A PICKUP in demand for the dollar from corporate buyers resulted into the kwacha closing its trading weaker than its performance on Wednesday.
Cavmont bank Zambia daily market report showed that the Kwacha on Wednesday began trading at K11.060 / K11.080 against the dollar.
It also showed that the local currency was mostly flat during morning session with minimal activity being seen on interbank.
The bank report however showed that by noon, the greenback was being quoted at K11.080 / K11.100 following a pickup in demand from corporate buyers.
The Kwacha closed at K11.080 / K11.100, K0.02 weaker than Tuesday’s closing rate.
On the money market, it was reported that commercial banks’ aggregate current account balance decreased by K23.55 million to K1, 032.53 million.
On the other hand, the overnight borrowing and lending rate increased by 0.15 percent to 26.50 percent resulting in total funds traded on interbank were K333.00 million.
Meanwhile, the price for copper on the international market has registered an increase and a tonne was currently trading at $4,390.00 after recording an increase of $11.50.
The bank also reported that a barrel of Brent Crude Oil was trading at $31.73; this was after the commodity recorded a decline in price by $0.46.
Furthermore, an ounce of gold is currently trading at $1,081.66 after the commodity price went down by $12.48.
Meanwhile the Lusaka Stock Exchange (LuSE) reports that a total of 25,089 shares worth K32, 592 were transacted in 7 trades. Trading occurred in ATEL, CEC and REIZ.
According to its daily commentary, a share price gain of K0.04 was recorded in CEC.
The LuSE All Share percent compared to the previous close of 5,693.49 points.
The market closed on a capitalization of K64, 177,000,000 including Shoprite Holdings and K29, 937,000,000 excluding Shoprite Holdings.