Business

LuSE trading activity normal

CYNTHIA MWALE, Lusaka
TRADING activity on the Lusaka Stock Exchange (LuSE) yesterday was normal amid the ‘dark cloud’ that covered the nation after the death of President Sata.
LuSE chief executive officer Brian Tembo said the local bourse did not witness any major ‘disturbance’ in the short run as the news of of President Sata’s death filtered.
“[There has been] normal trading so far in the first two hours of the market open,” he said in response to a query in Lusaka yesterday.
During the opening of the fourth session of the 11th National assembly on September 19, President Sata directed the secretary to the cabinet to operationalise the Industrial Development Corporation (IDC) and ensure that state-owned enterprises (SOEs) list on the stock exchange to improve their operations and capital base.
Government has finally established the IDC to oversee and manage the SOEs, as well as complement private sector investment in strategic areas.
He then said Government has also been recapitalising a number of SOEs for them to run on a commercial basis and contribute to the treasury.
The SOE recapitalised so far include National Savings and Credit Bank, ZCCM-Investment Holdings, Zambia National Building Society, Zambia Railways Limited and Nitrogen Chemicals of Zambia.


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