Story of the Day:
Metal Fabricators of Zambia (ZAMEFA), a public limited liability company incorporated in the Republic of Zambia under the companies Act, first started its operations in 1968, just over 4 years after the independence of Zambia; it was later privatized in 1996 and in 2004 it was listed on the Lusaka Securities Exchange. The majority shareholders of ZAMEFA is Reunert International Investment of Mauritius which owns about 75% of shares and the rest is owned by a portfolio of investors and individuals who include employees of the company. Read more
Local Business and Finance Sponsored By Liquid Telecom
The Zambian cabinet has approved the establishment of another multi-facility economic zone by a Chinese enterprise, a government spokesperson said on Tuesday. Read more: Xinhua
ZCCM-IH has outlined key strategic and operational activities. Some of the key developments include implementation of a 6 year strategic plan spanning to 2026 approved in 3Q20. This strategic plan was adopted with a renewed focus on investment impetus in both mining and related projects ranging from greenfield initiatives to aggressive commodity diversification. Read more: The Business Telegraph
Tanzania on Tuesday signed a US$31.5 million grant agreement with the French Development Agency (AFD) for financing the implementation of the Tanzania-Zambia power interconnection project. Read more: China.org
In a quest to attract more investors on the capital market, Lusaka Securities Exchange (LuSE) is expected to launch a direct market access mobile phone product to enable potential investors, especially those in rural areas, to buy shares and bonds on the stock market. Read more: Zambia Daily Mail
GPF Capital, a specialised fund based in New York, United States of America, has expressed interest to invest in Zambia’s border infrastructure. The organisation says it will improve the livelihoods of the communities in border areas as well as support the growth of regional trade. GPF Capital has engaged the Zambian Government with proposals to invest in excess of an initial US$70 million. Read more: Zambia Daily Mail
International Business and Finance Sponsored By Royal Zambian Airlines
MSCI, one of the largest stock index companies in the world, announced Tuesday that it would remove 10 Chinese securities from its indexes effective at the close of businesses on Jan. 5, 2021. The removals follow U.S. President Donald Trump’s order on Nov. 12 that bans American companies and individuals from owning shares of Chinese companies that the White House alleges supports China’s military. Read more: CNBC
Tech giants could soon face hefty fines and stricter controls over their behavior as part of sweeping new rules in the European Union. The European Commission, the executive arm of the EU, on Tuesday presented two new pieces of legislation that will affect how Big Tech operates. Read more: CNBC
Nigeria’s retail inflation in November rose to 14.89% from 14.23% in October, according to the Consumer Price Index report, recently released by the National Bureau of Statistics (NBS). This represents the highest inflation rate recorded since January 2018, when the rate stood at 15.13%. Read more: Business Insider
The Department of Public Enterprises (DPE) has announced an interim six-member South African Airways (SAA) board as the airline prepares to relaunch in 2021. Read more: Ghana Web
Capital Markets Report Sponsored By ZCCM-IH
In 49 trades recorded yesterday, 165,975 shares were transacted yielding a market turnover of K191,606. A share price gain was recorded in Copperbelt Energy Corporation of K0.10. Trading activity was also recorded in CCHZ and ZCCM. The LuSE All Share Index (LASI) closed at 3,937.22 points, 0.95% up from its previous close of 3,899.89 points. The market closed on a capitalization of K57,616,689,793 including Shoprite Holdings and K23,377,483,813 excluding Shoprite Holdings.
Chart of the Day: