Kwacha shows stability against the dollar


THE Kwacha was mostly stable on Monday against the US dollar as the currency pair opened at K12.070 / K12.090 while market activity from corporates was mostly subdued.

According to Cavmont Bank Zambia daily market report however, the local unit touched K12.110 / K12.130 by noon following increased dollar demand on Interbank.

The Kwacha closed at K12.100 / K12.120, remaining unchanged from Friday’s closing levels.

On local money markets, the bank reported that commercial banks’ aggregate current account balance increased by K286.57 million to K723.19 million while the overnight borrowing and lending rate remained unchanged at 14.90percent.

Total funds traded on Interbank were K339.50 million.

On international commodity markets, the reported that the price of copper suffered a slight jolt as it fell by $90.50 to trade at $5,198.00 a tonne.

The bank further reported that the price of gold suffered the same fate as it went down by $11.11 and metal was now selling at $1,167.34 an ounce.

The price of Brent crude oil also marginally went down by $0.67 and the commodity was currently selling at $47.76 a barrel.

Meanwhile a total of 500 shares were transacted in a single trade on Monday, yielding a market turnover of K3,425.

According to LuSe daily commentary, trading was recorded in AELZ while the LuSE All Share Index (LASI) maintained the previous close of 5,775.19 points as there were no share price movements.

The Market Capitalization remained at K64,447,000,000 including Shoprite Holdings and K30,208,000,000

Categorized | Business

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