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LuSE turnover sharply rises after Government move

GOVERNMENT’S decision to reduce its shareholding in ZCCM-Investment Holdings (ZCCM-IH) by 27 percent, last week resulted in the Lusaka Stock Exchange (LuSE) turnover skyrocketing to over K570 million.
LuSE saw the turnover significantly increasing to K571,501,484 last week from K300,000 the previous week.
According to LuSE weekly news update for June 12, 2015, the majority of shares were transacted in ZCCM-IH with a total of 296,268 shares in 57 trades resulting in a turnover of K878,768.
The increase in the sale of shares in ZCCM-IH follows Government’s sell of 27 percent shares reducing its shareholding to 60 percent from 87 percent in compliance with LuSE listing requirements which stipulate that no single shareholder should control more than 75 percent of the equity (shares) in any company.
“LuSE recorded trading in eight firms with a total of 16,146,899 shares transacted in 58 trades, resulting in a market turnover of K571,501,484 last week compared to trading activity in 11 firms with a total of 308,546 shares transacted in 73 trades, resulting in a market turnover of K387,526 the previous week,” the statement reads.
Overall trading activities occurred in eight listed firms: ZCCM-IH with a bulk of K570, 622,716 followed by Lafarge, which recorded K235,904 while British American Tobacco of Zambia (BATZ) and Zanaco registered K229,200 and K206,445 respectively.
Others were Copperbelt Energy Corporation (CEC), Madison Finance Services, Zambia Sugar, Standard Chartered Bank Zambia and Puma.
Meanwhile, share price gains were posted in CEC at K0.01 and Madison Finance Services at K0.06 while BATZ and Zanaco recorded share price losses of K0.01 and K0.02 respectively.
However, LuSE All Share Index closed at 5,842.71 points, down by 0.05 percentage point compared to the previous close of 5,845.57 points.