Kwacha ends week on a stronger note-up by 10%

THE local unit ended the week on a stronger note, posting a further 1.32 percent appreciation from the day’s opening of K9.840 / K9.860.

According to Cavmont Bank Zambia daily market report, it was observed that despite the positive movement, demand had remained relatively low.

The Kwacha has this week appreciated by 10.5 percent against the US dollar. The Kwacha closed at K9.810 / K9.830, K0.03 opening rate. On the local money market,  the bank reported that the commercial banks’ aggregate current account balance  increased by K11.35 million to K1,965.55 million while the overnight borrowing and lending rates declined by 0.32 percent to 28.18 percent.  Total funds traded on Interbank were K175 million. And the Lusaka Stock Exchange (LuSE) reported that a total of 12,245 shares were transacted in 25 trades, yielding a market turnover of K34,472.

CEC posted a share price gain of K0.02 while LAFARGE recorded a loss of K4.53.

According to its daily commentary, trading also occurred in AELZ, MFIN and ZANACO.

The LuSE All Share Index (LASI) declined by 3.86 percent, closing at 5,303.12 points from yesterday’s 5,515.75 points.

The market dropped to a capitalization of K62,516,000,000 including Shoprite Holdings and K28,276,000,000 excluding Shoprite Holdings.

On the international scene the bank reported that copper price suffered a crash of $81.00 at the weekend and the red metal was currently selling at$4,643.00 a tonne.

The bank further reported that the price of gold shot up by US$5.77 to push the selling price of the precious metal to $1,232.99 an ounce.

The price of Brent crude oil on the contrary marginally rose by $0.95 and the commodity was now trading at US$40.75.