Highlights: Local News ZMW: Thursday’s trading saw the kwacha come in firmer against the US dollar. The local unit posted about 40 points gain yesterday to close around 6.135 – 6.155. Money Markets: This week’s auction saw improved level of interest from market players, registering a 60% subscription rate on a tendered amount of ZMW 600 million. Following the recent uptick in yields, we saw an element of interest rate increase particularly on the 1yr tenor which pushed up by 98 basis points to 16.48%. The 273 days pushed upward by 87 points to 15.97% while the 182d pushed up by 26 pts to 15.50%. The 91d remained flat. Looking forward, given the LCY stabilizes; we expect to see further increase in participation from both onshore and offshore players. International News Brent: After a day of consistent consumer buying, Brent rebounded overnight from the lowest level in almost five months to close at $106.15 as concerns rose regarding the immediacy of restoration of exports out of Libya. Today, we look to key March US payrolls as major test to the argument that the economic weakness of January and February in the US was due to bad weather and the recovery is still on track.
Posted on: Fri, 04 Apr 2014 08:35:42 +0000
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