Kwacha maintains its weak streak

The Kwacha closed at K6.950/K6.970 which was 3.73 percent or (K0.25)weaker than the day’s opening rate, according to Cavmont Bank Zambia daily market report.

The bank says on Tuesday, the Kwacha opened at K6.700/K6.720 against the dollar and maintained a tight range in early trade.

However, the local currency touched intra-day lows of K6.840 / K6.860 and by late afternoon, the currency pair breached the K6.900/$ level owing to strong dollar demand on Interbank.

On money market, Cavmont reports that commercial banks’ aggregate current account balance declined by K588.91 million to K1,138.18 million while the cost for Interbank borrowing and lending increased by 0.10 percent to 12.25 percent

Total funds traded on Interbank were K311.50 million.

The bank reports that on international markets the price of copper slumped by US$46.25 and the metal is now trading at US$5,665.23 a tonne.

The price of crude oil on the  other hand has continued to rise and  is now selling at US$53.22 a barrel, representing a rise of about  US$0.44.

The bank further reports that the price of gold on the international markets has suffered a slight jolt of US$12.48 and is now sellling at US$1,221.72 an ounce.

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

According to LuSE daily summary, trading was recorded in CEC, ATEL, LAFARGE, SCZ and ZAMBREW.

A total of 10,186 shares were traded in 15 trades resulting in a turnover of K32,126.

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

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