Home2021February 2021 - The Trading Room

Market Report; 26 February, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange  A total of 10,254,900 shares in 956 deals, corresponding to a market value of KES 353,077,380.00, were traded. Compared with the previous NSE trading day (Thursday, February 25), today’s data shows 4% decline in volume, 29% decline in turnover, but 20% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.49 trillion. In the aggregate, 48...

Asian Markets Decline Led by Nikkei’s 4% Slump

Stocks in Asia-Pacific fell sharply on Friday following an overnight drop on Wall Street as a rapid rise in bond yields rattled investor sentiment. In Japan, the Nikkei 225 led losses among the region’s major markets as it fell 3.99% to close at 28,966.01 while the Topix index slipped 3.21% to finish its trading day at 1,864.49. South Korea’s Kospi dropped 2.8% to close at 3,012.95. Hong Kong’s Hang Seng index plunged 3.64% to close at 28,980.21. Mainland Chinese...

Oil drops 1% on U.S. dollar strength, expectations for supply Rise.

Oil prices fell on Friday as a collapse in bond prices led to gains in the U.S. dollar, and expectations grew that more supply is likely to return to the market with oil prices back above pre-pandemic levels. U.S. West Texas Intermediate (WTI) crude futures dropped 96 cents, or 1.5%, to $62.57 a barrel at 0804 GMT, giving up all of Thursday’s gains. Brent crude futures for April, which expire on Friday, fell 86 cents,...

Market Report; 25 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 10,648,000 shares in 800 deals, corresponding to a market value of KES 499,427,575.00, were traded. Compared with the previous NSE trading day (Wednesday, February 24), today’s data shows 27% decline in volume, 17% decline in turnover, and 4% decline in deals. The current market capitalization at the Nairobi Securities Exchange is KES 2.5 trillion. In the aggregate, 49 NSE listed...

Oil Prices Rise To Hit Highest Level in 13 Months

Oil prices rose for a fourth straight session on Thursday to the highest levels in more than 13 months. The rise was stimulated by monetary easing policies and lower crude production in the United States. Brent crude futures for April gained 19 cents, 0.3%, to $67.23 a barrel by 0400 GMT, while U.S. West Texas Intermediate (WTI) crude for April was at $63.30 a barrel, up 8 cents, 0.1%. Both contracts touched their highest since...

Britam Holdings Appoints Mr Tavaziva Madzinga as Group Managing Director

Britam Holdings has announced the appointment of Mr Tavaziva Madzinga as the Group Managing Director of Britam Holdings Plc Group, effective 1st February 2021. Mr Tavaziza Madzinga is an actuarial scientist, holder of a Bachelor of Science Degree from the University of Cape Town and has attended INSEAD Business School, France and Harvard Business School. The group added that he has 20 years’ experience in the Insurance industry and has served in various capacities which...

Oil Prices Slip Amidst Surprise Inventory in US Crude Stocks.

Oil prices fell on Wednesday after industry data showed a surprise build in U.S. crude stocks last week as a deep freeze in the southern states curbed demand from refineries that were forced to shut. Crude stockpiles rose by 1-million barrels in the week to February 19, the American Petroleum Institute (API) reported on Tuesday, against estimates for a draw of 5.2-million barrels in a Reuters poll. U.S. West Texas Intermediate (WTI) crude futures were...

Asian Markets Trade Lower as Tech Shares Post Decline

Shares in Asia-Pacific were mixed on Tuesday, as investors monitored technology stocks regionally after their counterparts declined on Wall Street overnight. Mainland Chinese stocks were lower by the close. The Shanghai composite was down 0.17% at 3,636.36 while the Shenzhen component dipped 0.611% to 15,243.25. However, Hong Kong’s Hang Seng index gained 1.03% to finish its trading day at 30,632.64. South Korea’s Kospi declined 0.31% to close at 3,070.09. In Australia, the S&P/ASX 200 edged 0.86% higher to finish the trading day at 6,839.20. MSCI’s...

Kenya Leads in EAC intra-trade as COVID-19 Disrupts Foreign Imports

Kenya recorded a jump in the EAC intra-trade during the third quarter of 2020, as the COVID-19 pandemic paved the way for intra-regional trade growth. Kenya’s total volume shipped to East Africa was valued at Kes 165 billion in the third quarter of 2020. This was an improvement from Kes 130 billion recorded in the second quarter when the impact of COVID-19 was greatly felt on the economy. EAC Intra-trade performance Despite the prevailing economic...

BOC Kenya Opts not to Recommend Takeover by Carbacid

BOC Kenya has opted not to recommend the company’s takeover by Carbacid Investments to its shareholders. The decision comes after an independent adviser hired to review the transaction declared that Carbacid’s offer to buy the company at Kes 63.5 per share undervalues the industrial and medical gases manufacturer by 30.8 %. Dyer & Blair Advice to BOC Dyer and Blair Investment Bank wrote to the company’s board, stating that the company has a fair value...

Longhorn Publishers Post Kes 145 Million Half-Year Loss

Listed publishing firm, Longhorn has posted a Kes145.33 million net loss in the half-year period ended December 31, 2020, down from Kes 68.97 million net profit the company posted over the same period in 2019. However, the half-year loss narrowed by 51% from Kes 294.84 million net loss posted at the end of June 30, 2020. The Nairobi Securities Exchange listed company’s revenues fell sharply to Kes 288.5 million at the end of the half...

Wall Street Ends Loosing Week Lower, S&P 500 Leads on Decline

Stocks on Wall Street closed near break-even on Friday as investors sold technology shares that have rallied through the pandemic and rotated into cyclical stocks set to benefit from pent-up demand once the coronavirus pandemic is subdued. Industrials led rising sectors in the S&P 500, spurred by a 9.9% surge in Deere & Co and Caterpillar’s 5.0% gain to an all-time peak of $211.40 a share. Financials, materials and energy, along with industrials, rose more...

Bitcoin Races to New-Highs above $56K, Ether Gains

Bitcoin hit a fresh high in Asian trading on Saturday, extending a two-month rally that saw its market capitalization cross $1 trillion a day earlier according to data from trading platform Bitfinex racing past the $52k posted on Friday. The world’s most popular cryptocurrency rose to an record $56,620, taking its weekly gain to 18%. It has surged more than 92% this year. Bitcoin’s gains have been fueled by evidence it is gaining acceptance among...

Market Report; 19 February, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange (NSE) this week. A total of 18,401,100 shares in 1,052 deals, corresponding to a market value of KES 489,381,948.00, were traded. Compared with the previous NSE trading day (Thursday, February 18), today’s data shows 48% improvement in volume, 19% improvement in turnover, and 21% improvement in deals. The current NSE market capitalization is KES 2.5 trillion. In the aggregate, 46 NSE...

Bitcoin Flat at $ 52K as Ether Gains Momentum

Bitcoin hovers around $52,000 as markets wait and see whether the current price level will be held in the next few weeks. Bitcoin (BTC) trading around $52,124.59 as of 11.00 p.m. Slipping 0.32% over the previous 24 hours. Bitcoin’s 24-hour range: $50,941.99-$52,621.84   The price of bitcoin hit a record high above $52,000 on Wednesday, with a market capitalization nearing $1 trillion causing alarm on the high volatility of the cryptocurrency. Analyst at JP Morgan...

Asian Markets Mostly Mixed, NIkkei Drops 0.72% to close at 30,017.92

Stocks in Asia-Pacific were mixed on Friday following overnight declines for the major indexes on Wall Street. In Japan, the NIkkei 225 declined 0.72% to close at 30,017.92 while the Topix index shed 0.67% to finish its trading day at 1,928.95. Japan’s core consumer prices declined 0.6% in January as compared with a year earlier, according to data released Friday by the country’s Statistics Bureau. That marked the sixth straight month of annual declines, according to Reuters....

BAT Kenya Plc Post 42%  Rise in Net Profit for Financial Year 2020

Tobacco manufacturer British American Tobacco (BAT)  demonstrated resilience amidst the COVID-19 pandemic posting a 42% rise in the profit after tax during the financial year ended 31st December 2020. BAT recorded a profit after tax of Kes 5.5 billion a Kes 1.6 billion rise from the Kes 3.89 billion that was recorded during the same period in 2019. The company attributed the increase in the profit after tax to the reduction of cost of operations...

WPP Scangroup Shares Drop 7.7% as CEO Bharat Thakrar is Suspended Over Gross Misconduct Allegations

Bharat Thakrar, the Chief Executive Officer of listed marketing firm WPP Scangroup, and his Chief Finance Officer Satyabrata Das have been suspended by the company’s board. The Board of Directors said on Friday, the suspension is to allow for investigations into allegations of gross misconduct and possible offences in their capacity as senior executives and employees of the company. “The Board has delegated authority to an interim Chief Operating Officer Mr. Alec Graham to ensure...

Oil Drops 2% as Texas “Big Freeze” Worries Investors

Oil prices slid as much as 2% in early trade on Friday, adding to overnight declines, on worries that refineries shut by a big freeze in the U.S. South will take some time to revive operations and dent crude demand. U.S. West Texas Intermediate (WTI) crude futures fell $1.21, or 2%, to $59.31 a barrel at 0157 GMT, after declining 1% on Thursday. Brent crude futures dropped $1.07, or 1.7%, to $62.86 a barrel, after declining 0.6%...

Gold Falls to 3-Month Low on Dented U.S Treasury Yields

Gold Fundamentals Gold prices fell to their lowest in nearly three months on Friday and headed for their worst week since end-November, as recent strength in U.S. Treasury yields dented the non-yielding metal’s appeal. Spot gold fell 0.4% to $1,769.26 per ounce by 0100 GMT, having touched its lowest since Nov. 30 at $1,765.35 earlier in the session. Prices have declined 3% so far this week. U.S. gold futures slipped 0.5% to $1,766.40. Benchmark U.S....

Market Report; 18 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE) A total of 12,417,200 shares in 870 deals, corresponding to a market value of KES 411,920,133.00, were traded. Compared with the previous NSE trading day (Wednesday, February 17), today’s data shows 22% decline in volume, 43% decline in turnover, and 10% decline in deals. The current NSE market capitalization is KES 2.48 trillion. In the aggregate, 48 NSE listed equities participated in...

Asia – Pacific Markets Mixed as Mainland Chinese Stocks Resume After Lunar Break

Stocks in Asia-Pacific were lower on Thursday, as mainland Chinese markets returned to trade after a long Lunar New Year break. By the Thursday market close on the mainland, the Shanghai composite rose 0.55% to 3,675.36 while the Shenzhen component fell 1.22% to about 15,767.44. Hong Kong’s Hang Seng index slipped more than 1%, as of its final hour of trading. The Nikkei 225 in Japan closed 0.19% lower at 30,236.09 while the Topix index declined 1% to finish its trading...

Bitcoin Soars Past $52k as Analyst Warn on Volatility

The price of bitcoin hit a record high above $52,000 on Wednesday, with a market capitalization nearing $1 trillion. Bitcoin (BTC) was trading around $52,231.69 as of 21:00 UTC (4 p.m. ET). Gaining 7.16% over the previous 24 hours Bitcoin’s 24-hour range: $48,430.80-$52,536.47  The price has rocketed by about 78% in 2021, continuing an astonishing rally after dipping below $4,000 last year in  March. Its market capitalization has grown by more than $700 billion since the end...

Oil Sustains Rally Brent tops $65.27 on Texas Cold Shut

Oil prices rose as much as a dollar on Thursday, extending this week’s gains and hitting 13-month highs, as a cold snap sweeping Texas and surrounding regions shut at least a fifth of U.S. refining output and a million barrels of crude production. Brent crude climbed 93 cents, or 1.5%, to $65.27 a barrel by 0219 GMT, touching its highest since Jan. 20, 2020. U.S. West Texas Intermediate (WTI) crude futures gained 76 cents, or 1.2%, to $61.90...

Kenya to Raise Debt Ceiling Above Kes 9 trillion Mark

Kenya is expected to raise its debt ceiling of kes 9 trillion to accommodate growing expenditure needs amid underperforming tax collections. The National Treasury said the discussion was in the background as the public debt stock was fast approaching Kes 9 trillion’s statutory ceiling set out in the Public Finance Management Act, 2012. “As a result, the implementation of this strategy may require the revision of the debt ceiling through the amendment of the PFM...

Market Report; 17 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE) A total of 15,966,600 shares in 965 deals, corresponding to a market value of KES 727,954,914.00, were traded. Compared with the previous NSE trading day (Tuesday, February 16), today’s data shows 4% improvement in volume, 41% improvement in turnover, but  5% decline in deals. The current NSE market capitalization is KES 2.49 trillion. In the aggregate, 48 NSE listed equities participated in...

Asian Stocks Mixed, Taiwan surges more than 3%

Stocks in Asia-Pacific were mixed on Wednesday as investors monitored bond yields following a recent rise. In Japan, the Nikkei 225 slipped 0.58% on the day to 30,292.19 while the Topix index shed 0.18% to close at 1,961.49. Japan’s exports rose 6.4% in January as compared with a year earlier, according to trade statistics released Wednesday by the country’s Ministry of Finance. The Taiex in Taiwan surged 3.54% to close at 16,362.29, with shares of Taiwan Semiconductor Manufacturing Company soaring 4.91%....

Oil Prices Steady Despite Texas Cold Shut, OPEC+ Production Cut Moves

Bullish oil prices marked time on Wednesday, as support from supply disruptions in the U.S. south caused by an Arctic blast was offset by expectations that OPEC+ producers may ease their output curbs after April. U.S. West Texas Intermediate (WTI) crude oil futures dipped 3 cents to $60.02 a barrel at 0510 GMT, retreating from a 13-month high of $60.95 hit on Tuesday. Brent crude futures gained 11 cents, or 0.2%, to $63.46 a barrel,...

Bitcoin Soars Past $50K Amidst Growing Support by Global Corporations

Bitcoin’s price broke above $50,000 for the first time in history on Tuesday, continuing its impressive rally as major companies appear to be warming up to cryptocurrencies. The world’s largest digital currency by market value rose more than 3% to an all-time high of $50,487 at about 7:30 a.m. ET, according to data from Coin Metrics. It later fell below the mark, trading 0.2% higher at a price of $48,760. Companies that have driven Bitcoin’s...

Dow Jones Touches New High, Investors Optimistic on Stimulus

The Dow Jones Industrial Average notched a record closing high, joining a global march propelling stock indexes to record highs on Tuesday, as investors bet that COVID-19 vaccinations and U.S. stimulus will deliver a durable economic recovery after a year of lockdowns. Bitcoin added to the bullish mood, briefly climbing above $50,000 for the first time, while prospects of ”reflation” – a boost in inflation from extraordinary fiscal stimulus – pushed U.S. Treasury yields higher....

Market Report; 16 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 15,382,300 shares in 1,021 deals, corresponding to a market value of Kes 517,521,901.00, were traded. Compared with the previous NSE trading day (Monday, February 15), today’s data shows 45% improvement in volume, 57% improvement in turnover, and 12% improvement in deals. The current NSE market capitalization is Kes 2.48 trillion. In the aggregate, 46 NSE listed equities participated in...

Kenya Seeks to Raise Kes 248.1 Billion in Sovereign Debt

Kenya’s treasury aims to raise Kes 123.8 billion from sovereign bonds sold to foreigners in the next four months and an additional Kes 124.3 billion during the fiscal year starting in July to help finance the budget. In a medium-term debt management document submitted to the National Assembly, the Treasury said Commercial foreign loans will be limited to financing projects with high returns. It is tilting away from high-interest domestic borrowing to maximize concessional and...

Asian Markets Climb on Vaccine Optimism and Drop in COVID-19 Infections

Asian shares advanced on Tuesday, lifted by the economic recovery, vaccine rollouts and signs that new coronavirus cases may be abating as mainland China remain closed for the Lunar New Year holiday. Hong Kong’s Hang Seng index, which returned to trade following holidays in the last few days, jumped 1.9% to close at 30,746.66. Cinema stocks listed in Hong Kong surged on Tuesday, with IMAX China and Alibaba Pictures up 31.14% and 34.58%, respectively. Reuters reported...

Equity Group Sets Up Regional Office for Southern and Central Africa.

Equity Group Holdings Plc on Monday announced the appointment of Mr Yves Cuypers as the first Regional Director in charge of the Central and Southern Africa Region. Mr Yves Cuypers is the immediate former Managing Director of Banque Commerciale du Congo (BCDC) which merged with Equity Bank Congo (EBC) to form EBCDC, the second-largest bank in the Democratic Republic of Congo. Mr Yves Cuypers New Roles in Equity As the new Regional Director, he will...

Oil Maintains Upward Trajectory, Brent at $63.41 as Oil Wells and Refineries in Texas Shut

Oil prices rose on Tuesday as a cold front shut wells and refineries in Texas, the biggest crude producing state in the United States, the world’s biggest oil producer. Prices also gained as Yemen’s Iran-aligned Houthi group said it struck airports in Saudi Arabia with drones, raising supply concerns in the world’s biggest oil exporter, and on optimism for a global economic recovery amid accelerated COVID-19 vaccine rollouts. Brent crude was up 11 cents, or...

IMF & Kenya Reach Staff Level Agreement on Kes 262.7 billion Loan

The International Monetary Fund (IMF) on Monday said it will soon disburse Kes 262.69 billion (USD 2.4 billion) to the Government of Kenya after it’s staff virtual visit and the Kenya treasury reached an agreement on a 38-month financial package. The IMF said that its team and the Kenyan officials reached an agreement on a 38-month program to help the next phase of the country’s COVID-19 response and a strong multi-year effort to stabilize and...

Market Report; 15 February, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange (NSE) A total of 10,631,700 shares in 915 deals, corresponding to a market value of KES 328,702,202.00, were traded. Compared with the previous NSE trading day (Friday, February 12), today’s data shows 9% improvement in volume, 7% decline in turnover, but 15% improvement in deals. The current NSE market capitalization is KES 2.5 trillion. In the aggregate, 41 NSE listed equities...

Asian Markets Close Higher; Nikkei 225 Closes Past 30,000 for the First Time in 30 Years

Asian stock markets closed higher on Monday following the record closing highs on Wall Street on Friday and as a slowdown in the rate of coronavirus infections and rollouts of Covid-19 vaccine worldwide boosted optimism about the global economic recovery. Markets in China, Taiwan and Hong Kong remained closed for the Lunar New Year holidays. On the Tokyo Stock Exchange in Japan, the Nikkei 225 surged past the 30,000 level for the first time in...

Super Petrol Prices Rise by Kes8.19 in February EPRA Review

The prices for Super Petrol, Diesel, and Kerosene have increased by Kes 8.19 per litre, Kes 5.51 per litre, and Kes 5.32 per litre, respectively. This means that between 15th February and 14th March 2021, Super Petrol will retail at Kes115.18, Diesel will retail at Kes101.91 while Kerosene will retail at Kes 92.44 in Nairobi. This takes into account the weighted average cost of imported refined petroleum products. “The prices are inclusive of the 8%...

Bitcoin Rallies to $49K as Canada Approves First Bitcoin ETF

Bitcoin on Sunday morning hit a new high of $49,716.44 a 6.2% rise from Saturday’s price range. This came after a week of positive developments regarding increased Wall Street acceptance of the leading cryptocurrency according to market value While there does not seem to be any specific reason for the move, the record comes when there has been a growing interest in the digital currency. Canada Approves First Bitcoin ETF The first bitcoin exchange-traded fund...

Oil Prices Rally Above 1.1% to Hit Highest since 2020 on Middle East Renewed Tension

Oil prices rose to their highest in more than a year on Monday, after a Saudi-led coalition fighting in Yemen said it intercepted an explosive-laden drone fired by the Iran-aligned Houthi group, raising fears of fresh Middle East tensions. Hopes for more U.S. stimulus and an easing of coronavirus lockdowns helped support the rally, after prices gained around 5% last week. Brent crude was up 66 cents, or 1.1%, at $63.09 a barrel at 0004...

Gold Prices Drop as Silver, Platinum Gain over 0.5% in Prices

Gold eased on Monday after U.S. Treasury yields jumped to their highest in nearly 11 months in the previous session, with platinum scaling a six-year peak on expectations of a supply shortfall. Spot gold fell 0.1% to $1,821.84 per ounce by 0041 GMT. U.S. gold futures slipped 0.1% to $1,822.30. Platinum rose 1.1% to $1,265.89, after hitting its highest since January 2015 at $1,269.30. Platinum, used by the auto industry to filter emissions from engine...

NSE Weekly Market Review – Week 06, 2021

The Nairobi Securities Exchange (NSE) recorded a decline in activity during the week, with major blue-chip counters having a sustained rally in terms of price action, coming in a week that was filled with news across various counters including Safaricom, Kengen, East African Portland Cement Company and Equity Bank. The benchmark All share index of the Nairobi Securities Exchange closed the week broadly higher, adding 6.91 points to settle at 164.02 points. This represented a...

Equity Bank Unveils New DRC Identity after BCDC Acquisition

Equity Banque Commercial du Congo (Equity BCDC) on Thursday launched its new identity following the successful merger of Equity Bank Congo (EBC) and Banque Commerciale du Congo (BCDC), to form Equity BCDC. Speaking during the launch of the new brand identity, Former Managing Director of Equity Bank Congo, Celestin Muntuabu said, “Today marks a historic event in our country, when two legendary banks, with diverse strengths, have come together to form a more extensive and...

Wall Street Hits Record on Weekly Gains, Bumble Gains 7.3% after Stellar Debut

The S&P 500 and Nasdaq set record closing highs on Friday as investors bought Bumble stock, a day after IPO, the energy, financial and materials shares and sold big tech stocks in anticipation of new fiscal aid from Washington to help the U.S. economy recover. The major indices traded in a tight range during the week in which investors rotated out of growth-oriented stocks that have dominated an almost year-long rally and bought cyclical and...

MasterCard Set to Allow Payment in Crypto-currencies

Mastercard (MA), the credit-card giant company, has announced plans to give its vendors the option to receive payments in cryptocurrencies later in the year. On Wednesday, Mastercard said it was planning to offer support for some cryptocurrencies on its network this year, joining a string of big-ticket firms that have pledged similar support. Mastercard joins huge growing support for Bitcoin The announcement comes days after Elon Musk, the CEO of Tesla revealed the company has...

Market Report; 12 February, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange (NSE) A total of 9,715,300 shares in 795 deals, corresponding to a market value of KES 353,239,696.00, were traded. Compared with the previous NSE trading day (Thursday, February 11), today’s data shows 7% decline in volume, 29% decline in turnover, and 8% decline in deals. The current NSE market capitalization is KES 2.47 trillion. In the aggregate, 43 NSE listed equities...

Australia, Japan Stocks Flat as Asia – Pacific Markets Close for Lunar Holiday

Shares in Australia and Japan struggled for gains on Friday where trading volume was relatively low as many stock markets in the region are closed for the start of the Lunar New Year holiday. In Australia, the benchmark ASX 200 dropped 0.63% to 6,806.70, with the financials, energy and materials sub indices struggling for gains, among others. The country’s so-called Big Four banks declined. Shares of ANZ see-sawed between gains and losses to trade down...

KenGen Secures Kes 709 Million Geothermal Contract In Djibouti

Kenya Electricity Generating Company (KenGen) Plc signed a Kes 709 million contract to drill three geothermal wells in Djibouti. On Thursday, the company signed a Kes709,822, 630 contract with the Office Djiboutien De Development De lenergie Geothermique (Djiboutian Office of Geothermal Energy Development) (ODDEG). Speaking during the ceremony in Djibouti, Kenya’s Energy Cabinet Secretary, Hon. Charles Keter pointed out that African nations shared the common aspiration of delivering electricity to their people, which, he said,...

Oil Extends Losses as OPEC+ and IEA Caution Ends Bull Rally

Oil prices fell a second day on Friday, extending losses after OPEC cut its demand forecast and the International Energy Agency said the market was still over-supplied. Brent crude was down 47 cents, or 0.8% at $60.67 a barrel by 0309 GMT, having dropped half a percent the previous session. U.S. oil was down 53 cents, or 0.9% at $57.71 a barrel, after falling by 0.8% on Thursday. Both benchmarks closed on Wednesday at their highest levels since...

Wall Street Reverses Loses as Tech Stocks Gain, Stimulus Hopes Rise

The Nasdaq and S&P 500 eked out modest gains on Wall Street during Thursday’s session with investors betting on more fiscal stimulus, but U.S. President Joe Biden said China was poised to “eat our lunch,” a warning that tempered enthusiasm for a market near record highs. Nvidia Corp rose 3.2% and Intel Corp 3.1%, making technology the leading sector to gain on the S&P 500 and Nasdaq. Declining shares outnumbered gainers on the Nasdaq and...

Market Report; 11 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 10,419,100 shares in 865 deals, corresponding to a market value of KES 496,572,789.00, were traded. Compared with the previous NSE trading day (Wednesday, February 10), today’s data shows 44% decline in volume, 14% improvement in turnover, and 7% improvement in deals. The current NSE market capitalization is KES 2.45 trillion. In the aggregate, 43 NSE listed equities participated in...

Asian Markets Mostly Flat as Markets Closed for Holiday

Trading in Asia-Pacific was muted Thursday as multiple major markets in the region were closed for holidays. Hong Kong’s Hang Seng index rose 0.45% on the day to 30,173.57 while the Straits Times index in Singapore closed little changed at 2,925.48. Markets in Hong Kong and Singapore ended their trading day earlier than usual on the eve of the Lunar New Year. In Australia, the S&P/ASX 200 finished its trading day 0.1% lower at 6,850.10 while the MSCI’s broadest...

Oil Declines For Second Day, Brent Trades Below $61 a Barrel

Oil prices fell on Thursday, giving up some of the recent strong gains, although losses were curbed by production cuts and hopes that rollouts of vaccines will drive a recovery in demand. Brent crude fell 39 cents, or 0.6%, to $61.08 a barrel, as of 0231 GMT, after touching its highest since January 2020 on Wednesday. U.S. crude slid 35 cents, or 0.6%, to $58.33 a barrel. “Crude oil futures rallied following a bigger than expected fall in...

Safaricom Declares Kes 0.45 Interim Dividend

Kenya’s top telco Safaricom Plc on Thursday declared an interim dividend of Kes 0.45 per ordinary share to its shareholders. The uncertainty over the Covid-19 pandemic saw many companies listed on the Nairobi Securities Exchange especially in the banking sector withdraw dividend payout in a strategy to keep cash within. Safaricom’s Board on Thursday said it has approved the payment of an interim dividend on all ordinary share held by shareholders amounting to Kes 18.029...

Wall Street Sheds Gains on Tech Cool off led by Tesla’s Drag on S&P 500

On Wall Street, S&P 500 and the Nasdaq edged slightly lower on Wednesday as big tech stocks slid amid an ongoing rotation of portfolio holdings that gave a boost to energy shares and kept the overall market near record highs. Stocks shrugged off remarks by Federal Reserve Chairman Jerome Powell, who reassured investors that interest rates will remain low for some time to spur the economy and jobs growth, but provided no new insights on...

Market Report; 10 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 18,458,300 shares in 811 deals, corresponding to a market value of KES 436,775,870.00, were traded. Compared with the previous NSE trading day (Tuesday, February 9), today’s data shows 19% decline in volume, 18% decline in turnover, and 19% decline in deals. The current NSE market capitalization is KES 2.39 trillion. In the aggregate, 41 NSE listed equities participated in trading,...

Troubled KQ Receives Kes 10 Billion Bailout From Treasury

Kenya Airways has received Kes 10 billion from the National Treasury in a secret bailout. This comes as a contradiction from the National Treasury’s earlier claims that it will not approve the national courier’s request for funds to avoid collapse amidst the coronavirus pandemic. A supplementary budget presented in Parliament on Tuesday revealed that Kenya Airways has received Kes 8 billion directly from the Treasury and an additional Kes 2 billion from the Transport Ministry...

Asian Markets Post Gains Led by Shanghai & Hang Seng

Shares in Asia-Pacific were higher on Wednesday as Chinese stocks led gains among the region’s major markets. By the market close in mainland China, the Shanghai composite gained 1.43% to 3,655.09 while the Shenzhen component advanced 2.122% to 15,962.25. Hong Kong’s Hang Seng index jumped 1.91% to close at 30,038.72. China’s consumer inflation declined in January, according to the country’s National Bureau of Statistics which reported the consumer price index slipped 0.3% from a year ago. The NBS also reported the...

Oil Continues Rally with Vaccine in Place and U.S Inventory Decline

Oil prices rose again on Wednesday, extending their more than week-long rally after industry data showing a fall in U.S. crude oil stocks added to optimism about an expected rise in global fuel demand. Brent crude was up by 11 cents, or 0.2%, at $61.20 by 0110 GMT after rising nearly 1% on Tuesday, when it touched a 13-month high. U.S. crude added 2 cents to $58.28. Crude Oil Inventories Drop Crude inventories fell by 3.5 million barrels...

KenGen Pays Kes 1.15 Billion in Dividends to Treasury

Leading power producer, Kenya Electricity Generating Company PLC (KenGen) has paid the National Government Kes 1,153,856,022 in dividends for the financial year ended June 2019.  The National Treasury & Planning Cabinet Secretary, Amb. Ukur Yatani congratulated the company’s positive performance adding that as the Government, they were proud to be associated with the company. The Government owns 70% stake at KenGen while 30% is owned by private shareholders. CS Ukur Yatani further noted that as...

Nasdaq Touched New Record High as Dow, S&P Ease on Large-Cap Tech Decline

MSCI’s gauge of global stocks and the Nasdaq extended their runs to fresh highs on Tuesday, and oil prices pushed their rally into a seventh straight session as strong earnings and economic recovery prospects buoyed investor sentiment. The S&P 500 and Dow ended slightly lower, however, breaking their six-day streak of gains, as investors rotated out of large-cap tech names into other sectors. Bitcoin climbed to another all-time peak, extending gains in the wake of...

Market Report; 09 February, 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE) A total of 22,820,400 shares in 996 deals, corresponding to a market value of KES 535,405,692.00, were traded. Compared with the previous NSE trading day (Monday, February 8), today’s data shows 246% improvement in volume, 153% improvement in turnover, and 15% improvement in deals. The current NSE market capitalization is KES 2.39 trillion. In the aggregate, 45 NSE listed equities participated in...

Asian Markets Advance; Shenzhen Leads with Over 2.36% Perfromance

Stocks in Asian markets mostly advanced Tuesday with Chinese mainland shares leading gains. The benchmark Shanghai composite rose 2.01% to 3,603.49 while the Shenzhen component advanced 2.36% to 15,630.57. In Hong Kong, the Hang Seng index rose 0.53% in late-afternoon trade. Japan’s Nikkei 225 gained 0.4% to 29,505.93. South Korean shares slipped as the main Kospi index declined 0.21% to 3,084.67. Australia’s S&P/ASX 200 also fell 0.86% to 6,821.20, with most sectors in the red, while major indexes in India rose in afternoon...

Oil Continues to Rally as Analysts Warn of Price Correction

Oil prices edged up on Tuesday to their highest in 13 months as supply cuts by major producers and optimism over fuel demand recovery support energy markets. Brent crude futures for April gained 29 cents, or 0.5%, to $60.85 a barrel by 0246 GMT. U.S. West Texas Intermediate crude (WTI) for March was at $58.25 a barrel, up 28 cents, or 0.5%. Both Brent and WTI are at their highest since January 2020. Front-month prices for both contracts...

Tesla drives Bitcoin to a New High of $47K

The world’s largest cryptocurrency by market capitalization, bitcoin has rallied to an all time high blowing past $45,000, $46,000 and $47,000 in less than an hour on Monday evening, driven by Tesla’s announcement that it had bought $1.5 billion of bitcoin. The electric vehicle maker said Monday in an annual report filed with the U.S. Securities and Exchange Commission that it has put an aggregate $1.5 billion into bitcoin under a new investment policy and that the company may “acquire...

Mizizi Africa Projects Kenya’s Real Estate to Grow in 2021

Kenya’s real estate market is projected to record positive growth this year with younger millennials and Gen-Z expected to play a key role in growing uptake of affordable housing units. Mizizi Africa Homes Chief Executive Officer, George Mburu says access to finances, among bigger barriers to entry for most first time home buyers in this generation have been eased significantly to favor uptake of affordable units. “We exited 2020 with a number of dynamics like...

Wall Street Touches New Record-Highs as Stimulus Plans and Vaccine Raises Confidence

Wall Street reached all-time closing highs on Monday as investor optimism was stoked by prospects of a speedier economic recovery from the global health crisis, driven by increased stimulus and an accelerated vaccine rollout. All three major U.S. stock indexes gained ground, with the S&P 500 and the Dow posting their sixth consecutive gains, their longest winning streak since August. Small-caps, set to benefit most from the economic rebound, outperformed their larger peers. “Investors are...

Oil Prices Rise With Brent Passing $60 Milestone

Oil prices rose on Monday to their highest in just over a year, with Brent nudging past $60 a barrel, boosted by supply cuts among key producers and hopes for further economic stimulus measures in the United States that can boost demand. Global benchmark Brent crude,was trading at $60.10, up by 1.28 percent as of 8:54 a.m. ET on Monday the highest since the start of the pandemic last year. WTI Crude was up 1.25...

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