recorded yesterday, 340,764 shares were transacted resulting in a turnover of K440,236. A share price loss of K0.13 was recorded in Copperbelt Energy Corporation. Trading activity was also recorded in Lafarge, Madison Financial Services, Real Estate Investments Zambia, Standard Chartered Zambia, Zanaco and ZAFFICO. The LuSE All Share index (LASI) closed at 4,787.39 points, 1.10% down from its previous loss of 4,835.80 points. The market closed on a capitalization of K61,096,216,430 including Shoprite Holdings and K26,851,575,655 excluding Shoprite Holdings.

Chart of the Day:

For any feedback on the stories captured on the Daily FiZ, email Natasha on dailyfiz@fizambia.com

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