Story of the Day:
Three weeks into May 2021 trading on the Lusaka Stock Exchange and once again the capital market is quite mundane as there is still no movement on the equities market that would make a significant change. The equities Market was completely dominated by bond market as the bond market recorded a score of 100% to 0% in comparison to the third week of May 2020 which recorded a 97% to 0% on the equities market. Read more
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President Edgar Lungu has called on Zambians to use the country’s cultural diversity and rich heritage to promote development. President Lungu says the arts industry is contributing to non-traditional exports. Read more: ZNBC
Former Finance Minister Dr Situmbeko Musokotwane says the Statutory Instrument number 24 of 2021 under the Electricity Act of 2019 which was issued by government in April this year, is solely targeted at the Copperbelt Energy Corporation (CEC). And Dr Musokotwane says the action being taken to target CEC will have negative effects on investor confidence. Read more: News Diggers
The Road Development Agency (RDA) collected K107 million in taxes in eight days of operations at Kazungula One-Stop Border Post (OSBP) and Kazungula Bridge. Read more: Zambia Daily Mail
Lafarge Zambia Plc has reached an agreement with Pan African Cement Limited to dispose of the former’s 14 percent shareholding in Mbeya Cement Limited of Tanzania. Pan African Cement is the majority shareholder in Lafarge Zambia. Company secretary Chibuye Ngulube said in a statement yesterday that the board proposed the disposal in a bid to realise capital gains. Read more: Zambia Daily Mail
International Business and Finance
China has overtaken Germany to become the UK’s biggest single import market for the first time since records began. Goods imported from China rose 66% from the start of 2018 to £16.9bn ($24bn) in the first quarter of this year, the Office for National Statistics said. Read more: BBC News
US business groups have teamed up to form a coalition opposing tax increase proposals by the Biden administration. The US government is proposing a global minimum corporation tax rate, as well as increasing the tax in the US to pay for infrastructure projects. Twenty eight industry groups have now created an alliance called “America’s Job Creators for a Strong Recovery”. Read more: BBC News
As the trade deal between the U.S. and China runs into its second year, Chinese purchases are still running short of the agreed amount. The deal stipulated that relative to imports from the U.S. in 2017, China needed to buy at least $200 billion more in U.S. goods and services over the next two years. Read more: CNBC
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In 20 trades recorded yesterday 6,429 shares were transacted resulting in a turnover of K13,551.15 Trading activity was recorded in Copperbelt Energy Corporation Zambia, First Quantum Minerals, Lafarge, Zanaco and Zambia Breweries. The LuSE All Share index (LASI) closed at 4,168.62 points.
Chart of the Day: