Story of the Day:
Three weeks into April 2020 trading on the LuSE we see a replica of week two of April is performance. The equities market is not completely dominated as it scores a 2% to 98% on the bond market. Read more
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Zambia’s estimated revenue for 2020 is predicted to fall by at least 20%, or K14.8 billion, as a result of Covid-19, Finance Minister Bwalya Ngandu has said. Zambian Observer
Government has given UZZI up to next month to start operating as forth mobile telecommunication company or risk having the licence revoked. Minister of Transport and Communication Mutotwe Kafwaya says government has extended UZZIs license twice and yet the mobile company has not made progress. Read more: ZNBC
ZESCO Board Chairman Mbita Chitala says the construction works at the Kafue Gorge Lower are at 96% and is expected to start operations in September this year. Dr. Chitala has told ZNBC News in an interview that the Kafue gorge lower is expected to generate over 750 MW once it becomes operational and will reduce the load shedding hours. Read more: ZNBC
Government has established a task force that will ensure Zambian products are on the shelves in chain stores to support domestic production, which has been hindered by the lack of a reliable market. Read more: Zambia Daily Mail
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President Donald Trump wants to prevent the looming wave of bankruptcies and mass layoffs in America’s beleaguered oil industry. Trump tweeted Tuesday that he instructed the secretaries of the Energy and Treasury departments to “formulate a plan” to “make funds available” to help oil and gas companies. Read more: CNN
Huawei has reported solid sales for the first quarter of this year despite the economic challenges posed by coronavirus and the US all but blacklisting the Chinese company. Huawei reported revenue was $25.7billion in the first quarter, up 1.4% from the same period a year ago. Read more: Financial Times
Netflix Inc. posted the strongest financial results in company history Tuesday, adding a recored 15.8 million paid subscribers — almost double the figure forecast by Wall Street analysts. Yet rather than gloat, the company’s executives warned investors not to get too excited. Read more: Bloomberg
Bank of America Corp. raised its 18-month gold-price target to $3,000 an ounce — more than 50% above the existing price record — in a report titled “The Fed can’t print gold.” The bank increased its target from $2,000 previously, as policy makers across the globe unleash vast amounts of fiscal and monetary stimulus to help shore up economies hurt by the coronavirus. Read more: Bloomberg
South Africa’s President Cyril Ramaphosa announced a 500 billion rand ($26.33 billion) rescue package on Tuesday, equivalent to 10% of the GDP of Africa’s most industrialised nation, to try to cushion the economic blow of the coronavirus pandemic. Read more: Reuters
The Nigerian naira fell to its lowest level against the dollar in three years on the black market on Tuesday, traders said, a day after a historic oil price rout pushed U.S. crude futures below zero. The naira touched 420 per dollar on the black market, for the first time since February 2017, 14% weaker than the official market rate. Read more: CGTN
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In 5 trades recorded yesterday, 3,639 shares were transacted yielding a market turnover of K4,559. Trading activity was recorded in Copperbelt Energy Corporation, Lafarge and Zambeef. The LuSE All Share Index (LASI) maintained its close at 4,140.56 points, as there were no changes in share price. The market closed on a capitalization of K56,841,276,360 including Shoprite Holdings and K22,602,070,380 excluding Shoprite Holdings.
Chart of the Day: