In the battle of opposites, after a good two week run on the equities market of recording Magnificent scores. We revert back to our old pattern of the Bond market completely dominating the equities market. As it recorded a score of 98% to 2% on the equities side.
Equity Market Update
In the week ended 21st August 2020, a total of 878,236 shares were transacted in 47 trades, yielding a market turnover of K4,090,847. Trading activity was recorded in COPPERBELT ENERGY CORPORATION, LAFARGE, PUMA, ZAMBIA BREWERIES, ZANACO and ZAMBIA CONSOLIDATED COPPER MINES. The Index (LASI) closed at 3,842.39 points. The market closed on a capitalization of K55,545,036,766 including Shoprite Holdings and K21,305,830,786 excluding Shoprite Holdings.
Bond Market Update
During the week, bonds of total face value of K256,599,000 were transacted in 34 trades, yielding a market value sales of K167,496,130.
Important announcements
In accordance with the Lusaka Securities Exchange (“LuSE”) Listings Requirements, the Board of Directors of Zambia Bata Shoe Company PLC (“the Company”) hereby advises the Shareholders of the Company that the Earnings per Share and Headline Earnings per Share for the Half Year Ended 30 June 2020 are expected to be approximately 100% lower than for the Half Year Ended 30 June 2019.
COPPERBELT ENERGY CORPORATION PLC (“CEC”)
On 31 March 2020, following failed negotiations between ZESCO and the Company, the bulk supply agreement (BSA) terminated by effluxion of time. The BSA between ZESCO and the Company was entered into on 21 November 1997 and it (i) underpinned the provision of wheeling services on behalf of ZESCO for its non-mining customers in the Copperbelt, and (ii) anchored the power sourced from ZESCO for onward selling to the mining companies in the Copperbelt. Despite the BSA having terminated, the parties – GRZ, ZESCO and CEC – have agreed to continue facilitating an efficient and economic supply of power to the consumers in the Copperbelt.