Story of the Day:
When listed food processing company ZAMBEEF reports its 2021 full year financial results in Q3 2021, it expects a performance that is in the range of 20% to 30%, according to a SENS statement issued by the company. Read more
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Copper mining companies in Zambia, Africa’s second-largest producer of copper after the Democratic Republic of Congo, are at odds with the record prices of copper, which have brought them significantly higher royalty bills than previously under the country’s current tax regime. Read more: S&P Global
Tertiary Minerals PLC has made another step to expanding its copper interests. It is forming a subsidiary in Zambia – Luangwa Minerals Limited – to target exploration and development opportunities for the metal in the country. Read more: Proactive Investors
Puma Energy Zambia Managing Director Pinchi Simukwai has resigned from the energy company. Reasons for Simukwai’s resignation were not made publicly available, but the energy company proceeded to announce the appointment of his replacement as Knight Silumesii. Read more: Zambian Business Times
Over 300,000 farmers under the Farmer Input Support Programme (FISP) have been supported by Atlas Mara Bank in a quest to complement Government’s effort of ensuring food security in the country. The bank is providing tailored services to input suppliers, collection of farmer contributions and payments to agro-dealers that are on FISP. Read more: Zambia Daily Mail
Zanaco will support the implementation of the business resilience facility project in a bid to support small- and medium-scale entrepreneurs (SMEs) to find market for their products.
The project has been created by Financial Sector Deepening Zambia (FSDZ) to build opportunities during moments like the coronavirus era. Read more: Zambia Daily Mail
International Business and Finance
The African Union (AU) Chairperson Felix Tshisekedi has on Tuesday welcomed the first objective of the Paris Summit, which he says is to provide US$100 billion to assist the continent shrug off effects of the coronavirus pandemic on its economy. Read more: CGTN
Leading crypto exchange platform, Binance, has recorded a rise in the number of African users on its platform. This is at a time when some governments on the continent have barred the use of cryptocurrencies. Read more: Business Insider
Of all the African countries, Nigeria has the most developed real-time payments scheme, according to a new global research from ACI Worldwide and GlobalData. Nigeria also ranks 6th place globally on the list of Top 10 countries by number of real-time transactions in 2020 after more than 1.9 billion real-time payments transactions were processed in 2020, the research showed. Read more: Business Insider
Jaguar Land Rover owner Tata Motors has announced a shock quarterly loss of more than $1bn. It came as the Indian company wrote off $2.1bn related to its revamp of the UK-based luxury car business. It also warned that a global semiconductor shortage is now impacting production plans for the current quarter. Read more: BBC News
U.S. and European stock futures were lower in early morning trading on Wednesday ahead of more retail earnings. Dow futures fell about 80 points. S&P 500 futures and Nasdaq 100 futures both traded in mildly negative territory. Read more: CNBC
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In 33 trades recorded yesterday, 5,111,246 shares were transacted resulting in a turnover of K4,600,481. Share price gains were recorded in Lafarge of K0.61 and in Zanaco of K0.15. Trading activity was also Copperbelt Energy Corporation, First Quantum Minerals and ZAMEFA. The LuSE All Share Index (LASI) closed at 4,218.25 points, 1.84% up from its previous close of 4,140.66 points. The market closed on a capitalization of K58,570,656,394 including Shoprite Holdings and K24,326,015,619 excluding Shoprite Holdings.
Chart of the Day: