GOVERNMENT bond auction was on Friday seriously under-subscribed by 30.28 percent with K418.30 million being bid for out of K600 million which was being offered.

According to the Cavmont Bank daily market report, the yield rates on the money market remained largely unchanged on most tenors except for the 10-year yield rate which increased to 24.50 percent from 20 percent.

The bank also reports that commercial banks’ aggregate current account balance on the money market increased by K281.62 million to K736.83 million.

On the other hand, the overnight borrowing and lending rate remained unchanged at 26.84 percent which resulted into total funds traded on Interbank at K442.50 million.

Meanwhile, the bank reports that activities on the foreign exchange market which were subdued by most corporates caused the local currency pair to largely remain unchanged against the US dollar on Monday.

According to the bank, the Kwacha began trading at K11.340 / K11.360 while market activity was mostly subdued from most corporates who traded the currency pair cautiously.

The bank reports that trading on the Interbank was also flat although a few players were seen protecting their offer side owing to erratic dollar supply.

To this effect, the Kwacha closed at K11.340 / K11.360 maintaining the day’s opening levels.

On the commodity market, the bank reports that copper price has gone up by $125.50, making the red metal trade at $4,570.50.

A barrel of Brent Crude Oil is currently trading at $33.64 after registering an increase of $2.25 while an ounce of gold is being traded at $1,209.81; this is after the commodity registered a decline in price of $28.12.

Categorized | Business

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