Home2021May 2021 - The Trading Room

Market Report; 31 May, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 14,366,100 shares in 976 deals, corresponding to a market value of KES 270,029,796.00, were traded. Compared with the previous NSE trading day (Friday, May 28), today’s data shows 51% decline in volume, 67% decline in turnover, and 5% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.58 trillion. In the aggregate, 47...

Asian Markets End Monday Mixed on China’s PMI data

Shares in Asia-Pacific were mixed on Monday, as investors reacted to the release of China’s official manufacturing Purchasing Managers’ Index for May. Mainland Chinese stocks closed higher, with the Shanghai composite rising 0.41% to 3,615.48 while the Shenzhen component advanced 0.966% to 14,996.38. Hong Kong’s Hang Seng index fell about 0.2%, as of its final hour of trading. China’s official manufacturing Purchasing Managers’ Index for May came in at 51.0. That compared against analyst expectations for a reading of 51.1 in...

Nation Media Share Buyback set for Kes 25 per Share.

Nation Media Group (NMG) Board of Directors has recommended that the firm’s shareholders effect the Share Buyback plan by way of open market purchases through on the Nairobi Securities Exchange (NSE). The share buy back is subject to shareholder approval at the next Annual General Meeting(AGM), to be held virtually at 3.00 pm on Friday, June 25th 2021. On February 25th 2021, the nation media group house board of directors first announced the share buyback plan...

Oil Prices Edged Higher, Investors Look Forward to OPEC+ Meeting

Oil prices climbed in early Asian trade on Monday, stimulated by the bright outlook for fuel demand growth in the next quarter, while investors looked ahead to the OPEC+ meeting this week for supply guidance. Brent crude futures for August nudged up 7 cents, or 0.1%, to $68.79 a barrel by 0038 GMT after settling at their highest in two years on Friday.  U.S. West Texas Intermediate crude for July was at $66.45 a barrel, up 13...

Kenya Railways Corporation to Begin Hourly Train Rides in Nairobi

Kenya Railways Corporation (KRC) will begin providing hourly rides on its Diesel Multiple Units(DMUs) for Nairobi Commuters after receiving the second batch of six more trains from Spain. According to Omudho Awitta, KRC Chairman, the six trains will enable the corporation to increase its train frequencies within the city. The six DMUs join the other five that arrived last year and have been plying the Syokimau –Nairobi and Embakasi –Nairobi routes. Kenya Railways Corporation Commuter...

Global Markets Weekly Review: Week 21, 2021

Global markets traded fairly mixed this week as most markets as investors watched on various economic data from the United States with relation to Inflation and also data from China and Japan on unemployment and various economic data. Market also looked at Mexico on the South America’s and also general data from the expansion of the Hong Kong Index which is due from 1st of June, 2021. United States Stocks recorded solid gains, leading the...

Wall Street Ends Week Higher Despite Growing Inflation Concerns

Stocks on Wall Street climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks. Consumer prices, as measured by the personal consumption expenditures (PCE) price index excluding the volatile food and energy components, rose 0.7% in April, topping analysts’ 0.6% estimate and after a 0.4% increase in March. PCE is the Federal Reserve’s preferred measure of...

Kenya Set to Receive $750 Million Loan from the World Bank

Kenya expects to receive a loan of $750 million from the World Bank in the next two weeks to support its budget, the country’s central bank governor Patrick Njoroge said on Thursday. The funds are expected to fill a huge budget deficit as the Kenya budget cycle ends in June 2021. “There is a loan, the so-called DPO, of an amount of $750 million, which we expect over the next couple of weeks,”  Patrick Njoroge...

Market Report; 28 May, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 29,604,700 shares in 1,027 deals, corresponding to a market value of KES 825,873,754.00, were traded. Compared with the previous NSE trading day (Thursday, May 27), today’s data shows 19% decline in volume, 53% decline in turnover, and 18% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 47...

Family Bank Records Kes 728.8 Million Profit in Q12021

Family Bank Group has posted a Kes 728.8 million Profit Before Tax for the first quarter of 2021, a 71.3% increase in earnings compared to the Kes 425.6 million reported during the same period in 2020. The bank’s net interest income rose by 27.2% to KES 1.8 billion in the period ended 31st March 2021. The growth in income was attributed to the increased lending as the loan book expanded by 15.9% to Kes 61.4...

Asia – Pacific Stocks Rise; JD Logistics Soar 18% on Hong Kong Debut.

Stocks in Asia-Pacific mostly rose in Friday trade, as investors reacted to the market debut of JD Logistics in Hong Kong. Shares of JD Logistics opened at 46.05 Hong Kong dollars before surging to more than 18% from their issue price at one point .Much of those gains were later pared, however, with the stock ending the trading day 3.32% above its issue price. Shares of Chinese e-commerce giant JD.com slipped 0.7%. The broader Hang Seng index in Hong...

Gold Sheds Gains as Rising Dollar, Treasury Yields Hamper Gains

Gold prices edged lower on Friday, as an uptick in the dollar and U.S. Treasury yields weighed on the safe-haven metal, while investors awaited crucial U.S. inflation data due later in the day to gauge inflationary pressure. Spot gold was down 0.2% at $1,893.07 per ounce by 0308 GMT. Bullion has risen 0.7% so far this week, and was on track for its fourth straight weekly gain. U.S. futures for the yellow metal eased 0.1% to...

Market Report; 27 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 36,496,500 shares in 1,256 deals, corresponding to a market value of KES 1,765,788,661.00, were traded. Compared with the previous NSE trading day (Wednesday, May 26), today’s data shows 114% improvement in volume, 186% improvement in turnover, and 8% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.56 trillion. In the aggregate, 47 NSE listed...

M-pesa to Begin Operations In Ethiopia in One Year

Safaricom Plc, Kenya’s telecommunication giant that runs M-Pesa, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium that comprises of its parent firms Vodafone and Vodacom, British development finance agency CDC Group and Japan’s Sumitomo Corporation. The consortium which was dubbed “Global Partnership for Ethiopia”  was worth $850 million which the telecommunication giant won in the two licenses that were on offer in Ethiopia. In a press briefing on...

Asian Markets Mixed on China’s Industrial Data

Shares in Asia-Pacific were mixed on Thursday as investors reacted to the release of Chinese industrial profits data for April. Hong Kong’s Hang Seng index dipped 0.18% to close at 29,113.20. Shares of Xiaomi in Hong Kong jumped 3.2% on Thursday after the Chinese smartphone maker on Wednesday reported a nearly 55% surge in its first quarter revenue as compared with the same period a year earlier. Mainland Chinese stocks were higher on the day, with the Shanghai composite...

Serena Hotels Posts Biggest Net Loss Ever of Kes 1.2 Billion After Tough Year

TPS Eastern Africa, the company that owns and operates Serena Hotels, has reported a net loss of Kes1.2 billion for the year 2020, its biggest loss ever, after a tough operating year in the hospitality industry. The Kes1.2 billion net loss is a big shift from Kes181.7 million profit after tax posted in December 2019. Unlike other challenges in the past, the uncertainty of the covid19 pandemic had devastating effects on Serena’s financial performance. In a...

KCB Group Posts Kes.6.4 Billion Net Earnings in Q1 2021

KCB Group Plc has posted a net profit of Kes.6.4 billion in the first quarter of 2021 ending March, a 1.8 % increase from the Kes 6.3 billion that was posted in Q1 2020, shaking off the effects of the COVID-19 Pandemic. Net interest income in the group grew by 11% to close the quarter at Kes.16.7 billion. The lender attributed the rise to a rise in interest-earning assets and effective management of the cost...

Oil Prices Decline on Likelihood of Return of Iranian Supply

Oil prices fell on Thursday but stayed within the tight range they have been in all week, as optimism on the summer driving season in the United States and Europe offset concerns about demand in India and a potential supply increase from Iran. Brent crude fell 44 cents, or 0.6%, to $68.43 a barrel at 0220 GMT, erasing Wednesday’s gain of 22 cents. Brent has traded between $68 and $69 for most of this week. U.S....

Wall Streets Gains Supported by Tech Rally; Amazon up 0.19% on MGM Buyout

Stocks on wall street closed out Wednesday’s session with modest gains as recent comments from Federal Reserve officials helped tamp down concerns about runaway inflation and kept bond yields in check. Stocks such as Tesla and Alphabet, which have struggled in recent weeks as bond yields advanced due to rising inflation worries, were among the top boosts to the benchmark S&P 500 index with the 10-year U.S. Treasury note holding below the 1.6% level. On...

Market Report; 26 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 17,034,000 shares in 1,162 deals, corresponding to a market value of KES 616,551,615.00, were traded. Compared with the previous NSE trading day (Tuesday, May 25), today’s data shows 31% decline in volume, 40% decline in turnover, and 2% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 45 Nairobi Securities...

Asia-Pacific stocks mixed, New Zealand Central Bank Maintains Currency Settings.

Stocks in Asia-Pacific were mixed on Wednesday, with multiple markets in Southeast Asia closed for a holiday. The Nikkei 225 in Japan rose 0.31% on the day to 28,642.19, while the Topix index ended the trading day fractionally higher at 1,920.67. South Korea’s Kospi dipped around 0.1% to close at 3,168.43. Mainland Chinese stocks closed mixed, with the Shanghai composite up 0.34% to 3,593.36 while the Shenzhen component dipped 0.355% to 14,793.68. Hong Kong’s Hang Seng index rose...

Equity Posts 64% Growth in Profit After Tax at Kes 8.7 Billion for 1Q2021

Equity Group Holdings Plc has returned strong quarter one results in a challenging environment amidst the multi-faceted Covid-19 crisis of health, economic disruption, and humanitarian challenges, giving hope of resilience and recovery. The Group posted a 64% growth in after-tax earnings at Kes 8.724 Billion from the Kes 5.32 Billion posted during the same period in 2020. “Our strategy; purpose-first, inclusivity, affordability, reach, agility and quality have proven resilient and sustainable, Purpose has proved profitable”...

NCBA Group Reports Kes 2.84 Billion Profit for Q12021.

NCBA Group PLC has recorded a profit after tax of Kes 2.84 billion for the quarter ending March 31, 2021. This was an increase of 74% compared to Kes 1.6 billion that the Group posted during a similar period in 2020. In Q1 2021, total assets increased to Kes 542 billion, representing a strong growth of 6% year on year. Customer deposits in the period increased by 11% year on year, fueled by strong business...

Oil Prices Steady, Investors Brace for Possible Return of Iranian Supply

Oil prices were steady on Wednesday as concerns of a possible resumption in Iranian supply that would result in an oversupply was offset by hopes for stronger U.S. fuel demand after a drop in weekly inventory estimates by the American Petroleum Institute. Brent crude oil futures for July gained 5 cents, or 0.1%, to $68.70 a barrel by 0102 GMT. U.S. West Texas Intermediate (WTI) crude for July was at $66.05 a barrel, down 2...

Gold Steady at 4 Month High Supported by Dropping Treasury Yields

Gold prices held firm near a 4-1/2-month high on Wednesday as a drop in U.S. Treasury yields and a weaker dollar supported the safe-haven metal. Spot gold was steady at $1,899.11 per ounce by 0041 GMT, after hitting its highest since Jan.8 at $1,899.11 on Tuesday. U.S. gold futures edged 0.1% higher to $1,899.60 per ounce. The dollar index was pinned near a 4-1/2-month low against its rivals, making gold cheaper for other currency holders. Benchmark U.S....

Wall Street Drops as Investors Raise Flag on Inflation Concerns

Stocks on wall street closed slightly lower on Tuesday, and each of Wall Street’s main indexes failed to stray far from the unchanged mark following a rally in the prior session as investors continue to try and assess the route of inflation. Yields on longer-dated U.S. Treasuries fell for a fourth straight day, with the benchmark 10-year yield hitting a fresh two-week low of 1.557% and helping to dampen inflation worries. The yield had climbed...

Uganda Separates Mobile Money from Telecom Operations.

The Bank of Uganda has announced a split of mobile money into a stand-alone business, regulated as a financial service, a move aimed at separating the service away from telecom service operations, currently regulated by country’s communications commission [UCC]. In a statement issued by the country’s central Bank, the regulator said they had already issued licenses to Airtel money and MTN. “Following the enactment of the National Payment Systems (NPS) Act, 2020 on 4th September...

Asian Markets Edge Higher, Singapore’s Economy Expands 1.3% in 1Q21

Shares in Asia-Pacific rose on Tuesday, as investors watched tech shares following overnight gains in the sector stateside. Mainland Chinese stocks led gains regionally, with the Shanghai composite rising 2.4% on the day to 3,581.34 while the Shenzhen component advanced 2.343% to 14,846.45. In Hong Kong, the Hang Seng index jumped 1.75% to close at 28,910.86. Taiwan’s Taiex also saw robust gains, rising 1.58% to close at 16,595.67. In Japan, the Nikkei 225 rose 0.67% to close at 28,553.98 while the Topix index...

KTDA Looks Forward to NSE Listing as Individual Farmers Set to Own Shareholding

Individual smallholder tea farmers affiliated with the Kenya Tea Development Agency Holdings Ltd (KTDA Holdings PLC) will now own direct shareholding of the company alongside their respective 54 Tea Factory Companies, further cementing their ownership and proprietorship in the organization. In a press release issued by the Tea Development Agency, they said the move follows the resolutions of the KTDA Holdings shareholders, at a Special General Meeting (SGM) held in April this year, to amend...

CMA Admits Koa Save & Moneto to Regulatory Sandbox

The Capital Markets Authority (CMA) has admitted KOA Save Africa Limited and Moneto Ventures Limited to the Regulatory Sandbox paving way for the two firms to test their innovations in a live capital market environment, in compliance with the CMA Regulatory Sandbox Policy Guidance Note. The admission of the two firms is in line with the commitment of CMA to develop and deepen the capital markets by facilitating the deployment of financial technology (fintech). KOA...

Safaricom Led US$ 850 Million Consortium to Start Ethiopia Operations in 2022

Safaricom Plc, Kenya’s telecommunication giant, was on Saturday awarded a license to operate telecommunication services in Ethiopia in a consortium made up of Vodafone, Japan’s Sumitomo and UK finance agency CDC Group. The Consortium paid $850 million for the license, beating South Africa’s MTN, which had also bid for a license with an offer of US$600 Million. The partners in the Safaricom led consortium, will establish a new operating company in Ethiopia (Vodafamily Ethiopia) with an...

Oil Steady Near One Weak High as Possibility of Return of Iran Supply Boost Demand

Oil prices were steady on Tuesday, holding around one-week highs after jumping more than 3% the previous session as prospects of an early return of oil exporter Iran to international crude markets lessoned. Brent crude futures were down 6 cents at $68.40 a barrel by 0039 GMT, having jumped 3% on Monday. U.S. West Texas Intermediate futures fell 8 cents to $65.97 a barrel after gaining 3.9% the previous session. Indirect negotiations between the United...

Standard Chartered Records a 19% Growth in Net Profit in Q12021

Standard Chartered Bank Kenya has reported a 19% growth in net profit in the first three months to March 31 2021. The lender posted an improvement in net profit of Kes 2.39 billion at the end of March 2021, compared to a net profit of Kes 2.01 billion posted during the same period in 2020. The growth that rose to the pre-COVID-19 levels was attributed to the slashing of operational costs resulting from cutting its...

Market Report; 24 May, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange this week. A total of 15,587,300 shares in 1,055 deals, corresponding to a market value of KES 757,872,580.00, were traded. Compared with the previous NSE trading day (Friday, May 21), today’s data shows 26% improvement in volume, 59% improvement in turnover, and 22% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.61 trillion. In the...

Asian Markets Mixed as Investors Watch on Oil Price Rally

Asia-Pacific markets traded mostly higher Monday but investors remained cautious over a resurgence in Covid-19 cases in some parts of the region as well as potential inflation pressures in the U.S. In Japan, the Nikkei 225 rose 0.17% to 28,364.61, trimming some of its earlier gains. The Topix index added 0.44% to 1,913.04. Singapore’s Straits Times Index rose 0.2% in afternoon trade while India’s Nifty 50 and Sensex added 0.23% and 0.26%, respectively. The Malaysian benchmark index...

Gold Touches 4 month High on Dollar Pressure, Bitcoin Crash

Gold prices climbed on Monday to hover near a 4.5-month high, supported by a weaker U.S. dollar and growing inflationary pressure, while a slide in cryptocurrencies further lifted the safe-haven metal’s appeal. Spot gold was up 0.3% at $1,884.91 per ounce by 0518 GMT. Last week, gold prices hit their highest level since Jan. 8 at $1,889.75. U.S. futures for the yellow metal rose 0.5% to $1,886.20 per ounce. “The U.S. dollar index remain relatively weak...

Bitcoin Falls Below $32K , Houbi Suspends its Services Due to China Crackdown

The bitcoin sell-off continued Monday following a roller-coaster week of trading as authorities in China and the U.S. move to tighten regulation and tax compliance on cryptocurrencies. Bitcoin fell roughly 16% to $31,772.43 by 12:27 p.m. ET, on Sunday according to Coin Metrics data. As of 6.00 A.M East African Time, the digital currency was trading at $ 35,737.18, a 5.18% decline. Ether, the second-largest cryptocurrency, has also been on a losing streak, declining 5.9%...

Oil prices Rise as Doubt Arises on Iran Deal

Oil prices edged higher on Monday as a storm formed in the Gulf of Mexico. Iran said a three-month nuclear monitoring deal had expired, raising doubts about the future of indirect talks that could end U.S. sanctions on Iranian crude exports. Brent crude oil futures for July rose 32 cents, or 0.5%, to $66.76 a barrel by 0143 GMT. U.S. West Texas Intermediate for July was $63.93 a barrel, up 35 cents, or 0.6%. Oil...

Safaricom led Consortium clinches US$ 850 Million Ethiopia license

A license to operate telecommunication services in Ethiopia has been awarded to Kenya’s telco giant Safaricom in a consortium made up of Vodafone, Japan’s Sumitomo and UK finance agency CDC Group. License top bidders According to Brook Taye, a senior adviser at the Ethiopian finance ministry, the Consortium paid $850 million for the licence, beating South Africa’s MTN, which had also bid for a license with an offer of US$600 Million. Ethiopia, considered Africa’s second-most...

Access Bank Completes 100% Acquisition of BancABC Mozambique

Access Bank, Nigeria’s largest lender, has completed the acquisition of Mozambique’s African Banking Corporation, another milestone achievement in Access Bank’s expansion goals. This would be Access Bank’s fifth acquisition in almost half a decade. Diamond Bank and Transnational Bank (Kenya) Plc acquisitions were both completed in 2019 by the bank. Also, the bank announced the merger with Cavmont Bank Limited in August 2020, and the process was completed in January 2021. “We are pleased with...

Absa Posts 28% Growth in Net Earnings at Kes 2.4 Billion

Absa Group unaudited Net Profit for the first quarter ended March 31st 2021 rose to Kes 2.4 Billion compared to Kes 1.96 Billion in Q1, 2020, an increase of 28%. The lender’s balance sheet size grew to Kes 384.1 Billion in Q1, 2021 compared to Kes 381.5 Billion, while customer deposits were up from Kes 238.7 Billion to Kes 257.1 Billion during the period under review. Loans and Advances to Absa Group customers grew marginally from...

Bitcoin, Ether Crashes as China Vows Crackdown on Cryptocurrencies

Bitcoin and other cryptocurrencies crashed on Friday after China announced a harsh clamp down on the market. The announcement by China means the country will do a crack down both mining and trading on bitcoin and other cryptocurrencies. In a statement from Chinese Vice Premier Liu He and the State Council, authorities said tighter regulation is needed to protect the financial system from the volatility of the cryptocurrency sector. “It is necessary to “crack down...

Market Report; 21 May, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 12,344,600 shares in 865 deals, corresponding to a market value of KES 475,962,130.00, were traded. Compared with the previous NSE trading day (Thursday, May 20), today’s data shows 14% improvement in volume, 98% improvement in turnover, and 9% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.51 trillion. In the aggregate, 43...

Asian Markets Mixed, Taiwan’s Taiex Rises 1.6% Leading Gains

Shares in Asia-Pacific were mixed on Friday following an overnight bounce on Wall Street. The Taiex in Taiwan jumped 1.62% on the day to 16,302.06. India’s Nifty 50 also saw robust gains, rising 1.3%, as of about 1:47 p.m. local time. Mainland Chinese markets closed lower, with the Shanghai Composite down 0.58% to 3,486.56 while the Shenzhen component slipped 0.809% to 14,417.46. In Hong Kong, the Hang Seng index closed a little changed at 28,458.44. Shares of Tencent in Hong Kong dropped 3.37% on Friday, despite...

Salaam African Bank Aquires 100% Shares of Uwezo Microfinance Bank

Salaam African Bank, the leading bank by branch network in Djibouti, has acquired 100% ownership in Kenya’s Uwezo Microfinance Bank, giving the lender a presence in Kenya’s banking industry. The acquisition took effect on March 25, 2021, after obtaining approval from the Central Bank of Kenya and the Cabinet Secretary for the National Treasury and Planning. In a public notice issued by CBK, the authority said, “This follows CBK’s approval on December 24, 2020, under...

Oil Prices Rise Amidst Talks of Return of Iranian Supply

Oil prices edged higher on Friday, taking a break after three days of losses as investors braced for the return of Iranian crude supplies after officials said Iran and world powers made progress on talks to revive a 2015 nuclear deal. Brent crude futures for July rose 10 cents, or 0.2%, to $65.21 a barrel by 0032 GMT U.S. West Texas Intermediate for July was at $62.16 a barrel, up 22 cents, or 0.4%. Both...

Market Report; 20 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 10,866,500 shares in 793 deals, corresponding to a market value of KES 240,664,199.00, were traded. Compared with the previous NSE trading day (Wednesday, May 19), today’s data shows 58% decline in volume, 73% decline in turnover, and 16% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.49 trillion. In the aggregate, 44 NSE listed...

Asian Stocks Mainly Higher, Japan’s Exports Surge in April

Stocks in Asia-Pacific were mixed on Thursday, with data showing Japan’s exports surging in April. The Nikkei 225 finished the trading day 0.19% higher at 28,098.25 while the Topix index advanced slightly to 1,895.92. Japan’s exports rose 38% in April compared with a year ago, data from the country’s Ministry of Finance showed Thursday. That was higher than an expected 30.9% increase predicted by economists. Over in Australia, the S&P/ASX 200 rose 1.27% to close at 7,019.60....

Bitcoin Slumps 30% to $31K before Rising Back to $40K after China Crackdown on Crypto currencies

Bitcoin, the world’s largest cryptocurrency by market capitalization, slumped on Wednesday by 8.7%. BTC was above the 10-hour moving average and below the 50-day, a sideways signal for market technicians. The total drop for bitcoin in the past 24 hours was 26.7%, going from a high of $43,602 around 21:15 UTC to as low as $31,926 around 13:15 UTC (9:15 a.m. ET) Bitcoin has recovered somewhat from that low to $40,084.06 as of 9.30 A.M...

Oil Slums Amidst Rising U.S Stockpile, COVID-19 Numbers in Asia

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. Brent crude was down 6 cents, or 0.1%, at $66.60 a barrel by 0141 GMT, having fallen 3% on Wednesday. U.S. oil fell 7 cents, or 0.1%, to $63.29 a barrel, after a 3.3% drop in the previous session. “A...

Wall Street Drops on Fed Minutes, Crypto Crash

Wall Street’s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank’s goals, with some considering discussions on tapering its bond buying program. The S&P 500 added to losses on wall street after the release of the minutes revealed a number of Fed policymakers thought that if the economy continued rapid progress, it would become appropriate “at some point”...

Market Report;19 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 26,145,500 shares in 948 deals, corresponding to a market value of KES 886,259,968.00, were traded. Compared with the previous NSE trading day (Tuesday, May 18), today’s data shows 98% improvement in volume, 87% improvement in turnover, but 10% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.45 trillion. In the aggregate, 48 NSE listed...

Kakuzi Affirms Supporting to Avocado Smallholder Farmers at 93rd AGM

Kakuzi PLC has confirmed plans to strengthen its avocado smallholder base as part of a shared prosperity business plan. Alongside the smallholder development plans, the firm is focusing on agricultural production expansion and diversification projects for its Macadamia, Blueberry, Livestock and commercial forestry business lines. Speaking during the Nairobi Securities Exchange (NSE) listed firms 93rd Annual General Meeting held virtually, Kakuzi PLC Chairman Nicholas Ng’ang’a said the firm will this year invest more than Kes....

Asian Markets Low, Nikkei Falls 1.28%

Stocks in Asia-Pacific were mixed on Wednesday, with some markets in the region closed for holidays. Australia’s S&P/ASX 200 led losses among the region’s major markets as it closed 1.9% lower at 6,931.70. Mainland Chinese stocks closed mixed, with the Shanghai composite down 0.51% to 3,510.96 while the Shenzhen component advanced 0.234% to 14,484.45. The Nikkei 225 in Japan fell 1.28% to end the trading day at 28,044.45 while the Topix index slipped 0.66% to close at 1,895.24. MSCI’s...

Gold Extends Gain Amidst a Weakening Dollar,  Inflation Concerns

Gold prices inched up on Wednesday, hovering near a four-month high on a weaker dollar, while investors awaited minutes from the U.S. Federal Reserve’s last policy meeting as inflation worries persist. Spot gold was up 0.1% at $1,870 per ounce by 0044 GMT, after hitting its highest since Jan. 29 at $1,874.80 in the previous session. U.S. gold futures rose 0.1% to $1,869.60 per ounce. The dollar index held close to a near three-month low...

Oil Prices Fall 1% on Potential Return of Iranian Supply

Oil prices fell for a second day on Wednesday on the potential of Iranian supply returning and as investors sold on speculation that inflation fears might lead the U.S. Federal Reserve to raise interest rates, which could limit economic growth. U.S. West Texas Intermediate (WTI) crude futures dropped 73 cents, or 1.1%, to $64.76 a barrel at 0241 GMT, following a 1.2% fall on Tuesday. Brent crude futures also fell 73 cents, or 1.1%, to $67.98 a...

Wall Street Ends Lower as Telecom Stocks Slip Despite Strong Retail Earnings

Stocks on wall street ended down on Tuesday, slumping on a sharp decline in telecom stocks and weak housing starts data that overshadowed better-than-expected earnings from Walmart and Home Depot. AT&T Inc shed 5.8%, among the biggest percentage decliners in the benchmark S&P 500. It extended declines from Monday, when the telecoms firm said it would cut its dividend payout ratio as a result of its $43 billion media asset deal with Discovery Inc. T-Mobile...

Market Report; 18 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 13,190,600 shares in 1,051 deals, corresponding to a market value of KES 472,964,050.00, were traded. Compared with the previous NSE trading day (Monday, May 17), today’s data shows 57% decline in volume and 57% decline in turnover. The current market capitalization of the Nairobi Securities Exchange is KES 2.47 trillion. In the aggregate, 49 NSE listed equities participated in trading,...

Asian Markets Trade Higher, Taiwan Leads with 5.16% Gains

Shares in Asia-Pacific mostly jumped on Tuesday, as stocks in c among the region’s major markets. The Taiex in Taiwan surged 5.16% to close at 16,145.98. Those gains followed a nearly 3% drop on Monday amid fears of domestic coronavirus infections. In Japan, the Nikkei 225 also saw robust gains as it jumped 2.09% on the day to 28,406.84 while the Topix index advanced 1.54% to finish the trading day at 1,907.74. Japan’s economy shrank at an annualized rate...

KenGen’s US$6.5 Million Djibouti Power Project begins Next Month

Kenya Electricity Generating Company(KenGen) is set to begin drilling works on the $6.5 Million(Kes 709.8 Million) Geothermal Power Project, starting June this year. This International contract was awarded to the Kenyan electricity giant company three months ago, following an agreement with the Djiboutian Office of Geothermal Energy Development (ODDEG). The project involves drilling three geothermal wells at the Galla Le Koma geothermal field in the Lake Assal region. This is the power generating company’s third geothermal drilling...

Oil Extends Gains on Optimism over U.S, Europe Reopening

Oil prices climbed on Tuesday, extending gains from the previous day, as optimism over the reopening of the U.S. and European economies outweighed fears of slower fuel demand in Asia due to surging COVID-19 cases and a new wave of restrictions. Brent crude oil futures were up 20 cents, or 0.3%, at $69.66 a barrel by 0231 GMT, while West Texas Intermediate (WTI) was up 19 cents, or 0.3%, at $66.46 a barrel. Both contracts rose more than...

Transcentury Plc Records a Loss of Kes 1.4 Billion for H12020

Transcentury Plc, a listed firm in the Nairobi Securities Exchange, has reported a Kes1.4 billion net loss for the half-year period that ended on 30th June 2020 compared to a net profit of Kes 297 million posted in the same period in 2019. The drop was attributed to the effects of the COVID-19 pandemic, which the group said disrupted demand and global supply chains. The infrastructure company consequently reported a 21% decline in revenue to...

Market Report; 17 May, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 30,615,500 shares in 1,051 deals, corresponding to a market value of KES 1,102,657,782.00, were traded. Compared with the previous NSE trading day (Thursday, May 13), today’s data shows 159% improvement in volume, 146% improvement in turnover, and 25% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.49 trillion. In the aggregate 48...

Asian Markets Mixed, Investors React to Chinese Economic Data

Shares in Asia-Pacific were mixed on Monday trade as investors reacted to the release of Chinese economic data while also monitoring the Covid situation in places such as Taiwan, which has seen a recent spike in domestic infections. The Taiex in Taiwan fell 2.99% to close at 15,353.89 on Monday, leading to losses among the region’s major markets. Elsewhere, mainland Chinese stocks were higher on the day, with the Shanghai composite up 0.78% to 3,517.62 while the Shenzhen component surged...

Bitcoin Declines Sharply after Elon Musk Fails To Deny Tesla has Sold its Bitcoin

Bitcoin took a 3.7% drop to near $45,100 Sunday afternoon EST after Tesla CEO Elon Musk did not outright deny that the electric car has sold or could soon sell all of its bitcoin (BTC, -13.06%) holdings after the criticism Elon Musk received after suspending the digital asset as a form of payment. Bitcoin, the largest cryptocurrency by market capitalization, is currently trading at $ 43, 262.48 a 10.88% drop as of 7.00 A.M East African...

Oil Prices Edge Lower as New Wave of COVID-19 in Asia Cripples Demand Outlook

Oil prices edged lower on Monday as the recovery of a major U.S. pipeline network eased concerns about oversupply, and a new wave of COVID-19 restrictions in Asia fuelled fears of lower demand. Brent crude oil futures were down 8 cents, or 0.1%, at $68.63 a barrel as of 0036 GMT. West Texas Intermediate (WTI) crude was down 7 cents, or 0.1%, at $65.30. The two contracts jumped nearly 2.5% on Friday and managed to book...

Wall Street Closes Higher on Upbeat Economic Data

Wall Street closed higher in a broad rally, an upbeat conclusion to whipsaw week of buying and selling as signs of a rebounding economy squared off against mounting inflation jitters. All three major U.S. indexes extended Thursday’s gains, which saw S&P 500 notch its biggest one-day percentage bump in over a month. “Today ‘everything is going up day’ because everyone is buying,” said Chuck Carlson, senior vice president at Wealthspire Advisors, in New York. “It’s...

Oil Prices Drop 3% as Hacked U.S Pipeline Resumes Operations

Oil prices fell on Friday after dropping about 3% a day earlier as coronavirus cases remained high in major oil consumer India and as a key fuel pipeline in the United States resumed operations after being shut due to a cyber attack. Brent crude oil futures were down 35 cents, or 0.5%, at $66.70 a barrel by 0200 GMT, while West Texas Intermediate (WTI) was down 28 cents, or 0.4%, at $63.54 a barrel. “The commodity...

Market Report; 13 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 11,820,800 shares in 840 deals, corresponding to a market value of KES 447,393,512.00, were traded. Compared with the previous NSE trading day (Wednesday, May 12), today’s data shows 6% improvement in volume, 28% improvement in turnover, but 4% decline in deals The current market capitalization of the Nairobi Securities Exchange is KES 2.51 trillion. In the aggregate, 43 NSE listed...

Express Kenya and Five Other Listed Firms in Delay Publication of Financial Results.

Six Nairobi Securities Exchange (NSE)-listed firms have announced a delay in releasing their full-year results, citing the need for more time to complete audit processes. Express Kenya Plc being the latest listed firm to announce a delay in their results beyond the 30th April deadline, joins a growing list of firms such as Kenya Re-insurance, WPP Scan group, among others. Express Kenya issued a public notice citing that the COVID-19 Pandemic has severely affected the...

Asian Markets Down, Following Wall street Steep Decline

Major Asia-Pacific stock markets declined on Thursday, as Wall Street fell sharply with inflation data triggering fears of a rate hike. Mainland Chinese markets fell in the morning. The Shanghai Composite was down 0.74%, and the Shenzhen component dipped 0.59%. Hong Kong’s Hang Seng index fell nearly 1%. In Japan, the Nikkei 225 plummeted 1.8%, while the Topix fell 0.8%. Shares of Softbank Group dropped more than 6% after the company declined to extend its buyback program. Australia’s S&P/ASX 200 edged down 0.59%...

Tesla Suspends Bitcoin Car Purchases Over Environmental Concerns

Tesla CEO Elon Musk has announced that Tesla would be suspending the option to pay for vehicles using Bitcoin. In a tweet, Elon Musk said Tesla had suspended vehicle purchases using BTC out of concerns of rapid usage of fossil fuels in mining and transactions. “Tesla has suspended vehicle purchases using Bitcoin. We are concerned about rapidly increasing use of fossil fuels for Bitcoin mining and transactions, especially coal, which has the worst emissions of...

Oil Prices Down From 8-Week High as Rising COVID-19 Cases In India Weakens Rally

Oil prices fell on Thursday, pulling back from an eight-week high as concerns about the coronavirus crisis in India, the world’s third-biggest importer of crude, tempered a rally driven by IEA and OPEC predictions that demand is coming back strong. Brent crude was down 32 cents, or 0.5%, at $69.00 a barrel by 0145 GMT, after gaining more than 1% on Wednesday. West Texas Intermediate (WTI) was down 31 cents, or 0.5%, to $65.77 a barrel,...

Wall Street Extends Decline Amidst Inflation Fears as Dollar & Bond Yields Jump

Wall Street suffered the biggest slump in at least 11 weeks on Wednesday and benchmark Treasury yields jumped after data showed consumer prices in April unexpectedly rose by the highest level in nearly 12 years, prompting bets on earlier interest rate hikes. A 0.8% jump in the U.S. consumer price index – outpacing a 0.2% forecast – boosted the U.S. dollar as expectations of rising real interest rates burnished the currency’s appeal. The gyrations in...

Market Report; 12 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 11,113,200 shares in 872 deals, corresponding to a market value of KES 349,087,720.00, were traded. Compared with the previous NSE trading day (Tuesday, May 11), today’s data shows 50% decline in volume, 61% decline in turnover, and 15% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.54 trillion. In the aggregate, 49 NSE listed...

Asian Pacific Stocks Lower, Taiwan Markets Lead Losses.

Asia-Pacific shares were mostly down on Wednesday, as Taiwan’s markets tumbled after authorities said they may raise its COVID-19 alert level after an outbreak in recent days. The Taiwan Stock Exchange fell 4.11%. Its health minister said on Wednesday, that Taiwan may raise its COVID-19 alert level in the “coming days” after it experienced an unusual outbreak of six new cases with no clear infection source. The territory had kept the pandemic well under control before...

Sasini Records a HY Profit of Kes 191.86 Before Tax for the  Period ended 31st March 2021.

Sasini Plc a listed firm in the Nairobi Securities Exchange, has reported a notable rise in the six months period ended 31st March 2021. The group recorded a profit before tax of Kes 191.86 Million an improvement from the loss of Kes 10.14 million that was recorded during the same period last year. Sasini Plc attributed the good performance of the company to improved coffee prices, good weather conditions and cost containment measures within the...

Oil Edges Higher Amidst a Drop in U.S Crude Inventories.

Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57 a barrel at 0646 GMT, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 31 cents, or 0.45%, to $68.86 a barrel, adding to a 23 cent gain on Tuesday....

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