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Daily Market News

Stocks Surge After Softer US Inflation, Upbeat Fourth Quarter Earnings – Reuters

Global shares jumped and the dollar fell on Wednesday, after data showed core U.S. inflation rose less than expected in December, raising the chances of a second rate cut this year, while investors cheered the first wave of quarterly earnings. The Bureau of Labor Statistics said the consumer price index rose at an annual rate of 2.9% in December, from November’s 2.7%, in line with expectations for 2.9%.

Kenya Turns To The UAE For Railway Funds After China Cut Financing – Reuters

Kenya has started discussions with the United Arab Emirates to secure financing to complete a regional railway, President William Ruto said, after China cut infrastructure funding to the project. The railway connecting the Kenyan port of Mombasa with landlocked neighbours, as part of China’s Belt and Road Initiative, ended in the Rift Valley in 2019, 468 kilometres (290 miles) short of the border with Uganda, after Beijing withdrew support.

Congo Looks To Saudi Mining Investors To Curb China’s Dominance – Business Insider Africa

The Democratic Republic of Congo, the world’s leading cobalt producer, is seeking new mining investors from Saudi Arabia to help diversify its industry and reduce reliance on Chinese companies, according to Marcellin Paluku, a senior government official. Paluku, who serves as deputy cabinet director in the Ministry of Mines, stated that Congo, also rich in copper and other critical minerals, aims to establish more partnerships with new investors to mitigate the risks associated with relying solely on Chinese investment.

Zambia Bonds Trading Summary

3 government bond trades were processed today with a face value of ZMW5,071,000 generating a turnover of ZMW3,807,770.

Lusaka Securities Exchange Trading Summary

For ZMW denominated securities: In 87 trades recorded today 1,292,556 shares were transacted resulting in a turnover of ZMW55,345,446.53. No price changes were recorded today. Trading activity was recorded in the following securities AECI, ATEL, CECZ, CHIL, MAFS, PUMA, SCBL, ZMBF, ZMRE, ZNCO, ZSUG and PMDZ on the quoted tier.

For the USD denominated security (REIZ): No trades in REIZ took place today. The LuSE All Share Index (“LASI”) closed at 15,362.07 points 0.04% lower than the previous trading day close. The market closed on a capitalization of K215,601,645,315.66 including Shoprite Holdings and ZMW78,749,755,707.66 excluding Shoprite Holdings.