Home2021March 2021 - The Trading Room

Market Report; 31 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 22,981,300 shares in 1,192 deals, corresponding to a market value of KES 741,700,485.00, were traded. Compared with the previous NSE trading day (Tuesday, March 30), today’s data shows 22% decline in volume, 37% decline in turnover, and 6% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.39 trillion. In the aggregate, 47 NSE listed equities participated...

Asian Markets Mixed, China’s Factory Activity Grows

Shares in Asia-Pacific traded mixed on Wednesday as official data showed China’s factory activity growing in March. In Japan, the Nikkei 225 shed 0.63% while the Topix index declined 0.68%. South Korea’s Kospi, on the other hand, rose 0.19%. Mainland Chinese stocks were lower by the afternoon, with the Shanghai Composite down 0.61% and the Shenzhen component shedding 0.952%. The Hang Seng index in Hong Kong dipped 0.31%. Shares in Australia were higher as the S&P/ASX 200 gained 1.69%. MSCI’s...

Kenya Seeks Debt Service Suspension to June 2022

Kenya has sought the Debt Service Suspension Initiative (DSSI) extension to June 2022, a one-year extension from the earlier granted June 30, 2021, debt service suspension secured in January. Besides the relief under the DSSI, the country is also pursuing new limits access to IMF funds by reallocating existing special drawing rights and allocating new special drawing rights. Such will allow faster access of disbursements from the IMF Rapid Credit facility and the Rapid Finance Instrument,...

Oil Prices Rise on Expectations that OPEC+ Will Extend Supply Curbs.

Oil prices rose on Wednesday, paring overnight losses a day ahead of a meeting of OPEC and its allies, with investors betting the producers will largely agree to extend their supply curbs into May. Brent crude futures rose 15 cents, or 0.2%, to $64.29 a barrel at 0202 GMT, after falling 1.3% on Tuesday. U.S. West Texas Intermediate (WTI) crude futures jumped 15 cents, or 0.3%, to $60.70 a barrel, after falling 1.6% in the...

Wall Street Drops as Tech Shares Drag Benchmarks

Stocks on Wall Street ended down slightly on Tuesday, with investors selling tech-related growth shares after U.S. Treasury yields hit a 14-month high. At the same time, the S&P 500 financials, industrials and consumer discretionary sectors rose, extending the recent rotation out of growth and into so-called value names. Tech shares trimmed losses in afternoon trading with Treasury yields off the day’s high, but the S&P technology sector ended down 1% on the day and...

Market Report; 30 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 29,487,800 shares in 1,269 deals, corresponding to a market value of KES 1,169,791,538.00, were traded. Compared with the previous NSE trading day (Monday, March 29), today’s data shows 76% improvement in volume, 79% improvement in turnover, and 4% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.43 trillion. In the aggregate, 48 NSE listed equities participated...

Asian Pacific shares Mixed, Focus on Japanese Financial Services Firm Nomura

Shares in Asia-Pacific were mixed on Tuesday as investors watched the movement in shares of Japanese financial services firm Nomura following their Monday plunge. The Nikkei 225 in Japan traded fractionally higher while the Topix index shed 0.91%. Japan’s retail sales declined 1.5% in February from a year earlier, according to a preliminary report released Tuesday by the country’s Ministry of Economy, Trade and Industry. That compared against a median market forecast for a 2.8% decline, according...

NCBA’s Post a  42%  Decline in Profit For FY2020

NCBA’s full-year net profit for the year 2020 nosedived by 42% to Kes4.6 billion as the bank ramped up its provisions for loan losses. The tier-one lender put aside Kes 20.4 billion to cover expected loan losses caused by the loan relief introduced by the government as a method to cushion the economy from the effects of the COVID-19 pandemic, compared to Kes 6.25 billion set aside in 2019. The bank’s revenue from net interest...

Oil Prices Decline Further, Investors Focus on OPEC+ Meeting

Oil prices fell on Tuesday as shipping traffic resumed through the Suez Canal after days on hold. Investors focus has switched to an OPEC+ meeting this week where the extension of supply curbs may be on the table amid new coronavirus pandemic lockdowns. Brent crude was down 15 cents, or 0.2%, at $64.83 a barrel by 0115 GMT, after gaining 0.6% on Monday. U.S. oil was down 1 cent at $61.55 a barrel, having fallen...

Market Report; 29 March, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 16,754,100 shares in 1,217 deals, corresponding to a market value of KES 653,715,725.00, were traded. Compared with the previous NSE trading day (Friday, March 26), today’s data shows 67% improvement in volume, 110% improvement in turnover, and 44% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.43 trillion. In the aggregate, 48 NSE listed...

Asian Pacific Stocks Edge Higher, India Markets Close for Holiday.

Stocks in Asia-Pacific were mostly higher in Monday trade, as India’s markets are closed for a holiday. The Nikkei 225 in Japan gained 1.2% in afternoon trade while the Topix index advanced 0.79%. South Korea’s Kospi rose 0.12%. Mainland Chinese stocks were higher by the afternoon as the Shanghai composite gained 0.12% while the Shenzhen component advanced 0.692%. Hong Kong’s Hang Seng index rose 0.33%. Shares in Australia bucked the overall trend regionally as the S&P/ASX...

Equity Group Post a 51% Balance Sheet Growth During FY2020.

Equity Group Plc registered a 51% growth in its balance sheet with total assets growing to Kes 1.015 billion during the financial year ended 30 December 2020, up from Kes 674 billion posted during the same period in 2019. The growth was achieved through both organic and merger with the acquisition strategies seeing the group become the first financial institution to cross the trillion shillings rubicon in East and Central Africa. The growth was attributed...

Sanlam Kenya Posts Kes 78 Million Loss for FY2020

Sanlam Kenya Plc has posted a Kes 43 million pretax profit in its just-released full-year 2020 trading results, a 92% decline against the Kes 550 million in 2019 primarily attributed to the Covid-19 pandemic impact on the local and international economies. Speaking when the firm’s approved and released the results, the Group Chairman Dr. John Simba said the effects of the Covid-19 pandemic on the local economy and foreign exchange rates adversely impacted the Group’s...

S&P 500, Dow Rally as Tech, Financial Stocks Reverse Losses

The S&P 500 and Dow rose in a broad-based rally on Friday with technology, healthcare and financial stocks providing the biggest lift as investors bet on a recovery that is expected to deliver the fastest economic growth since 1984. The S&P 500 and the Dow ended a seesaw week higher as investors rebalancing their portfolios at the quarter’s end continued to buy stocks that stand to benefit from a growing economy while they added some...

Market Report; 26 March, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 10,003,200 shares in 848 deals, corresponding to a market value of KES 311,405,351.00, were traded. Compared with the previous NSE trading day (Thursday, March 25), today’s data shows 25% decline in volume, 25% decline in turnover, and 11% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.51 trillion. In the aggregate, 44 NSE listed...

Asian Markets Gain on Economic Growth Outlook and Vaccine Rollouts Progress

Asian markets opened higher on Friday after U.S. equities rose as investors weighed the outlook for economic growth and inflation and welcomed vaccination rollouts progress. By the Friday market close on the mainland, the Shanghai composite rose 1.63% to 3,418.33 while the Shenzhen component jumped 2.597% to 13,769.68. Hong Kong’s Hang Seng index gained 1.57% on the day to 28,336.43. In Japan, the Nikkei 225 closed 1.56% higher at 29,176.70, while the Topix index rose 1.46% to finish its trading...

Diamond Trust Bank Posts 51% Drop in Earnings at Kes 3.5 Billion

Diamond Trust Bank’s (DTB) net profit for the year that ended on 31st December 2020 dipped by 51% to Kes3.5 billion, from Kes7.3 billion in 2019. According to the lender, higher loan loss provisions due to the elevated credit risk led to the steep decline in the full-year net profit. Diamond Trust Bank (DTB) total assets crossed the Kes 400 billion threshold for the first time, rising by 10% to Kes 425 billion at the...

Oil Prices Gain, Brent at $62.49 as Suez Canal Blockage Pushes Fear of Supply Shortage

Oil prices reversed a sharp sell-off a day earlier to rise 1% on Friday on mounting fears that it could take weeks to dislodge a giant container ship blocking the Suez Canal, which would squeeze supplies of crude and refined products. Brent crude was higher by 54 cents, or 0.9%, at $62.49 a barrel by 0432 GMT, after dropping 3.8% on Thursday. U.S. West Texas Intermediate (WTI) crude was up 65 cents, or 1.1%, at...

Market Report; 25 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 13,353,900 shares in 948 deals, corresponding to a market value of KES 412,969,899.00, were traded. Compared with the previous NSE trading day (Wednesday, March 24), today’s data shows 24% decline in volume, 34% decline in turnover, and 10% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.55 trillion. In the aggregate, 43 NSE listed equities participated...

Standard Chartered’s Profit Falls 34% as Loan Loss Provisions Soar.

Standard Chartered Bank Kenya has posted a 34% decline in its full-year net profit for the year that ended on 31st December 2020. The bank’s net profit dropped to KSh 5.44 billion at the end of 2020 from KSh8.24 billion in 2019 as revenue fell and loan loss provisions shot up. “We delivered a resilient performance in 2020 in extremely challenging conditions brought about by the pandemic,” said Chemutai Murgor, the bank’s Chief Financial Officer...

Asia Pacific Markets Mostly Mixed; Tech Stocks Slip.

Shares in major Asia-Pacific markets were mixed on Thursday, though tech stocks in the region took a hit following a sell-off in the sector overnight on Wall Street. In Japan, the Nikkei 225 rose 1.14% to close at 28,729.88 while the Topix index gained 1.4% to finish its trading day at 1,955.55. South Korea’s Kospi closed 0.4% higher at 3,008.33. Mainland Chinese stocks were mixed on the day, with the Shanghai composite slipping 0.1% to 3,363.59 while the Shenzhen...

Bitcoin Declines; Tesla Opens Bitcoin Option, Fidelity Applies For ETF

Bitcoin (BTC) declined on Thursday, as the rally recorded yesterday when Elon Musk announced that the company would start accepting payment in the digital currency was shortlived. The digital currency was trading around $52,657.04 as of 12.36 PM East Africa Time. Slipping 6.72% bitcoin’s 24-hour range: ?$56,450.51- $52,657.04 Tesla Opens Bitcoin Option For its Customers On Wednesday, Tesla CEO Elon Musk announced the electric vehicle maker plans to now accept bitcoin as a payment option...

Oil Slips Further as Rising COVID-19 Infections Hits Demand.

Oil prices fell more than 2% as fresh coronavirus lockdowns revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent crude futures slid $1.33, or 2.1%, to $63.08 a barrel at 0559 GMT, after jumping 6% overnight. U.S. West Texas Intermediate (WTI) crude futures dropped by $1.40, or 2.3%, to $59.78 a barrel, after climbing 5.9% overnight. Oil...

Market Report; 24 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 17,584,300 shares in 1,053 deals, corresponding to a market value of KES 625,112,238.00, were traded. Compared with the previous NSE trading day (Tuesday, March 23), today’s data shows 33% decline in volume, 11% improvement in turnover, and 11% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.55 trillion. In the aggregate, 46 NSE listed equities participated...

Bharat Thakrar Resigns as WPP Scangroup  CEO

WPP Scangroup’s founder and long-serving chief executive, Bharat Thakrar, has resigned from his position as company’s chief executive officer. Mr Bharat Thakrar and his Chief Finance Officer Satyabrata Das were last month suspended by the board, from the marketing services firm over unspecified allegations of gross misconduct to allow for investigations. “The company announces that the chief executive officer, Mr Bharat Thakrar, has tendered his resignation as CEO and board member, which the Board has...

Absa Bank Kenya Posts Normalised Net Profit of Kes 6.5 Billion for Full Year 2020

Absa Bank Kenya PLC posted a normalised profit after tax for the period ended December 2020 of Kes 6.5 billion a 23% decline compared to the period in 2019. The group attributed the decline to pandemic related provisions. The normalised financial performance excludes an exceptional cost of Kes 3.2 billion which went towards the recently concluded brand transition to Absa and restructuring programmes. Loan impairments recorded a two-fold growth to kes 208 billion as the lender’s...

Asian Pacific Stocks Edge Lower as Hang Seng Index Falls.

Shares in Asia-Pacific were largely lower on Wednesday as concerns over the prevailing pandemic. The Hang Seng index in Hong Kong was one of the biggest losers among the region’s major markets, closing 2.03% lower at 27,918.14. Today’s losses left the index in correction territory as it was more than 10% lower than the 52-week high set in mid-February. In Japan, the Nikkei 225 slipped 2.04% to close at 28,405.52 while the Topix index declined 2.18% to finish...

Oil Prices Flat around $60 as Lockdowns Slows Demand.

Oil prices steadied on Wednesday, after the previous day’s slump. However, the recovery was hindered by fears of a slow recovery in demand due to the new wave of COVID-19, which has resulted in lockdowns in Europe and a build in US crude stocks. Brent crude futures rose 0.1%, to $60.87 a barrel by 6.54 am, after tumbling 5.9% and hitting a low of $60.50 the previous day. West Texas Intermediate (WTI) crude futures climbed...

CBK Extends Loan Term Repayment by 3 Months

The Central Bank of Kenya (CBK) on Tuesday announced the extension of the loan repayment measures put in place for bank customers whose loans were performing before 2nd March 2020, which had lapsed earlier in the month for another three months to 3rd June 2021. This means, lenders have until then to regularize their loan repayments following the expiry of a one-year window through which the lenders had extended and restructured the loan repayments for...

Market Report; 23 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 26,082,100 shares in 945 deals, corresponding to a market value of KES 565,590,278.00, were traded. Compared with the previous NSE trading day (Monday, March 22), today’s data shows 70% improvement in volume, 14% improvement in turnover, and 11% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.55 trillion. In the aggregate, 44 NSE listed equities participated...

Umeme’s Net Profit Drops by 69% to $11.8 Million

Umeme Limited, the largest electricity distributor in Uganda, has recorded a sharp decline in net profit after a challenging financial year. The firm’s net profit fell to USh 43.1 billion ($11.8 million) at the end of December 2020 from USh139.1 billion ($38 million) at the end of December 2019. Revenue from electricity sales and connections decreased by 7% to USh1,661 billion from USh1,777 billion a year ago. In the year under review, the energy company...

Asian Markets Slip Amidst Rising Inflation Fears.

Shares in major Asia-Pacific markets slipped on Tuesday, weighed by Chinese markets as investors took profit on a recent rally in some mainland firms, despite the rising inflation fears. Investors now await a closely watched Congressional appearance by U.S. Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen later in the day. Hong Kong’s Hang Seng index led to losses among the region’s major markets as it fell 1.34% to close at 28,497.38. Mainland...

Bitcoin Steady at $54K as Visa Taps Deeper into the Cryptocurrency.

Bitcoin (BTC) was trading around $54,680 as of 12:50 UTC (8:50 p.m. ET), after falling late Monday to around $53,715, the lowest since March 16. The largest cryptocurrency fell 5.8% over the previous 24 hours. Bitcoin’s 24-hour range:? $58,407.62 -$53,795.15 Visa Taps Further into Bitcoin The decline in the digital currency comes at a time when Crypto.com, a Hong Kong-based payment and cryptocurrency platform has announced a global partnership with Visa. Crypto.com is a  pre-paid Visa...

Oil Prices Drop Further as Third Wave of COVID-19 Hit Demand.

Oil prices fell 1% on Tuesday amidst concerns that curb the spread of the coronavirus pandemic and slow vaccine rollouts in Europe will slow recovery in fuel demand and as producers cut prices, indicating abundant oil supply. U.S. West Texas Intermediate (WTI) crude futures for May delivery fell 62 cents, or 1%, to $60.94 a barrel at 0149 GMT. The April contract expired on Monday $61.55, up 13 cents from Friday, after plunging more than...

NSE Market Report; 22 March, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange. A total of 15,371,200 shares in 853 deals, corresponding to a market value of KES 494,517,374.00, were traded. Compared with the previous NSE trading day (Friday, March 19), today’s data shows 37% improvement in volume, 90% improvement in turnover, but 2% decline in deals. The current NSE market capitalization is KES 2.53 trillion. In the aggregate, 43 NSE listed equities participated...

Asian Markets Mixed as Fed ends Emergency Measures

Asian shares were mixed Monday as the U.S. Federal Reserve’s announcement shook sentiment that it would end some emergency measures put in place last year to help the financial industry deal with the pandemic. Meanwhile, the Turkish lira plunged early Monday, falling about 17%, after the country’s president, Recep Tayyip Erdogan, removed central bank head Naci Agbal from his post on Saturday. The currency was trading at about 7.8 lira to the dollar on Monday morning....

Britam Holdings to Sell HF Stake

Britam Holdings is looking forward to sell part of its 48.2 % stake in mortgage financier HF Group  to one of the country’s big banks as part of a review of its investment portfolio. Last week,the insurance company announced a new executive team that is expected to deliver enhanced service to its customers and position the company for long-term growth. After dropping 9 executive positions in the new structure,the executive is now made up of...

Oil Extends Losses as European’s Lock down Slows Expected Recovery on Demand

Oil prices extended losses on Monday, amidst concerns that European lockdowns may slow down the expected recovery on oil demand. Brent crude was down 34 cents, or 0.5%, at $64.19 a barrel by 0608 GMT. U.S. oil was off by 21 cents, or 0.3%, at $61.21 a barrel. Both contracts fell by more than 6% last week.   “Germany’s lock down extension and the partial lock down in France continues to weigh on EU consumption sentiment,” said...

Central Bank of Nigeria Denies Banning Cryptocurrency Usage

Central Bank of Nigeria has said the country’s citizens were free to use bitcoin and other cryptocurrencies and that all it has done is to prohibit their usage within the banking system. The Governor of the CBN, Godwin Emefiele, disclosed this in Abuja at the recent 30th seminar for Finance Correspondents and Business Editors organised by the bank. Central Bank of Nigeria insists only protecting banks Emefiele, who was represented by Adamu Lamtek, Deputy Governor,...

NSE Weekly Market Review – Week 11, 2021

The benchmark all share index of the Nairobi Securities Exchange [NASI] gained by 3% during the week to close the week at 166.94 from last week’s close of 162.08 basis points. The NSE20 and the NSE25 share indices edged higher, gaining 0.55 % and 2.58 % to close the week at 1,933.60 and 3,711.22 points respectively. The NSE20 and the NSE25 share indices have shed up to 49.83% and 25.26% in the year to date...

Global Markets Weekly Review: Week 11, 2021

Major Global market indices continued their gaining streak this week, with some touching record highs early in the week, some of them however later lost ground as bond yields reached their highest levels in over a year in the United States and the growing resurgence of concerns of the coronavirus pandemic in some parts of Europe. United States Energy stocks fell sharply as global oil prices saw their biggest daily drop since the summer, seemingly...

Market Report; 19 March, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 11,250,000 shares in 872 deals, corresponding to a market value of KES 260,332,758.00, were traded. Compared with the previous NSE trading day (Thursday, March 18), today’s data shows 59% improvement in volume, 31% improvement in turnover, and 3% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.52 trillion. In the aggregate, 45 NSE listed...

KCB Group Expects Restructured Loans to Half in Q2

KCB Group, East Africa’s largest commercial bank, expects the proportion of loans it restructured last year to fall by half in the second quarter of the year. The bank’s financial results revealed it had restructured a total of kes 106.1 billion, which is 19.6%, of its total loan book for 2020, following the Central bank’s decision to provide relief to customers, such as loan restructuring and payment rescheduling, from mid-March 2020 after the first COVID-19 cases...

Asian Stocks Mixed as U.S Bond Yeild Continue to Rise

Asia-Pacific markets mostly fell Friday as investor sentiment turned cautious, following an overnight selloff stateside. Australian shares traded lower, with the benchmark ASX 200 closed down 0.56% at 6,708.20 — the index retraced some of its earlier losses of more than 1%. The energy and materials sectors declined 2.03% and 1.41%, respectively, while the heavily-weighted financials subindex finished down 0.31%. The Nikkei 225 in Japan declined 1.41% to 29,792.05 while the Topix index reversed losses to close up 0.18%...

Kakuzi Net Earnings Drop 13% to Kes 622 Million, ups Dividends

Kakuzi Plc, a Kenyan agricultural listed at both the Nairobi Securities Exchange(NSE) and the London Stock Exchange, has reported a 13% decline in net profit to Kes 622 Million at the close of the period ended 31st December 2020. This is compared to a net profit of Kes 713.4 the previous year. “The pandemic created significant disruption in our main European markets with the almost complete closure of the Food Service sector. Despite this, demand...

Oil Prices Edge Lower Amidst Concern on COVID-19 New Wave.

Oil prices fell on Friday for the sixth day in a row, down nearly 9% for the week, as a new wave of COVID-19 infections in particular across Europe spurred fresh lockdowns and dampened hopes for a forthcoming recovery in fuel demand. U.S. West Texas Intermediate (WTI) crude fell 4 cents, or 0.07%, to $59.96 a barrel by 0552 GMT. Brent crude was down 10 cents, or 0.16%, to $63.18 a barrel. “Oil had edged...

Co-Op Banks Posts 24.5% Decline in Net Profits for FY2020

The Co-operative Bank of Kenya Group 2020 full year net profit declined by 23.8% to stand at Kes. 10.9 billion from Kes. 14.3 billion recorded in 2019. Co-op Bank Group Chief Executive Officer Dr Gideon Muriuki attributes the profit decline to higher loan loss provisions related to COVID-19 and currency devaluation losses from its South Sudanese subsidiary. “The Group has taken loan loss provisions of Kes. 8.1 billion, being a 220% increase from Kes. 2.54...

Wall Street Reverses Gains on Fresh COVID-19 Concerns, Bond Yields

Wall Street ended sharply lower on Thursday, with the Nasdaq tumbling 3%, hit by rising Treasury yields and fresh worries about the coronavirus pandemic in Europe. Losses in U.S. stocks accelerated after France’s prime minister imposed a month-long lockdown on Paris and several other regions due to the health crisis. It was the Nasdaq’s steepest one-day drop on wall street since Feb. 25. The S&P 500 energy sector index tumbled 4.7% as oil prices fell,...

Bitcoin’s Price Spirals as Chinese Firm Meitu Announces $50Million Purchase

Bitcoin’s price spiralled on Wednesday as the cryptocurrency continues to receive support from investors amidst the Feds Reserve decision to keep interest rates close to zero this year. Bitcoin (BTC) was trading around $57,745.58 as of 20:00 UTC (4 p.m. ET). Climbing 3.68% over the previous 24 hours. Bitcoin’s 24-hour range: $54,201.70-$58,078.51. After consolidating for a while, both Bitcoin (BTC) and Ethereum (ETH) prices spiralled as the overall cryptocurrency market cap surged 5% moving past $1.80...

Market Report; 18 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 7,092,200 shares in 845 deals, corresponding to a market value of KES 198,118,576.00, were traded. Compared with the previous NSE trading day (Wednesday, March 17), today’s data shows 18% decline in volume, 91% improvement in turnover, and 9% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.49 trillion. In the aggregate, 49 NSE listed equities participated...

Asian Markets Rally as U.S Fed Indicate no Interest Rate Hike

Asia-Pacific markets broadly advanced Thursday as investors cheered after the U.S. Federal Reserve’s policymaking committee overnight voted to keep short-term borrowing rates near zero in a widely expected move. The Nikkei 225 in Japan rose 1.01% to 30,216.75, while the Topix index added 1.23% to 2,008.51. South Korea’s Kospi climbed 0.61% to 3,066.01, and the Kosdaq rose 0.64% to 949.83. In Hong Kong, the Hang Seng index rose 1.21% to 29,384.84, while Singapore’s Straits Times...

Oil prices Decline Amidst Growing Concerns on Prevailing COVID-19.

Oil prices declined for a fifth consecutive session on Thursday, falling around 1% after official data showed a further increase in U.S. crude and fuel inventories. At the same time, the prevailing pandemic reduced hopes for a recovery in oil demand. Brent crude was down 74 cents, or 1.1%, at $67.26 a barrel by 0745 GMT after dropping 0.6% on Wednesday. U.S. oil was also down 65 cents, or 1%, at $63.95 a barrel, having...

KCB Group Posts 22% Decline in Earnings for FY2020 to Kes.19.6B

KCB Group Plc has posted a net profit of Kes.19.6 billion for the financial year ended 31st December 2020. This was a 22% decline from the Kes 25.2 billion recorded during the same period in 2019 as higher provisions for loan losses and subdued economic activity associated with the COVID-19 pandemic hit business performance. The group recorded a 14% increase in income to Kes.96.0 billion, compared to Kes.84.3 billion reported during the same period in...

Market Report; 17 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 8,686,700 shares in 772 deals, corresponding to a market value of KES 103,718,301.00, were traded. Compared with the previous NSE trading day (Tuesday, March 16), today’s data shows 52% decline in volume, 85% decline in turnover, and 18% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.46 trillion. In the aggregate, 47 NSE listed equities participated...

Asia – Pacific Markets Mixed as Investors Wait on Wednesday’s Fed Release

Asia-Pacific markets traded mixed on Wednesday as investors wait for the outcome of the U.S. Federal Reserve’s two-day policy meeting later in the day. Australia shares cut back some of their earlier losses as the ASX 200 closed down 0.47% at 6,795.20. The energy and materials subindexes declined 1.19% and 1.46%, respectively as oil and mining stocks broadly declined. Major miners Rio Tinto and BHP closed down 0.95% and 1.64% respectively. The Nikkei 225 in Japan finished near flat at 29,914.33 while the...

Oil Prices Rally Despite Concerns of Lower Demand in Europe

Oil prices climbed on Wednesday as investors weighed a recovery in U.S. refinery activity as industry data showed U.S. crude stockpiles unexpectedly fell last week against concerns of rocky demand in Europe. Brent crude futures rose 35 cents, or 0.5%, to $68.74 a barrel by 0641 GMT, after initially falling as much as 27 cents. U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.7%, to $65.21 after falling as much as 18...

CMA Sets Sets New Deadline for Coffee Brokers Licensing

The Capital Markets Authority (CMA) has set a July 1 deadline for coffee brokers to get new licences under rules introduced last year to get rid of cartels. In a public notice issued on Tuesday, the regulatory board said, “In line with Regulation 8 of the Capital Markets (Coffee Exchange) Regulations, 2020 marketing agents intending to operate as coffee brokers at the Nairobi Coffee Exchange should apply to the authority for licensing.” Earlier last year, CMA allowed...

KCB Group secures US$ 150 Million Credit for MSMEs, Green Projects

KCB Group, the country’s largest and most profitable lender, has secured a US$ 150 Million credit facility to enable it to increase lending to climate-friendly projects and small business enterprises, especially those run by women. Of the US$150 million, International Finance Corporation (IFC) contributed US$ 101.75 Million. It mobilized US$22 Million from the Belgian Investment Company for Developing Countries (BIO), US$15 Million from SANAD Fund for MSMEs and US $11.25 Million from Symbiotics. KCB War...

Wall Street End Lower, Investors Watch on Fed Meeting Outcome

Wall Street’s S&P 500 index ended lower on Tuesday and a gauge of global equities was close to flat as investors awaited the Federal Reserve and other central banks meetings this week, where regulators will indicate if they will retain policies supporting a post-pandemic recovery. The U.S. stock market lacked direction for much of the day after the S&P 500 and Dow Jones Industrial Average closed at record highs on Monday. Wall Street has recently...

Market Report; 16 March, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 18,283,800 shares in 947 deals, corresponding to a market value of KES 675,046,104.00, were traded. Compared with the previous NSE trading day (Monday, March 15), today’s data shows 48% improvement in volume, 47% improvement in turnover, and 7% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.45 trillion. In the aggregate, 48 NSE listed equities participated...

Electricity Bills Expected to Rise as a Result of Hike in Fuel prices

Kenyan households are set for tough times as electricity bills are expected to rise in the March 2021 review. Electricity consumers are expected to pay kes 1.20 more per unit or an extra kes1 billion to Kenya Power this month on increased compensation to expensive diesel plants, the highest in nearly two years. This comes after Super Petrol prices rose by Kes 7.63 to retail at Kes 122.81 per litre following the latest Energy and...

Asian Markets Edge Higher as Investors Watch out on Fed Meeting

Asia-Pacific markets mostly edged higher Tuesday following a relatively subdued start to the global trading week as investors look ahead to the Fed meeting stateside. Australian shares rose as the benchmark ASX 200 gained 0.8% to 6,827.10, after finishing near flat in the previous session. Most sectors traded up except for the energy and materials subindexes, which closed down 0.17% and 0.65%, respectively. Oil stocks and major miners closed mixed but the Big Four banks advanced: Shares...

Oil Prices Slip Amidst Growing Concerns on Stockpiles and COVID-19 Vaccine

Oil prices fell on Tuesday, extending declines for a third day, as concerns about rising stockpiles in the United States added to the threat to demand posed by countries including Germany and France halting COVID-19 vaccinations. Brent crude was down 58 cents, or 0.8%, at $68.30 by 0041 GMT, having dropped 0.5% on Monday. U.S. crude was down 61 cents, or 0.9%, at $64.78 a barrel, after declining 0.3% in the previous session. Growing Concerns on COVID-19...

Bitcoin Extends Losses as JPMorgan Eyes Clearing House Options for Cryptocurrencies

Bitcoin extended it’s decline on Tuesday as a rally that took it past $61,000 over the weekend unwounded, reminding investors of the digital token’s high volatility. Bitcoin slid by 5.5% on  Tuesday and was trading at about $54,300 during early trading hours in Asia. The cryptocurrency had hit a record high of $61,781.83 on Saturday after U.S. President Joe Biden signed off on his $1.9 trillion fiscal stimuli and ordered an acceleration in vaccinations. Analysts...

Dow Jones, S&P 500 Close at Record Highs Despite FOMC Meeting in Sight.

The S&P 500 and Dow Jones Industrial Average closed at a record highs on Monday, as investors eyed an economic recovery from the coronavirus and awaited cues from the Federal Reserve this week amid caution over rising borrowing costs. In a concrete sign that the worst of the damage from the coronavirus pandemic may be over for the airline industry, Delta Air Lines, Southwest Airlines and JetBlue Airways said leisure bookings were rising. Gains in...

Market Report ;15 March, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 12,335,800 shares in 888 deals, corresponding to a market value of KES 458,944,510.00, were traded. Compared with the previous NSE trading day (Friday, March 12), today’s data shows a 9% decline in volume but a 37% improvement in turnover. The current Nairobi Securities Exchange market capitalization is KES 2.45 trillion. In the aggregate, 46 NSE listed equities participated...

Petrol Prices Hit Kes 122.8 Following a Leap in March Pump Prices

Super Petrol prices rose by Kes 7.63 to retail at Kes 122.81 per litre following the latest Energy and Petroleum Regulatory Authority (EPRA) review. The hike in pump prices also affected Diesel and Kerosene, whose prices leapt by Kes 5.75 and Kes 5.41 per litre respectively. In Nairobi, a litre of Diesel will retail at Kes 107.66 while that of Kerosene will retail at Kes 97.85 for the period between March 15 and April 14...

Oil Prices Rally as U.S becomes India’s Second Biggest Oil Supplier

Oil prices edged up on Monday, with Brent drifting near $70 a barrel, propped up by output cuts from major producers and optimism about global economic and fuel demand recovery in the second half of the year. Brent crude futures for May gained 23 cents, or 0.3%, to $69.45 a barrel by 0102 GMT. U.S. West Texas Intermediate crude for April was at $65.90 a barrel, up 29 cents, or 0.4%. Oil Supply in the...

Global Markets Weekly Review: Week 10, 2021

Global markets touched new highs last week as optimism over the global economic recovery continued to fuel market rallies. A tame inflation report and a respite in the recent upward ascent in interest rates were also some of the top contributing factors in the market’s gains, but the headliner was the passage of the American Rescue Plan (ARP), famously known as the stimulus relief plan, with U.S President Joe Biden signing the pandemic-relief bill into...

Oil Eases, Brent Drops to Below $70 as Recovery Optimism Supports Demand

Brent crude prices eased on Friday but hovered near $70 a barrel as production cuts by major oil producers constrained supply, with optimism about a recovery in demand for the resource in the second half of the year also lending support. Brent crude futures for May slipped 33 cents, or 0.5%, to $69.30 a barrel by 0749 GMT while U.S. West Texas Intermediate crude for April was at $65.65 a barrel, down 37 cents, or...

Gold Rallies to $1,724.80 as Dollar Extends Slide

Gold prices inched up on Friday and were on course to mark their best week in seven, as easing U.S. Treasury yields and dollar lifted the metal’s appeal. However, much the relief is to investors, the previous metal has in recent times witnessed some short coverings and has been able to regain some of the lost grounds in recent times. Gold Fundamentals Spot gold rose 0.2% to $1,724.80 per ounce by 0101 GMT. Prices were up...

Market Report; 11 March 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,376,700 shares in 773 deals, corresponding to a market value of KES 690,276,715.00, were traded. Compared with the previous NSE trading day (Wednesday, March 10), today’s data shows 48% decline in volume, 41% decline in turnover, and 24% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.45 trillion. In the aggregate, 42 NSE listed equities participated...

Asian Markets Gain to Follow Wall Street; Shanghai Composite Gains 2.36%

Asia-Pacific markets traded broadly higher Thursday, following a relatively strong finish on Wall Street overnight after U.S. lawmakers passed a $1.9 trillion coronavirus relief package. The Nikkei 225 in Japan rose 0.6%, or 175.08 points, to 29,211.64 while the Topix index added 0.27%, or 5.18 points, to 1,924.92. The Japanese market in recent sessions had struggled to hold onto gains. In South Korea, the Kospi rose 1.88%, or 55.58 points, to 3,013.70, buoyed by tech names. Shares of...

Oil Prices Rise as U.S Economy shows Positive Signs on Recovery

Crude oil prices rose on Thursday as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks fell sharply, although gains were capped by a surge in crude oil inventories after last month’s Texas storm. Brent crude futures for May rose 20 cents, or 0.3%, to $68.10 a barrel by 0752 GMT. U.S. West Texas Intermediate crude for April was up 21 cents, or 0.3%, at $64.65. Effect of U.S Economy on Oil Prices U.S....

Bitcoin Gains Bullish Momentum, Back on Resistance Zone of $55K

Bitcoin, the world’s largest cryptocurrency by market capitalization, has gained for a sixth straight day, extending its longest winning streak of the year and approaching the record high price reached last month. Changing hands above $56,000, up about 3% on the day, and within range of a quick run to the all-time high of $58,332. “We continue to see strong upward momentum from technicals,” Gary Pike, director of sales and trading at institutional cryptocurrency trading...

YouTube to Collect Taxes From Non U.S Content Creators

Google has notified all YouTube Content Creators that they will be subject to Withholding tax from their monthly earnings from June 2021. However, the new policy does not affect US-based creators. In an email to youTube creators, the online video-sharing platform said  “We’re getting in touch because Google is said to deduct U.S. taxes from earnings to creators living outside of the U.S. this year (as early as June 2021). Over the course of the next few...

AfDB Ranked as the World’s Best Multilateral Financial Institution for 2021

The African Development Bank has been ranked as the world’s Best Multilateral Financial Institution for 2021 by the world-renowned American Magazine, Global Finance. Global Finance names the World’s Best Investment Banks every year, using input from industry experts. The criteria for selection includes; entries from banks, number and size of deals, market share, distribution network, innovation, efforts to meet market needs, and structuring capabilities. A statement on the AfDB website said, “The award is an affirmation...

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