As global markets continue to sell-off, emerging markets continue to record exceptions against all odds. The copper currency, the Kwacha, has been on a 4-day winning streak with a 5.7% cumulative rebound intraday to 16.25 for a unit of dollar, levels last seen 7- months ago. The central bank has been in the market selling dollars which has seen the market run long positions that has strengthened the Kwacha. This however comes well ahead of the tax conversion season that recurs towards mid-monthly. Offshore players continue to demand dollars in uncertain times. Zambia continues to witness risk appetite in the…
Author: The Editor
Metamorphosis of the global risk landscape has bred chaos that has sent financial and commodity markets into a worst rout ever in a century. However, amidst this asset sell off quagmire, Zambian Kwacha bonds and equities join the ranks of Nigerian Naira paper in demonstrating resilience and a safer haven asset option against all odds. The drivers of resilience Longer dated securities in Africa’s second largest copper hotspot Zambia, reported a 3% second quarterly and 13% year to date dollarized return when the rest of the world remains underwater in real terms. Rallying behind is Africa’s most populous, largest economy…
The largest cold chain and agribusiness in Africa’s second largest copper hotspot Zambia, Zambeef Plc has named Faith Mukutu (41) as the first female and second indigenous resource after Carl Irwin, as Chief Executive Officer. Mukutu has a gigantic transformation task to head one of the largest expansions in the history of the Southern African nation. This comes at a time the business operating landscape amidst global turbulence, has positioned itself to tap the global grain market dislocation posture providing opportunity for the Lusaka Securities Exchange listed entity to plug grain deficits in the export market. The Russo – Ukrainian…
As the ‘s’ in ESG unravels in Africa’s copper producer, more women are taking roles in the C-suite of key corporates. One latest development is the appointment of Faith Mukutu as Chief Executive of the largest agribusiness entity in Zambia, Zambeef Plc (ZM:ISIN0000000201). Mukutu takes over from Walter Roodt who will continue with the company focusing on strategic projects. Mukutu (41) a chartered accountant has a track record as Chief Finance and Value Management Officer with Lusaka Securities Exchange listed entities such as AB InBev’s subsidiary Zambian Breweries Plc and Illovo Zambia operation Zambia Sugar Plc. Until her appointment she…
As risk appetite seeps back into the Africa’s second largest copper producer Zambia, more investment is evidently permeating the Southern Africa nation. AB InBev’s subsidiary, Zambian Breweries Plc (ZM:ISIN0000000078) has just announced its commitment to a US$80 million capital expenditure spend to double its output over the next 1.5 years to year end of FY2023 according to a stock exchange news communique on the local bourse. “Zambian Breweries PLC will be investing up to US$80 million in Zambia towards a ground-breaking expansion program of Zambian Breweries’ current plant infrastructure. This will be funded through a combination of company funds, as…
Amidst the global market conditions tighten to curb asset routs and delays in debt restructure delay International Monetary Fund deal closure, the Kwacha demand has started to scale curve higher in Africa’s copper hotspot Zambia. The Bank of Zambia shared on its website results of the Friday June 24, primary bond sale, the sixth of the year, revealed a 200 basis point climb in the 3 year tenor to 22.0% while the 5 and 10 year moved a bearish 100 bps rise respectively to 23.5% and 27.0%. The central bank only satisfied K1.6 billion of the K2.3 billion on offer…
Mpongwe district an arable hotspot in Africa’s second largest copper producer is on the cusp of a economic turnaround as Zambia’s largest agribusiness entity seeks a $100million expansion program. The district is poised to see increased activity given Zambeef’s doubling of crop capacity to address a grain market dislocation the Russia – Ukraine war has caused. As the world grapples with a chaotic environment fueled by war in eastern Europe triggering disruption related sanctions, Zambeef Plc (ISIN0000000201) has positioned itself for opportunity to enable it leverage off the soft commodity deficit the world is facing through greater investment in its…
State mining investment vehicle in Africa’s red metal hotspot Zambia, ZCCM-IH Plc has engaged Rothschild & Co., South Africa (Pty) Ltd a global financial services group for the strategic review of Mopani Copper Mines Plc for its sustainability and continued development. This was contained in a stock exchange news announcement on June 15 of 2022.This development comes in the wake of Mopani’s plethora of needs ranging from working capital financing of circa $300 million after Glencore Corporation offloaded its stake to the Zambian government in 2021 to general business review in readiness for potential equity partnership to realize full asset…
Africa’s second largest copper hotspot recorded a slide in its May private sector momentum as price pressures continue to weigh in the wake of fuel price volatility. According to Markit Economics May release, Zambia’s purchasing managers index (PMI) slid back into contraction 0.7 points to 49.8 the third contraction of the year. Readings above 50 reflect expansion while those below 50 reflect contraction. READ ALSO: Zambia’s April Private Sector Activity Rebounds, Petroleum Price Pressures PersistThe Southern African nation continues to bear the brunt of the supply constraints in the global crude market as a consequence of the autopsy of the…
After leaving everyone in the dust at the recently ended mining Indaba in Cape town, Zambian mining players are shifting levers to ready for greater expansions and exploration investments. However to achieve that, power supply stability remains critical and this necessitated ZCCM-IH’s visit to power transmissions giant the Copperbelt Energy Corporation (CEC) Plc in the week. The strategic nature of the visit is that it happened in the wake of a hat – trick of positives for Africa’s red metal producer namely record high base metal prices on the London Metal Exchange (LME), a newly signed Bulk Supply Agreement (BSA)…