It’s now K8 to a dollar

THE Kwacha on Friday opened trading at K10.000 / K10.020 but was later seen being quoted of K8.520 / K8.540 on Interbank.

According to Cavmont Bank Zambia daily market report the local currency appreciated to a two months high against the US dollar on the back of improved supply coupled with positive market sentiment.

The bank reported that the local currency closed at K10.370 / K10.390, 4.86percent stronger than Thursday’s closing levels.

On local Interbank market, Cavmont reported that commercial banks’ aggregate current account balance increased further by K113.32 million to K578.26 million while the overnight borrowing and lending rate increased by 0.13 percent to 24.92 percent.

Total funds traded on Interbank were K608.00 million.

Meanwhile, Thursday’s Treasury Bill auction was again under-subscribed by 97.25 percent, with K22.3 million being bid for out of K810.00 million which was being offered. However, yield rates were unchanged.

The bank however reported that the price of copper which had lately enjoyed a steady rise, suffered a jolt of $50.00 and the red metal was currently trading at $4,626.50 a tonne.

The price of gold too suffered the same fate as it registered a drop of US$6.01 to push the selling price of the precious metal to $1,065.71 an ounce.

Cavmont further reported that the price of Brent crude oil marginally fell by $0.52 and th commodity was now selling at $45.18 a barrel.

Meanwhile the Lusaka Stock Exchange has reported that a total of 113,014 shares were transacted in 20 trades, resulting in a market turnover of K71, 355.

In its daily commentary LuSE reported that trading occurred in CEC, LAFARGE, MFIN, PUMA SCZ and ZAMBREW.

Share price losses of K0.15 and K0.10 were recorded in MFIN and ZAMBREW respectively.

The LuSE All Share Index (LASI) closed at 5,736.65 points, down by 0.26% compared to the previous close of 5,751.76.

The market closed on a capitalization of K64, 289,000,000 including Shoprite Holdings and K30, 050,000,000.