Story of the Day:
In the third week of January 2020 trading, ten companies’ securities were traded on the LuSE. Wednesdays equities trading recorded the highest turnover for the week. Read more
Local Business and Finance
Zambia’s only cobalt producing company, Chambishi metals will at the end of January 2020 be placed under care and maintenance. Read more: Zambian Observer
President Edgar Lungu says Government has spent $55.4 million to revamp Cashew Nut production in Western Province. Read more: ZNBC
Bankers Association of Zambia (BAZ) has attributed the sporadic and under-subscription of the Treasury bills to the general low liquidity on the market. Read more: Zambian Business Times
The Pensions and Insurance Authority – PIA has disclosed the authority has for the year 2020 granted licenses to 317 Insurance entities out of which 26 are insurance companies, 17 general insurance companies and 9 are long term insurance companies. Read more: Zambian Business Times
FSD Zambia has welcomed a £21.95m 5-year commitment from UK Aid, part of a £320m package that will initiate an ambitious new phase of financial sector development across Africa. Read more: Lusaka Times
Government has expressed interest in getting Belarusian tractors. Ways to acquire them were discussed as Director-General of the Belarusian tractor engineering company MTZ Vitaly Vovk met with a Zambian delegation led by Finance Minister Bwalya Ngandu. Read more: Lusaka Times
International Business and Finance
Telecom giant Vodafone Group Plc left the Libra Association, becoming the latest company to exit the Facebook-led group trying to create a new global cryptocurrency. Read more: Bloomberg
Boeing has said it does not expect its 737 Max plane to return to the skies before the summer, which is longer than initially expected. Read more: BBC News
Tesla Inc became the first $100 billion publicly listed U.S. carmaker in extended trading on Tuesday, in a sign of Wall Street’s confidence in an all-electric future. Read more: Reuters
While financial technology startups may get more attention, mature companies are getting more financing, according to a new report from Deloitte Center for Financial Services. Read more: Investment News
Chinese stocks slumped Wednesday as a new virus spreads throughout the region, complicating plans for the millions of people traveling over the Lunar New Year. Read more: CNN
Capital Markets Report
In 7 trades recorded yesterday, 1,498 shares were transacted, yielding a market turnover of K4,369. A share price gain of K0.01 was recorded in Zambia Breweries. Trading activity was also recorded in Copperbelt Energy Corporation, Lafarge, and Standard Chartered Bank Limited. The LuSE All Share Index (LASI) closed at 4,258.96 points, 0.03% up from its previous close of 4,257.65 points. The market closed on a capitalization of K56,532,516,210 including Shoprite Holdings and K22,293,310,230 excluding Shoprite Holdings.
Chart of the Day: