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.
Equity Market Update
In the week ended 17th April 2020, a total of 1,541,592 shares were transacted in 69 trades, yielding a market turnover of K782,418. Trading activity was recorded in AFRICA EXPLOSIVES LIMITED ZAMBIA, BRITISH AMERICAN TOBACCO ZAMBIA, CEC ZAMBIA, PUMA, REI ZAMBIA, STANDARD CHARTERED BANK ZAMBIA, ZAMBEEF, ZAMBIA BREWERIES, ZANACO, ZAMBIA CONSOLIDATED COPPER MINES, ZAMBIA SUGAR and CEC AFRICA on the quoted tier. The Index (LASI) closed at 4,140.56 points. The market closed on a capitalization of K56,841,276,360 including Shoprite Holdings and K22,602,070,380 excluding Shoprite Holdings.
Bond Market Update 17th April 2020
During the week, bonds of total face value of K46,211,000 were transacted in 6 trades, yielding a market value sales of K32,558,310.
Week two of April 2020 bond trading has been the best performing for the month of April thus far, followed by week three.
Important announcements
COPPERBELT ENERGY CORORATION PLC
Shareholders are referred to the cautionary announcement, dated 27th September 2019, issued by the Board of Directors of Copperbelt Energy Corporation Plc (“CEC” or “the Company) informing the market that CEC was ireceipt of a notice of intention to arbitrate from ZESCO Limited (“ZESCO”), pursuant to the Bulk Supply Agreement and Article 3 of the UNCITRAL Arbitration Rules 1976, resulting from ZESCO’s claim that CEC has failed to pay money due to them for electricity supplied under the BSA. The amounts outstanding relate to the supply of power by CEC to Konkola Copper Mines Plc. ZESCO’s other cited ground is its disagreement with a statement in CEC’s 2018 annual report relating to the contingent liability arising from the 2014 Energy Regulation Board electricity tariff increase specific to the mining companies, which the mining customers have legally contested and were granted a Court injunction, pending determination of the matter by the High Court for Zambia.
