Home2021January 2021 - The Trading Room

NSE Weekly Market Review – Week 04, 2021

Market activity on the Nairobi Securities exchange (NSE) eased during the week as investors cautiously traded on volatility of global markets and increasing data of the new strain of the coronavirus. Foreign investors held majority position in trading this week, accounting for 68.4% of the week’s total trading activity. Foreign activity was high on the main blue-chip counters. Total Market Volume for the week stood at 88.28 million shares against a volume of 79.80 million...

EABL Records 47 Percent Decline in Profit For 1HY21

East African Breweries Limited (EABL) recorded a 3% decline in net sales to Kes 44.5 billion for the half-year ended December 2020 compared to the same period in 2019. This, however, was a 53% improvement from the previous half-year period, January to June that was significantly impacted by Covid-19 restrictions. However, the pandemic still affected EABL’s business performance with the group recording a 47% decline in profit after tax from kes 6.7 billion in 2019 to...

Carbacid Plc Shareholders Approve 100% Acquisition of BOC Kenya Plc

Carbacid Investments Plc’s (CIL) shareholders have approved the acquisition of up to 100 percent of the shareholding of BOC Kenya Plc (BOC) pursuant to the offer that was announced in November 2020. The proposal was voted upon and approved at Carbacid’s 49th annual general meeting of the shareholders. On 25th November  2020, CIL and Aksaya Investment LLP as Co-Offerors notified BOC of their intention to make a joint takeover offer to acquire up to 100...

Market Report; 29 January, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange (NSE) A total of 22,835,200 shares in 955 deals, corresponding to a market value of KES 614,707,101.00, were traded. Compared with the previous NSE trading day (Thursday, January 28), today’s data shows 14% improvement in volume, 77% improvement in turnover, and 11% improvement in deals. The current NSE market capitalization is KES 2.34 trillion. In the aggregate, 44 NSE listed equities...

Oil Rises Steadily as COVID-19 Supply Cuts Raise Demand Concerns.

Oil prices were steady on Friday, sticking to ranges seen over the past three weeks, as investors looked for signs of changing supply and demand fundamentals. A cut in Saudi Arabia’s oil supply and lower U.S. oil stocks helped offset price pressures from fuel demand, which is slowing due to stalled vaccine rollouts and contagious new coronavirus strains. “We’re waiting for the next shoe to drop in the oil market. We really don’t have much to move...

KenGen Posts 8.3% Growth in Profits at Kes 13.79 Billion for FY2020

Listed power producer, Kengen Plc, has reported net revenue amounting to Kes. 39.82 million for the financial period ended 30th June 2020, which is 11.3% higher than the Kes.35.7 million recorded during the same period in 2019. KenGen attributed the increase to the reduction in fuel revenue associated with thermal plants, which registered a 58.9% decline due to thermal displacement by geothermal power generation. The company also recorded a 16.8% increase in the earnings before...

Central Bank of Kenya Retains Benchmark Lending Rate at 7 Percent

The Central Bank of Kenya (CBK) Monetary Policy Committee (MPC) on Wednesday kept the benchmark rate unchanged at 7% in its sixth consecutive sitting amid concerns of slight rise in the cost of basic food items and services in coming months as a result of tax measures introduced on 1st January 2021. While signaling rebound in economic growth this year after a 0.6% contraction last year due to COVID-19, MPC says the rate retention stems...

Market Report; 28 January, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 20,004,100 shares in 860 deals, corresponding to a market value of KES 347,242,820.00, were traded. Compared with the previous NSE trading day (Wednesday, January 27), today’s data shows 15% decline in volume, 56% decline in turnover, and 9% decline in deals. The current NSE market capitalization is KES 2.36 trillion. In the aggregate, 44 NSE listed equities participated in...

Asian Shares Follow Wall-Street in Decline following Fed Statement

Shares in Asia-Pacific fell on Thursday following an overnight plunge on Wall Street that wiped out the S&P 500′s 2021 gains and left it in negative territory for the year. Mainland Chinese stocks dropped on the day, with the Shanghai composite down 1.91% to 3,505.18 while the Shenzhen component declined 3.248% to about 14,913.21. Hong Kong’s Hang Seng index shed 2.55% to close at 28,550.77. Shares of airline Cathay Pacific plummeted 9.71% after the firm said Thursday it would...

Safaricom launches M-PESA Bill Management service for businesses

Safaricom has launched an M-PESA Bill Management service that offers a platform where businesses can present and receive pending payments from customers, and issue electronic receipts. For M-PESA customers, the service provides a single point where they can view all their bills, receive reminders, and automate bills. A report issued by the telecommunication company said they are mainly targeting schools, landlords, utilities, and other businesses. For schools, the Bill Manager platform will enable management to customise the...

Oil Declines As COVID-19 Restrictions in China Clamps Demand

Oil prices slid in early trade on Thursday on fresh worries about weakened fuel demand, after England clamped down on travel and China, the world’s second-largest oil consumer, also sought to limit Lunar New Year trips to stem a surge in Covid-19 cases. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.1%, to $52.72 a barrel at 0228 GMT, erasing some of Wednesday’s gain. Brent crude futures fell 16 cents, or 0.3%, to $55.65 a...

Market Report: 27 January, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 23,506,400 shares in 944 deals, corresponding to a market value of KES 796,751,520.00, were traded. Compared with the previous NSE trading day (Tuesday, January 26), today’s data shows 306% improvement in volume, 314% improvement in turnover, and 18% improvement in deals. The current NSE market capitalization is KES 2.36 trillion. In the aggregate, 40 NSE listed equities participated in...

Egypt Leads Africa as Top Destination for Foreign Direct Investment in Africa

In a report issued by the United Nations Conference on Trade and Development (UNCTAD), Egypt has been ranked to be the highest foreign direct investment recipient (FDI) in Africa. Egypt is reported to have received $5.5 billion in foreign direct investment in 2020, a 39% decline from the $7.6 billion received in 2019. Nigeria came in second having received $ 2.6 billion in 2020 a 27% decline from $3.3 billion that was acquired in 2019. Nigeria attributed...

Chris Kirubi Buys more Centum Shares Valued at Kes 92 Million, Raising Stake by 20%.

Centum Investment Company has sold 20% of its shares with a current market value of Kes 92.2 million, to billionaire investor Chris Kirubi, raising his stake in the Nairobi Securities Exchange listed firm by 20%. Earlier last year, Chris Kirubi presented his interest in acquiring 49.99% of the Investment company. An addition from the 30 % he held at the time. Later on, he received Capital Markets Authority approval to progressively raise his shareholding in...

Oil Prices Gain for the First Time in a Week as U.S Crude Stockpile Drops

Oil prices climbed on Wednesday after industry data showed U.S. crude stockpiles fell unexpectedly last week and China, the world’s second-biggest oil user, reported its lowest daily rise in Covid-19 cases, bolstering hopes of a pick-up in demand. Brent crude futures climbed 19 cents, or 0.3%, to $56.10 a barrel at 0452 GMT, adding to a small gain on Tuesday. U.S. West Texas Intermediate (WTI) crude futures rose 20 cents, or 0.4%, to $52.81 a barrel, reversing Tuesday’s...

Market Report; 26 January, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE) A total of 5,783,100 shares in 799 deals, corresponding to a market value of KES 192,643,819.00, were traded. Compared with the previous NSE trading day (Monday, January 25), today’s data shows 64% decline in volume, 66% decline in turnover, and 21% decline in deals. The current NSE market capitalization is KES 2.37 trillion. In the aggregate, 44 NSE listed equities participated in...

Asian Markets Post Decline as Chinese Tech Giant Tencent Plunges 6.26%

Stocks in Asia declined in Tuesday trade, with Chinese stocks leading losses among the region’s major markets. The Hang Seng index in Hong Kong dropped 2.55% to close at 29,391.26. Hong Kong-listed shares of Chinese tech giant Tencent plunged 6.26%, while Meituan also saw heavy losses as it fell 5.3%. Mainland Chinese stocks were lower on the day, with the Shanghai composite down 1.51% to 3,569.43 while the Shenzhen component fell 2.277% to 15,352.42. South Korea’s Kospi closed 2.14% lower at...

Kenya’s Economy is Projected to grow by 6.4% in 2021

Kenya’s economy is projected to recover and grow by 6.4% in 2021. In a draft of the 2021 budget policy Statement by the treasury, they noted that the economy had been adversely affected by the worldwide pandemic Covid-19, resulting in the economy contracting. In 2020, the Kenyan economy was adversely affected by the outbreak of Covid-19 Pandemic and the swift containment measures, which have not only disrupted the normal lives and livelihoods but also to a greater...

Oil Prices Drop Further as Rising Covid-19 Numbers Hit Demand

Oil prices eased on Tuesday, giving up some of the previous session’s gains, as hopes for rapid approval of new U.S. economic stimulus faded while new coronavirus infections around the world mount up. Brent crude was down 15 cents at $55.73 by 0135 GMT, having risen nearly 1% on Monday. U.S. crude was also lower, dropping 5 cents to $52.72, after declining 1% in the previous session. Have recently hit 11-month highs, oil is caught between lingering doubts over any...

China Overtakes U.S. as World’s Leading Destination for Foreign Direct Investment

According to a United Nations Conference on Trade and Development report released on Sunday, China has overtaken the U.S. as the world’s top destination for new foreign direct investment. Foreign direct investment in the United States dropped by 49% in 2020 while investment in China rose 4%, making China the largest recipient of foreign inflows for the first time. China received $163 billion in inflows last year, making it obtain top position while the U.S....

Market Report;25 January, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange (NSE) A total of 16,144,800 shares in 1,016 deals, corresponding to a market value of KES 567,617,839.00, were traded. Compared with the previous NSE trading day (Friday, January 22), today’s data shows 59% improvement in volume, 68% improvement in turnover, and 29% improvement in deals. The current NSE market capitalization is KES 2.37 trillion. In the aggregate, 48 NSE listed equities...

Biden To Impose Covid-19 Travel Restrictions On South Africa

On Monday, President Joe Biden expected to sign an executive order to impose a ban on most non-U.S. citizens entering the country who have recently been in South Africa in a bid to contain the spread of a new variant of COVID-19. President Joe Biden will also reimpose an entry ban on nearly all non-U.S. travelers who have been in Brazil, the United Kingdom, Ireland and 26 countries in Europe that allow travel across open borders....

KQ Temporarily Suspends Flights to France and Netherlands

Kenya Airways PLC has temporarily suspended its services to France and the Netherlands due to the COVID-19 regulations in Europe that have reduced demand. In a statement issued by KQ, they said they have temporarily suspended their services to France the Charles de Gaulle Airport through the month February 2021. however, they remain hopeful that they will resume operations to France on 3rd March and 7th March to the Netherlands. However, the national courier thanked...

BOC gets Extension Period to Service Shareholders with Takeover Deal

BOC Kenya Plc a leading supplier of industrial, medical and special gases in East Africa, has been granted approval by the Capital Market Authority to issue their shareholders with the Takeover offer Document and the Offeree Circular by Friday 5th February, 2021, an extension from the proposed Monday 25th January, 2021. BOC gases was served with the Takeover Offer Document from Carbacid Investment Plc and Aksaya Investments LLP on Wednesday, 6 January, 2021 and requested...

African Export-Import Bank Mobilizes $1 billion to Offset Revenue Losses

The African Export-Import Bank has mobilised $1 billion for an adjustment facility to offset revenue losses for countries that lower cross-border tariffs as part of an Africa-wide free trade area.   We will be able to go to global capital markets and we will be able to go to development finance institutions to mobilise more resources, but at the moment, it is a fund of a facility of $1 billion,” said Wamkele Mene,the secretary general...

Market Report; 20 January ,2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE) A total of 23,956,000 shares in 1,020 deals, corresponding to a market value of KES 864,895,938.00, were traded. Compared with the previous NSE trading day (Tuesday, January 19), today’s data shows 29% improvement in volume, 66% improvement in turnover, and 8% improvement in deals. The current NSE market capitalization is KES 2.34 trillion. In the aggregate, 39 NSE listed equities participated in...

Asian Markets Mostly High; Alibaba Soars Following Jack Ma’s First Public Re-Appearance

Stocks in major Asia-Pacific markets were mostly higher on Wednesday, with Hong Kong-listed shares of Chinese tech juggernaut Alibaba surging following the reappearance of founder Jack Ma. Shares of Alibaba listed in the city surged 8.52% after Ma appeared in a video posted on Chinese social media addressing rural teachers as part of one of his charity foundation’s initiatives. It was his first appearance following weeks out of the spotlight as his companies face increased regulatory scrutiny. Shares...

Access Bank, Nigeria’s Biggest Lender Picks Eight African Countries For Expansion

Nigeria’s  biggest bank Access Bank Plc, has identified eight African Countries for potential expansion so as to benefit from the African free trade pact. The African trade pact aims to improve trade within African countries  by lowering or eliminating cross-border tariffs, facilitating the movement of capital and people, promoting investment and paving the way for the establishment of a continental-wide customs union. Speaking to an investor call on Tuesday, Herbert Wigwe, Access Bank Chief Executive...

Co-operative Bank of Kenya Secures a Kes 8.25 Billion Loan from IFC

The Co-operative Bank of Kenya has secured a long-term financing facility arranged by the International Finance Corporation (IFC) amounting to Kes 8.25 Billion. The bank has stated that the loan is coming in as Tier II Supplementary Capital and will be repaid within a seven years period. In a report issued by Dr. Gideon Muriuki the Co-op Bank CEO, he stated that the loan will allow  Co-operative bank to aid customers working in Micro, Small...

Asian Markets Mixed as Chinese Tech Stocks Follow Wall Street Rally

Markets across Asia-Pacific were mixed on Wednesday, as developments turned the focus on Chinese tech giants and regional energy stocks. Shares of Chinese tech giants Tencent and Alibaba were monitored by investors on Wednesday after U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications. That included WeChat Pay and Ant Group’s Alipay. The order is only set to go into effect after Trump leaves office. Shares of Tencent and Alibaba in Hong Kong on Wednesday...

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