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  • August 13, 2020
  • Kabamba Bwalya-Mulwale
  • 0 Comments
  • Business news sponsored by Professional insurance

ZACCI DAILY BUSINESS NEWS THURSDAY AUGUST 13, 2020

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FOREIGN EXCHANGE: ZMW:

BID OFFER
USD/ZMW 18.3187 18.3687
ZAR/ZMW 1.0558 1.0590
GBP/ZMW 23.8894 23.9620
EUR/ZMW 21.6088 21.6714 (BOZ)
ZAMBIA REVENUE AUTHORITY EXCHANGE RATES 01-15 AUGUST

US DOLLAR                  ZMW 18.2571 EURO                 ZMW 21.6810
SOUTH AFRICAN RAND ZMW   1.0906 BRITISH POUND  ZMW 23.9641
AGRICULTURE COMMODITY PRICES
GTAZ reference prices

Commodity Purchase(USD) Sell (USD)  
Soya beans 310         337
Wheat 425           445
Maize 143 171
Sun flower 265 300
Cowpeas 190 200
G/nuts shelled 828 994
Unshelled G/nuts – –
Rice – –

Source: Grain Traders Association of Zambia (GTAZ) Secretariat

INTERNATIONAL COMMODITY MARKETS

 COMMODITY CURRENT   PREVIOUS
Oil (BRENT) ($/barrel)  45.26   45.02
COPPER ($/ton)  6,379.00   6,356.50
COBALT ($/ton)  33,070.00   33,070.00
NICKEL ($/ton)  14,167.00   14,135.00
ALUMINIUM ($/ton)  1,754.00   1,749.50
LEAD ($/ton)  1,934.00    1,901.00
ZINC ($/ton)   2,377.00   2,371.00
STEEL ($/ton)   441.50    440.50
ZAMBIA ECONOMIC INDICATORS

CURRENT  PREVIOUS
Inflation (%) 15.8% (JULY, 2020) 15.9% (JUNE, 2020)
Annual GDP (%) 2.30% (2019)  3.0% (2018)  (BOZ)
Gross Reserves (US$ Billion) 1.45 1.41
BOZ Policy Rate (%) 9.25% 11.5%
 LOCAL BUSINESS NEWS

Treasury bill raise K1.3 billion

Last Thursday’s Treasury bill offer by the central bank attracted over K1.3 million at a success rate range of 14.43 percent. Recently, the bank of Zambia has come through with the Open Market Operations (OMO)
Read more in the daily mail

EU pumps in €2.7m medical supplies

THE European Union (EU) has given Zambia €2.7 million (about K58 million) worth of medical supplies to help in the fight against COVID-19 in the country. The medicines and personal protective clothing which will enable health workers to continue providing other essential services while responding to the pandemic. Some of the donated commodities have been bought from pharmaceutical companies in the country as part of the EU’s contribution to boosting Zambia’s economy. Speaking during the handover of the donation yesterday, EU Ambassador to Zambia Jacek Jankowski said the Europe Global Initiative collectively pledged between €30 million and €40 million (about K650 million and K867 million) to help Zambia fight the pandemic.
Read more
INTERNATIONAL BUSINESS NEWS

Investors Shun Cheap Stocks in Nigeria as Risks Pile Up

Nigerian stocks are signaling better returns than less-risky local debt markets, where rates are at the lowest in a decade. Yet investors are shunning the opportunity, wary of a mix of domestic and external threats. Trading in equities on the Lagos stock exchange slumped 57% in June from a year earlier, figures from the bourse show. Pension fund managers aren’t favoring the market either: just 4.9% of 10.8 trillion naira ($28 billion) in retirement savings assets is invested in domestic equities, compared with 5.7% in January and an average permitted ceiling of 15%, according to pensions commission data. The benchmark Nigerian stock index is heading for an annual decline for the fifth time in the past six years.

Read More

European Stock Futures Decline; Dollar Slips: Markets Wrap

European and U.S. stock futures slipped as this week’s rally in global equities showed signs of fatigue. The dollar weakened and Treasury yields ticked lower. Shares in Japan saw the bulk of gains during the Asian session as the MSCI gauge for the region recouped all its 2020 losses. Hong Kong stocks dipped, and Australian equities underperformed as earnings at some firms disappointed. The S&P 500 on Wednesday momentarily topped its February high, capping the more than 50% rally since the lows in March. Gold resumed its advance.

Read on

 

Eskom Says South African Outages May Deepen as It Resumes Cuts

South Africa’s state-owned electricity utility resumed power cuts on Thursday and warned that shortages may deepen due to plant breakdowns. Eskom Holdings SOC Holdings will cut 2,000 megawatts from the grid after delays in returning two generating units to service. The utility said that power rationing, known locally as load shedding, may intensify to about 3,000 megawatts — so-called stage 3 — due to lower capacity and offline plants. “There is a high probability that stage 2 load shedding may be be escalated to stage 3 for the evening peak,” Eskom said. “This constrained supply situation may persist throughout the weekend.”
Read more
 

 
 
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