Story of the Day:
In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Standard Chartered Bank Zambia PLC (“the Bank”) hereby advises the Shareholders of the Company that the Earnings per Share for the twelve-month period ended 31 December 2021 is K0.21 compared to negative earnings per share of (K0.03) for the twelve-month period ended 31 December 2020. Read more
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President Hakainde Hichilema has signed the electronic government Act which will allow Zambian registered entities to be given preferential treatment in the procurement of information communication technology (ICT) products, services and goods. This development means that multi-national corporations (MNC) will be required to partner with local companies whenever there is a requirement to supply and deliver ICT services to Government. Read more: Zambia Daily Mail
Presidential Spokesperson Anthony Bwalya says President Hakainde Hichilema has ordered that all tender committees across all line ministries must be reorganised at staff level to improve working efficiencies relating to public procurement. Read more: News Diggers
Finance and National Planning Minister Situmbeko Musokotwane has expressed concern over the low compliance levels across several tax types. And Dr. Musokotwane has asked the newly appointed Zambia Revenue Authority -ZRA- board to strengthen measures being administered by the Authority in domestic resource mobilization. Read more: ZNBC
The World Bank has commended President Hakainde Hichilema for the ambitious steps he has taken to recover the economy. World Bank Executive Director, Eva Valle-Maestro said the ambitious program the President has undertaken, such as restoring the rule of law and fighting corruption should be commended. Read more: Zambian Observer
International Business and Finance
The European Union formally approved on Tuesday a new barrage of sanctions against Russia for its invasion of Ukraine, which include bans on investments in the Russian energy sector, luxury goods exports and imports of steel products from Russia. The sanctions, which come into effect after publication in the EU official journal later on Tuesday, also freeze the assets of more business leaders who support the Russian state, including Chelsea football club owner Roman Abramovich. Read more: CNN
Stock futures were flat in overnight trading after the major indexes rallied and oil prices tumbled below $100 a barrel ahead of Wednesday’s Federal Reserve meeting. Futures on the Dow Jones Industrial Average dipped 40 points, while S&P 500 futures fell 0.1% and Nasdaq 100 futures were flat. Read more: CNBC
China’s foreign minister, Wang Yi, says Beijing wants to avoid being impacted by U.S. sanctions over Russia’s war with Ukraine. “China is not a party to the crisis, nor does it want the sanctions to affect China,” Wang said Monday during a call with Spanish counterpart Jose Manuel Albares to discuss the crisis in Ukraine. Read more: CNBC
Credit ratings agency Fitch said on Tuesday that if Russia were to make two U.S. dollar bond coupon payments due Wednesday in roubles, it would constitute a sovereign default after a grace period expiration. Read more: Reuters
Capital Markets Report Sponsored By ZCCM-IH
In 178 trades recorded yesterday, 589,953 shares were transacted resulting in a turnover of K1,926,303. Share price losses were recorded in PUMA of K0.11 and in Zambeef of K0.02. Trading activity was also recorded in Bata, Copperbelt Energy Corporation, Standard Chartered Zambia, Zambia Breweries, ZAMEFA and Zanaco. The LuSE All Share Index (LASI) closed at 6,655.95 points, 0.21% down from its previous close of 6,669.93 points. The market closed on a capitalization of K69,801,339,095 including Shoprite Holdings and K35,018,653,655 excluding Shoprite Holdings.