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Base metals focused on the US Non-Farm Payrolls number in the close of last week. The number showed that although the economy is recov-ering, the pace is not at a level which would bring forward a policy tapering from the Fed. After initially rebounding this morning, copper has slipped in the Asian session with a...
Zambia’s Stanbic/Markit PMI edged marginally lower to 49.7 in May from 50.1 in the month prior, signalling a fractional deterioration in busi-ness conditions during the month. Survey results show that output returned to growth in May, one month after the same had been the case for new orders. New business ticked back down slightly in...
May PMI data out Zambia will offer further insight into the extent of economic recovery. It is worth noting that at 50.1 in April, the improve-ment in the health of the private sector was fractional, and going forward, it remains to be seen whether the rebound will be sustained. Slow progress on the vaccination front...
Zambian financial markets reopen today, having been closed yesterday on account of the Africa day public holiday. Moody’s on Monday announced the completion of a periodic review of Zambia’s ratings. According to the ratings agency, Zambia’s credit pro-file (issuer rating Ca) is constrained by the country’s “b2” economic strength, reflecting its small size, low per...
The Zambian government on Friday flagged a potential third wave of the coronavirus pandemic following a rise in daily cases. The country has seen an increase in daily cases in recent days after seeing a dip in recent months. According to the government, the surge in cases is being propelled by the cold weather, laxity...
Copper has dusted itself off this morning with a softer USD and the threat of strike action in Chile underpinning the red metal into the close of the week. The metal is some 6% off its highs of $10747.50/tonne hit earlier in May as speculators booked profits and investors trimmed longs on what could really...
In line with expectations, the Bank of Zambia (BoZ) yesterday left its policy rate unchanged at 8.5%. Underlying the rationale behind the deci-sion was the need to allow for the rate hike in February to take full effect on the economy. While inflation is forecast to remain above the up-per bound of the 6-8% range...
The Zambian Health ministry yesterday reported that the country had recorded its first case of the highly infectious Indian coronavirus variant. Furthermore, the ministry indicated that the country is likely to face challenges in the procurement of the AstraZeneca vaccine through the COVAX facility due to increased demand in India. The Bank of Zambia is...
On the political front, President Lungu picked former cabinet minister Nkandu Luo as his running mate for the August 12 general elections. Luo was the fisheries and livestock minister before parliament dissolved last week and higher education minister before that. If Lungu wins, Luo will become Zambia’s second woman vice president, replacing Inonge Wina, who...
Zambia’s Finance Ministry on Friday said that it was working on a timeline for the reform agenda it has agreed with the International Monetary Fund. Note, the Washington-based lender earlier last week has said that it’s up to Zambia to implement agreed policies to pave the way for further talks. According to the ministry, “the...