Wed, 21 Feb 2018 08:53:05 +0000
By MAILESI BANDA
THE Lusaka Stock Exchange closed 2017 with a turnover of about K283 million registering a 26.97 percent growth from the over K35 million registered by the end of 2016.
Securities and Exchange Commission, chief executive officer, Philip Chitalu said from the K 35,717,522 raised in 2016 the turnover rose to K 283,710,561 in 2017. He attributed the growth to increase in stock prices and the appreciation of the Kwacha against major currencies.
Mr. Chitalu was speaking during a media briefing on the update of the 2017 performance in Lusaka yesterday.
He said the fourth quarter of 2017 closed at 5327.58 points compared to 4974.02 points at the end of the third quarter of the same year representing a 7.11 percent increase. Mr. Chitalu named the top five performing stocks in terms of capital gains as Zanaco which closed at 234.48 percent followed by African explosives limited Zambia which was at 169.93 percent and Copperbelt Energy Corporation was third with 65.52 percent.
He named others as standard chartered bank and Cavmont bank which had 59.20 percent and 33.33 percent respectively.
“The Lusaka Stock Exchange which is the only exchange operational at the moment closed the year 2017 with a turnover of K283,710,561 million registering a 26.97 percent growth from the over K35,717,522 million registered by the end of 2016,” he said.
He said the Commission during its board meeting last year resolved to formulate a draft statutory instrument that will revise the fees associated with the sector. Mr. Chitalu said the drafted SI will be availed to the public in the next few weeks. “During our last board meeting we discussed the challenges the sector is facing among them was the fact that some players are saying the costs are high. “This led to the decision to formulate a drafted SI which will be in public domain soon,” he said.
And speaking earlier during the chairman’s breakfast Stanbic Bank head of client coverage, Mthokozisi Dlamini stated that banks play an important role in the capital markets through provision of advisory services, and facilitating cash settlement of capital market transactions.
Mr. Dlamini said the bank provides deeper credit analysis to highlight the inherent financial risk in potential issuers which in turn will protect investors more.
“We are able to assist the capital market be better able to provide Project Finance transactions by providing financing and underwriting part of the funding,” said Mr Dlamini.
