Kwacha still weak

Friday’s trading session saw the Kwacha seemingly consolidating its previous day’s gains against the dollar, according to Cavmont Bank  Zambia daily market report.

The local unit’s gains were however short lived following a marginal pick in demand from corporate buyers who took advantage of the Kwacha’s appreciation.

The currency pair opened at K6.670 / K6.690 and touched intra-day highs of K6.635 / K6.655 on the back of improved flows from corporate suppliers coupled with positive sentiment.

The local currency closed at K6.700 / K6.720 representing a decline of K0.03 compared to the day’sopening rate.

On money market the banks reports that commercial banks’ aggregate current account balance declined by K29 million to K1,811.52 million while the cost for Interbank borrowing and lending increased by 0.3 per cent to 12.41 per cent.

Total funds traded on Interbank were K183 million.

On internation metal market, Cavmont reports that copper prices rose by US$80.75 and the metal is currently selling at US$5,730.50 a tonne. It further reports that that the price of crude too went up by US$2.37 and is now selling at US$51.21 a barrel. The price of gold too enjoyed a slight  rise of US$1.83 and now selling at US$1,224.84 an ounce.

Meanwhile the LuSE All Share Index maintained the close of 6,168.50 points as no price changes were recorded over the weekend.

Trading was recorded in PUMA and MFIN. A total of 32,856 shares were traded in 6 trades resulting in a turnover of K55,196.

The LuSE market cap was recorded at: K65,684,000,000, including Shoprite and K31,445,000,000.


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