Kwacha in stable range against the dollar

THE Kwacha has maintained a stable range against the US dollar for most of the trading session at the weekend as it opened at K7.850 / K7.570.
According to Cavmont Bank Zambia daily market report, the local currency made only marginal movements in either direction as demand was matched by supply.
The bank reports that towards the close of the trading session however, an increase in demand on the inter-bank saw the currency pair touch an intra-day low of K7.925/K7.945.
The Kwacha closed at K7.905 / K7.925, a positive retracement from the day’s low levels but K0.055 weaker than Thursday’s closing levels.
On the money market, the bank reports that commercial banks’ aggregate current account balance decreased by K168.33 million to K658.23 million.
The overnight borrowing and lending rate decreased by 0.07 percent to 14.18 percent leaving total funds traded on Interbank at K365.20 million.
Meanwhile, the report shows that prices of commodities on the international scene apart from gold registered a decrease.
Price for copper went down by $2.50 making the commodity trade at $5,173.50 per ton while Brent crude oil is trading at $49.18 per barrel after declining by $0.69 during the same period under review.
On the other, gold is trading at $1,118.13 an ounce after registering an increase of $0.49.
Meanwhile the Lusaka Stock Exchange (LuSE) reports that a total of 3,500 shares were transacted in four trades, resulting in a market turnover of K29,000.
According to LuSE daily summary, trading occurred in NATBREW and ZAMBREW.
There were no share price movements and the LuSE All Share Index (LASI) maintained the previous close of 5,543.32 points.
The Market Capitalization remained at K64,728,000,000 including Shoprite Holdings K30,489,000,000.

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