June 2021 - The Trading Room

Earnings UpdateKapchorua Tea Company Declares a Divided of Kes 10 Per Share For the FY 2020/1

1663 min

Kapchorua Tea Kenya has announced it will pay a first and final dividend of Kes 10 per share despite posting a 63% decline in profits for the period ended 31st March 2021. The Nairobi securities exchange-listed company posted a profit of Kes 7.07 million as compared to Kes 19.44 million that was recorded during a similar period in 2020. According to the tea company, the global COVID -19 pandemic coupled with weakening economies and an...

by Leah Wamugu

Market ReportMarket Report; 30 June, 2021

1025 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 12,676,300 shares in 1,017 deals, corresponding to a market value of KES 286,454,891.00, were traded. Compared with the previous NSE trading day (Tuesday, June 29), today’s data shows 23% decline in volume, 33% decline in turnover, and 12% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.63 trillion. In the aggregate, 48 NSE listed...

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed Pushed by China’s Manufacturing Data

1434 min

Major Asian markets were mixed by the close on Wednesday, with oil prices continuing to rise. Meanwhile, China released its data on manufacturing activity in the morning, a benchmark for Asian traders. Mainland Chinese stocks rose by the afternoon. The Shanghai Composite was up 0.50% to close at 3,591.20, while the Shenzhen component jumped 1.08% to 15,161.70. Hong Kong’s Hang Seng index was subdued, edging down 0.41% in the afternoon. China-based drugmaker Hutchmed made its debut in Hong Kong,...

by Trading Room Reporter

Corporate NewsTPS Eastern Africa to Offer 200 Million New Ordinary Shares in Rights Issue

1133 min

TPS Eastern Africa, the owner of Serena Hotels plans to issue 200 million new ordinary shares through a rights issue after its shareholders passed a special resolution during the company’s Annual General Meeting (AGM) on Monday 28th June. According to the minutes of the company’s 49th AGM, investors passed the resolution to increase the authorized share capital from the current KSh200 million to Kes 400 million through the creation of an additional 200 million ordinary shares with...

by Leah Wamugu

CommoditiesOil Prices Edge Higher Despite Falling U.S Stockpiles

615 min

Oil prices on Wednesday extended the previous day’s small gains after an industry report showed U.S. crude stockpiles fell last week, overriding trader and investor concerns about transportation curbs in some countries as COVID-19 cases surge. Brent crude was 42 cents, or 0.6% at $75.16 a barrel by 0122 GMT, after edging higher on Tuesday. U.S. crude was up 53 cents, or 0.7% at $73.51 a barrel, having risen 0.1% in the previous session. While the highly...

by Felix Ochieng

Global MarketsTech Stocks Extend Rally, Pushing Nasdaq, S&P 500 to New Highs

696 min

The S&P 500 and the Nasdaq both registered record closing highs on Tuesday, lifted by Apple Inc and other technology stocks after an upbeat consumer confidence report. The S&P 500, helped by a jump in Morgan Stanley shares on news of a dividend increase, hit a record high for the fourth straight session. The S&P and the Dow closed little changed after a session marked by lighter than average volume, as the market awaits more...

by Leah Wamugu

UncategorizedMarket Report; 29 June 2021

845 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,397,500 shares in 1,153 deals, corresponding to a market value of KES 428,421,114.00, were traded. Compared with the previous NSE trading day (Monday, June 28), today’s data shows 12% decline in volume, 32% decline in turnover, but 12% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.61 trillion. In the aggregate, 46 NSE listed...

by Leah Wamugu

Corporate NewsWorld Bank Approves $130 Million for Kenya COVID-19 Vaccines

733 min

The World Bank Board of Executive Directors has approved $130 million additional financing for the Kenya COVID-19 Health Emergency Response Project to facilitate affordable and equitable access to COVID-19 vaccines for Kenyans. This is the second additional financing for the Kenya COVID-19 Health Emergency Response Project. With the $10 million triggered under the Contingency Emergency Response Component of the Transforming Health Systems for Universal Care Project, the World Bank’s contributions to Kenya’s COVID-19 response total $246 million. The...

by Leah Wamugu

Asian Stock MarketsAsian Stocks Lower Despite Wall street Record High

623 min

Shares in Asia-Pacific fell on Tuesday despite gains overnight on Wall Street as the S&P 500 and Nasdaq Composite closed at record highs. Mainland Chinese stocks closed lower. The Shanghai composite edged 0.92% lower to 3,573.18, while the Shenzhen component dropped 0.993% to 14,999.80. Hong Kong’s Hang Seng index declined 0.94% to finish the trading day at 28,994.10. The Nikkei 225 fell 0.81% to close at 28,812.61 while the Topix index shed 0.82% to end the trading day at 1,949.48. South Korea’s Kospi also declined...

by Leah Wamugu

AfricaForeign Direct Investment in Africa Records a 7% Drop

1013 min

The United Nations Conference on Trade and Development (Unctad) report shows foreign direct investments (FDI) into Africa fell by $7 billion in 2020. The foreign direct investments dipped to $40 billion at the end of 2020, compared to $47 billion at the end of 2019. The decline was mainly attributed to the prevailing pandemic COVID-19, which resulted in a recession in most countries. According to the UNCTAD report, commodity-dependent economies like Eritrea, Burundi, and Tanzania...

by Leah Wamugu

CommoditiesOil Prices Drop as Surge in COVID-19 Threatens Demand Growth

1255 min

Oil prices dropped for a second day on Tuesday on worries about slower fuel demand growth as outbreaks of the highly contagious COVID-19 variant Delta sparked new mobility restrictions around the world. Brent crude futures fell 35 cents, or 0.5%, to $74.33 a barrel by 0706 GMT, after slumping 2% on Monday. U.S. West Texas Intermediate (WTI) crude futures fell 34 cents, or 0.5%, to $72.57 a barrel, extending a 1.5% loss on Monday. The flare-up in...

by Trading Room Reporter

TechnologyGoogle Launches $6 Million Program Funding to African Startups

1615 min

Google has rolled out three programs worth Kes. 642 million ($6 million) which are expected to support women and young entrepreneurs and innovators in at least 13 African countries. Under the first program, Google.org will grant Kes. 321 million ($3 million) to the Tony Elumelu Foundation to support women-owned startups in the continent to upscale their ideas. The tech giant says the fund will help in providing entrepreneurship training, mentorship and coaching to at least...

by Trading Room Reporter

Global MarketsBig Techs Extend Rally, Pushing S&P 500 and Nasdaq to Record Highs

737 min

Big tech companies including Facebook Inc, Netflix Inc, Twitter Inc and Nvidia Corp were among the biggest boosts to the S&P 500 and the Nasdaq.

by Leah Wamugu

Market ReportMarket Report; 28 June 2021

1255 min

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 18,713,100 shares in 1,025 deals, corresponding to a market value of KES 632,959,530.00, were traded. Compared with the previous NSE trading day (Friday, June 25), today’s data shows 6% improvement in volume, 4% improvement in turnover, and 10% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.61 trillion. In the aggregate, 45...

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed, Hong Kong Records Shorter Trading Day

804 min

Stocks in Asia-Pacific were mixed on Monday, as Hong Kong saw a shorter trading day following a morning pause due to severe weather conditions. The Hang Seng index slipped fractionally on Monday to 29,268.30. Trading in Hong Kong’s markets resumed Monday afternoon in the city after an earlier severe weather warning was lowered. Hong Kong Exchanges and Clearing announced earlier on Monday that the morning trading sessions of both the securities and derivatives markets, including Stock Connect...

by Leah Wamugu

Corporate NewsCMA Issues Licenses to 5 Coffee Brokers

1434 min

The Capital Markets Authority (CMA) has issued the first set of licenses to five coffee brokers in line with the Capital Markets (Coffee Exchange) Regulations, 2020, which will allow brokers to carry out the role of coffee brokerage services at the Nairobi Coffee Exchange (NCE) with effect from 1 July 2021. Meru County Coffee Marketing Agency Limited has been granted a full coffee broker licence whereas other applicants for the coffee broker licence, namely: Kipkelion...

by Leah Wamugu

Corporate NewsNation Media Group Begins Share Buyback Programme

1613 min

Nation Media Group (NMG) is set to begin Kenya’s first share buyback program at the Nairobi Securities Exchange(NSE) today. A share repurchase or buyback refers to when the management of a public company decides to buy back company shares that were previously sold to the public. The media house had earlier released a circular on May 29th 2021, where they announced plans of buying an average of Kes 20.7 million of issued shares. Shareholders approved...

by Leah Wamugu

CommoditiesOil Prices Near 2018 High Ahead of OPEC+ Meeting

674 min

Oil prices climbed to highs last seen in October 2018 on Monday as the United States and Iran wrangled over the revival of a nuclear deal, delaying a surge in Iranian oil exports, while investors eyed the outcome of the OPEC+ meeting this week. Brent crude for August had gained 22 cents, or 0.3%, to $76.40 a barrel by 0051 GMT. U.S. West Texas Intermediate crude for August was at $74.30 a barrel, up25 cents,...

by Trading Room Reporter

Weekly ReviewNSE Weekly Market Review – Week 25, 2021

1696 min

The Nairobi Business Ventures was the week’s top gainer on the Nairobi Securities Exhcange (NSE) adding 22.65% in investor wealth to close the week at Kes 8.34 per share.

by Trading Room Reporter

Weekly Markets ReviewGlobal Markets Weekly Review: Week 25, 2021

9415 min

Banxico, Mexico’s central bank, surprised global market observers by raising its key lending rate by a quarter percentage point to 4.25%.

by Leah Wamugu

Market ReportMarket Report; 25 June 2021

965 min

At the end of the last weekday of trading on the Nairobi Securities Exchange this week. A total of 17,658,400 shares in 929 deals, corresponding to a market value of KES 607,196,007.00, were traded. Compared with the previous NSE trading day (Thursday, June 24), today’s data shows 13% decline in volume, 3% improvement in turnover, but 15% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.61 trillion. In the...

by Leah Wamugu

Asian Stock MarketsAsian Markets Rise, Hong Kong Market Leads Gains

634 min

Asia-Pacific stocks jumped in Friday trade, with shares in Hong Kong and mainland China among the region’s biggest gainers. Hong Kong’s Hang Seng index jumped 1.43%, as of its final hour of trading. Shares of Chinese tech firms listed in the city surged: Tencent rose 2.83%, Alibaba jumped 2.19% while Meituan soared 5.21%. The broader Hang Seng Tech index gained 2.35%. Mainland Chinese stocks closed higher, with the Shanghai composite up 1.15% to 3,607.56 while the Shenzhen component gained 1.482% to 15,003.85. Elsewhere, South Korea’s Kospi advanced 0.51%...

by Leah Wamugu

Corporate NewsKengen Earns Kes 2.6 Billion From Commercial Innovation Initiatives

1184 min

Kenya Electricity Generating Company PLC (KenGen) has earned Kes .2.6 Billion in revenues from commercial innovation initiatives over the last nine years. During the company’s 9th Global innovation seminar, the group reported it has recorded Kes 1.3 million savings from improvement and continuous innovation of ideas. The Global Innovation Seminar is a forum held by the electricity generating company that focuses on business growth driven by idea generation, creativity, and continuous improvement. The forum brings...

by Leah Wamugu

CommoditiesOil Extends Gain as Investors Anticipate on July 1st OPEC+ Meeting

594 min

Oil prices climbed for a third straight session on Friday, on track for a fifth consecutive weekly gain, as demand growth is expected to outstrip supply on bets that OPEC+ producers will be cautious in returning more output to the market from August. Brent crude futures rose 6 cents, or 0.1%, to $75.62 a barrel at 0456 GMT, heading for a 2.9% jump for the week. U.S. West Texas Intermediate (WTI) crude futures were also up 6...

by Trading Room Reporter

African MarketsCMA Faces Parliamentary Probe as Cytonn Woes Opens Pandora’s Box

804 min

Aden Duale, now wants the CMA to disclose the total number of unregulated capital market products in the country including the number of invested persons and the role of the regulator in the proliferation of illegal investment funds.

by Trading Room Reporter

Global MarketsNasdaq, S&P 500 Close at Record High on Wall Street Backed by Tech Stocks Rally

1556 min

Benchmark Wall Street indexes, the Nasdaq and the S&P 500 indexes closed at record highs on Thursday, with the Dow also jumping almost 1% after U.S. President Joe Biden embraced a bipartisan Senate infrastructure deal.

by Leah Wamugu

Market ReportMarket Report; 24 June, 2021

1055 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 20,326,600 shares in 1,094 deals, corresponding to a market value of KES 588,155,756.00, were traded. Compared with the previous NSE trading day (Wednesday, June 23), today’s data shows 27% decline in volume, 33% improvement in turnover, and 23% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.61 trillion. In the aggregate, 48 NSE listed...

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed, Markets in China and Japan Close Flat

914 min

Shares in Asia-Pacific struggled for direction on Thursday, with major indexes in Japan and mainland China closing flat. After a troubled start to the week, equities across much of the region have enjoyed healthy gains the past two days as US central bank chiefs looked to temper fears that record-low interest rates and colossal bond-buying were in their final thresholds. Mainland Chinese stocks closed mixed as the Shanghai composite finished the trading day largely flat at around...

by Leah Wamugu

EconomyEU to Engage Kenya Directly on Trade Talks after EAC Fails to Endorse Deal

823 min

The European Union is set to engage Kenya directly in signing the Economic Partnership Agreement (EPA) following failure by other East African Community members to endorse the deal. Valdis Dombrovskis the union executive vice-president and commissioner for trade said the bloc will engage kenya after the EAC members allowed individual countries that are ready to enter into an agreement with the EU to proceed. “The EU will now engage with Kenya, which has already signed...

by Leah Wamugu

CommoditiesOil Edges Higher, U.S Crude Drawdown Fuels Demand Outlook

1865 min

Oil prices climbed on Thursday after a sharp drawdown in U.S. crude, and gasoline stocks reinforced optimism of a quick recovery in fuel demand and on doubts about the future of the 2015 Iran nuclear deal that could end U.S. sanctions on Iranian crude exports. Brent crude futures rose 9 cents, or 0.1%, to $75.28 a barrel by 0103 GMT, after increasing 0.5% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures gained 6 cents,...

by Trading Room Reporter

Global MarketsNasdaq Closes at All Time High Fueled by Tesla’s 4.3% Rally, Factory Data

755 min

The Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for U.S. factory activity in June. Data firm IHS Markit said its flash U.S. manufacturing Purchasing Managers’ Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices. The “high level of today’s...

by Leah Wamugu

Market ReportMarket Report; 23 June 2021

945 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 27,790,900 shares in 886 deals, corresponding to a market value of KES 441,321,327.00, were traded. Compared with the previous NSE trading day (Tuesday, June 22), today’s data shows 25% decline in volume, 69% decline in turnover, and 19% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 45 NSE listed...

by Leah Wamugu

Asian Stock MarketsAsian-Pacific Stocks Edge Higher, Hang Seng Index Rises to Almost 2%

1544 min

Shares in Asia-Pacific were largely higher on Wednesday, with stocks in Hong Kong leading gains regionally. By the Wednesday market close in Hong Kong, the Hang Seng index surged 1.79% to 28,817.07. Taiwan’s Taiex also saw robust gains, rising 1.53% on the day to 17,336.71. Mainland Chinese stocks closed higher, with the Shanghai composite rising 0.25% to 3,566.22 and the Shenzhen component gaining 1.004% to 14,843.83. Elsewhere, the Nikkei 225 in Japan closed slightly lower at 28,874.89 while the...

by Leah Wamugu

EconomyIncome Tax Collected Falls by 1.3% in First 11 Months of FY20/21

923 min

Data published on the Kenyan Gazzette shows Income Tax in Kenya for the first 11 months of the fiscal year 2020/2021 fell by 1.3% to Kes 1.313 trillion compared to Kes 1.329 trillion collected in the same period last year In May, the National Treasury announced the tax revenue dropped to Kes 123 billion from Kes153 billion that was collected in April, the first month on month decline this year despite the government’s effort to...

by Leah Wamugu

EconomyFinance Committee Rejects Tax on Bread and Motorcycles in Kes 3 Trillion Budget

1185 min

The National Assembly Finance and National Planning Committee have rejected the imposition of tax on bread and the variation of excise duty on imported motorcycles. This comes as a relief to most citizens due to the hard economic constraints facing the country. The proposal by National Treasury earlier sought to impose higher taxes on bread, motorcycles, betting, imported jewellery, and nicotine pouches to fund President Uhuru Kenyatta’s Kes 3 trillion budget. However, The planning committee...

by Leah Wamugu

CommoditiesU.S Oil Climbs Above $73, Despite Falling Stockpiles

1764 min

Oil prices rose on Wednesday after industry data showed U.S. crude inventories fell more than expected, reinforcing views of a tightening supply-demand balance with road and air travel picking up in Europe and North America. U.S. West Texas Intermediate (WTI) crude futures jumped 33 cents, or 0.5%, to $73.18 a barrel at 0217 GMT, after falling 60 cents on Tuesday. Brent crude futures jumped 42 cents, or 0.6%, to $75.23 a barrel, after giving up 9 cents...

by Felix Ochieng

Mobile MoneySafaricom Launches M-Pesa Super App with a whole New Features for Subscribers

2456 min

Over 1.3 million Safaricom customers have downloaded the M-PESA Super App while more than 100,000 businesses have downloaded the M-PESA for Business App.

by Trading Room Reporter

Global MarketsWall Street Rebounds, Fueled by Jerome Powell Statement on Rates

795 min

Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains. Led by the tech-heavy Nasdaq Composite, Wall Street closed Tuesday higher, bouncing back from a sell-off set off last week by a Fed policy update that suggested officials believed rates would rise more quickly to counter rising inflation. The Nasdaq closed at another record high, as top-shelf tech companies...

by Leah Wamugu

Market ReportMarket Report; 22 June 2021

1405 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 37,288,900 shares in 1,091 deals, corresponding to a market value of KES 1,411,287,952.00, were traded. Compared with the previous NSE trading day (Monday, June 21), today’s data shows 312% improvement in volume, 339% improvement in turnover, and 18% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.63 trillion. In the aggregate, 47 NSE listed...

by Investor Watch

Asian Stock MarketsAsian Stocks Rise, Japan’s Nikkei 225 Lead Gains

914 min

Shares in Asia-Pacific largely rose on Tuesday, with shares in Japan leading gains among the region’s major markets. In Japan, the Nikkei 225 jumped 3.12% to close at 28,884.13, largely recovering from a more than 3% tumble on Monday. The Topix index gained 3.16% to 1,959.53. Mainland Chinese stocks edged higher on the day as the Shanghai composite gained 0.8% to 3,557.41 while the Shenzhen component rose 0.376% to 14,696.29. Hong Kong’s Hang Seng index lagged the broader region’s gains, slipping about 0.3% as...

by Leah Wamugu

EconomyFiling Your KRA Returns – A step by Step Guide as Deadline Looms.

1436 min

KRA is here as the taxman, is mandated to assess, collect and account for all tax returns underwritten laws and specified by provisions of the written laws.

by Leah Wamugu

CommoditiesOil Prices Edge Higher, Brent Records all Time High of $75

836 min

Crude oil prices rose on Tuesday, with Brent hitting $75 a barrel for the first time since April 2019, as investors remained bullish about a quick recovery in global oil demand and as concerns eased over an early return of Iranian crude. Brent crude futures for August climbed 29 cents, or 0.4%, to $75.19 a barrel by 0658 GMT, paring earlier losses. It rose as high as $75.27 a barrel, the strongest since April 25,...

by Leah Wamugu

CryptocurrenciesMicroStrategy Purchases Additional Bitcoins Currently Holding Over 105,000 Bitcoins

1785 min

MicroStrategy has announced that it has purchased an additional approximately 13,005 bitcoins for approximately $489 million in cash at an average price of approximately $37,617 per bitcoin, inclusive of fees and expenses. However, shares of the Virginia-based enterprise software company closed down 9.7% Monday, mirroring a similarly sized slide in the price of bitcoin. The cryptocurrency was down more than 7% to around $32,600 per token as reports surfaced that China was scaling its crackdown on bitcoin...

by Trading Room Reporter

Global MarketsDow Jumps 1.76% on Wall Street as U.S Stocks Reverse Post Fed Losses

1645 min

Wall Street rallied on Monday, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic. The small-cap Russell 2000 and the Dow Jones Transports Average, considered a barometer of economic health, both jumped about 2%. The S&P 500 value index, which includes banks, energy and other economically sensitive sectors and has led gains in...

by Leah Wamugu

Market ReportMarket Report; 21 June 2021

1535 min

At the end of the first weekday of trading on the Nairobi Securities Exchange. A total of 9,048,200 shares in 927 deals, corresponding to a market value of KES 321,805,718.00, were traded. Compared with the previous NSE trading day (Friday, June 18), today’s data shows 50% decline in volume, 54% decline in turnover, and 40% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 43...

by Felix Ochieng

Asian Stock MarketsAsian Markets Drop Amidst Beijing’s Move to Retain Benchmark LPR

1174 min

Shares in Asia-Pacific dropped on Monday, as Japan’s markets plummeted. Meanwhile, China kept its benchmark lending rate unchanged. Japanese stocks led losses regionally, with the Nikkei 225 falling 4% in Monday trade. It later pared some of those losses but still closed 3.29% lower at 28,010.93. The Topix index shed 2.42% to finish its trading day at 1,899.45. Losses were seen in most sectors in Japan, with shares of automakers such as Nissan and Honda falling 4.07% and 3.93%, respectively. Shares...

by Leah Wamugu

CryptocurrenciesSouth Africa to Embrace Crypto currency Trade and Investment Laws

1114 min

South Africa is set to officially embrace cryptocurrency trade and investment laws, with its financial and capital markets regulators predicting an increase in crypto activity in the country. The move by the regulators is a result of the rapid rise in crypto-trade in South Africa and rising fraud cases where a ransom is demanded in cryptocurrency. According to a report from the working group, daily crypto asset trading values in South Africa were “exceeding $145...

by Leah Wamugu

CommoditiesOil Edges Higher as Tehran, Washington Talks Set to Continue

1004 min

Oil prices nudged up on Monday, underpinned by strong demand during the summer driving season and a pause in talks to revive the Iran nuclear deal that could indicate a delay in the resumption of supplies from the OPEC producer. Brent crude futures for August gained 30 cents, or 0.4%, to $73.81 a barrel by 0051 GMT. U.S. West Texas Intermediate (WTI) crude for July was at $71.96 a barrel, up 32 cents, or 0.5%....

by Trading Room Reporter

CommoditiesGold Prices Flat at $1,772 Per Ounce Backed by Declining Yields

664 min

The US dollar gathering strength mid last week pushed gold to extended its slide and lost nearly 5 percent in a two-day span to touch its lowest level in six weeks

by Trading Room Reporter

Weekly ReviewNSE Weekly Market Review – Week 24, 2021

1156 min

Backed by stability in various stock prices, the market capitalization of the Nairobi Securities Exchange (NSE) was flat this week to Kes 2.684 Trillion from the Kes 2.683 Trillion recorded in the previous week. The market saw a stable rise in major counters with a decline in level of share price decline on the losers side. The overall market activity declined, with the equity turnover posting a 50.96% to Kes.2.37 billion from the Kes.4.82 billion...

by Trading Room Reporter

Weekly Markets ReviewGlobal Markets Weekly Review: Week 24, 2021

7314 min

Global markets were on the low as a surprisingly hawkish outcome from the Federal Reserve’s June 15–16 policy meeting and late-week comments from a Fed official about potentially earlier-than-expected rate hikes dragging markets globally reverse some of their post-pandemic gains. United States The Dow includes many cyclical companies—those most reliant on global economic growth. On the other hand, the tech-heavy Nasdaq Composite index posted a much more modest loss. The broad market S&P 500 Index...

by Trading Room Reporter

Global MarketsWall Street Ends Week Sharply After Hawkish Fed Spooks Investors

816 min

Stocks on Wall Street ended sharply lower on Friday, with the Dow and S&P 500 posting their worst weekly performances in months, after comments from Federal Reserve official James Bullard that the U.S. central bank might raise interest rates sooner than previously expected spooked investors. The blue-chip Dow and the benchmark S&P 500 started the week at record closing levels, but ultimately fell by their most in any week since late October and late February,...

by Leah Wamugu

Market ReportMarket Report; 18 June, 2021

805 min

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 18,195,400 shares in 1,543 deals, corresponding to a market value of KES 694,523,323.00, were traded. Compared with the previous NSE trading day (Thursday, June 17), today’s data shows 69% improvement in volume, 34% improvement in turnover, and 82% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 42...

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed, Investors Watch out on Commodities Markets

686 min

Shares in Asia-Pacific were mixed on Friday as investors monitored moves in the commodities space after prices fell sharply on Thursday. In Japan, the Nikkei 225 closed 0.19% lower at 28,964.08, while the Topix index slipped 0.87% to end the trading day at 1,946.56. South Korea’s Kospi rose about 0.1% on the day to 3,267.93. Mainland Chinese stocks closed mixed, with the Shanghai composite marginally lower at 3,525.10 while the Shenzhen component advanced 0.769% to 14,583.67. Hong Kong’s Hang...

by Leah Wamugu

Corporate NewsKenya Airways Increases Weekly Flights to the U.S

1133 min

Kenya Airways has increased frequencies to the US to three a week as demand for summer bookings pick up, coming as a relief to the carrier struggling with low numbers due to Covid-19 restrictions. Since March last year, when Kenya recorded its first coronavirus case, the national courier has been struggling with low numbers due to the restrictions that governments had put in place to curb the spread of the ongoing pandemic. The low numbers...

by Leah Wamugu

Business NewsNational Treasury Eurobond Issue Oversubscribed by $5.4 billion

894 min

The National Treasury has successfully raised $1 billion by issuing a 12-year Eurobond in the international financial markets in a 3 day virtual Eurobond Roadshow. This is the first new Eurobond issue by the Republic in two years. The bond was over-subscribed, with over $5.4 billion offered by investors to the new issue. Making the announcement, Cabinet Secretary for the National Treasury & Planning, Hon. (Amb.) Ukur Yatani noted that the oversubscription was a sign...

by Leah Wamugu

CommoditiesOil Prices Edge Lower Amidst a Rising U.S Dollar But Holds Above $70

665 min

Oil prices fell for a second consecutive day on Friday as the U.S. dollar soared on the prospect of interest rate hikes in the United States but were nevertheless on track to finish the week flat – only slightly off multi-year highs. Brent crude futures were down 52 cents, or 0.7%, at $72.56 a barrel as of 0227 GMT, extending a 1.8% decline on Thursday. U.S. West Texas Intermediate (WTI) crude futures were down 48...

by Trading Room Reporter

Global MarketsWall Street Mixed as Nasdaq Gains on Tech Rebound, S&P 500 Slides

836 min

Technology shares on wall street jumped on Thursday on optimism around a speedy economic recovery, although the Federal Reserve’s unexpectedly hawkish message on monetary policy kept the S&P 500 subdued. Five of the 11 S&P indexes were down in late morning trade, while information technology rose the most among gainers. Chipmaker Nvidia Corp jumped 5.5%, leading the charge among technology behemoths after Jefferies raised its price target on the stock. Technology shares, which generally perform...

by Leah Wamugu

Market ReportMarket Report; 17 June 2021

1585 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 10,781,600 shares in 850 deals, corresponding to a market value of KES 517,529,518.00, were traded. Compared with the previous trading day (Wednesday, June 16), today’s data shows 26% decline in volume but 4% improvement in turnover. The current market capitalization of the Nairobi Securities Exchange is KES 2.63 trillion. In the aggregate, 47 NSE listed equities participated in trading, ending...

by Leah Wamugu

East AfricaTotal Assigns $1.9 Billion Uganda Oil Project Deal to Chinese and British Firms

1854 min

Total SE has awarded the $1.9 billion deal to construct its Lake Albert oil production Tilenga project in Uganda to a consortium led by British and Chinese firms. Total, the lead investor in Uganda’s oil projects, said it signed contracts for the main surface facilities Engineering, Procurement, Supply, Construction and Commissioning (EPSCC) contracts and five drilling packages for the Tilenga project located in Nwoya and Buliisa Districts. The companies that won the deal include Sinopec...

by Leah Wamugu

Asian Stock MarketsAsian Pacific Stocks Mixed, U.S Fed Predicts Rate Hikes in 2023

1284 min

Shares in Asia-Pacific were mixed on Thursday, as investors watched for the market reaction after the U.S. Federal Reserve on Wednesday moved up its timeline for rate hikes. In Japan, the Nikkei 225 fell 0.93% to close at 29,018.33 while the Topix index dipped 0.62% to finish the trading day at 1,963.57. South Korea’s Kospi closed 0.42% lower at 3,264.96. Mainland Chinese stocks, on the other hand, closed higher. The Shanghai Composite gained 0.21% to 3,525.60 while the Shenzhen component advanced 1.234% to 14,472.37....

by Trading Room Reporter

InvestmentsCytonn Back to Limelight as Investors Cry Foul Over High Yield Fund

3576 min

The Capital Markets Authority wrote to Cytonn Asset Managers that should the company's Unit Trust fail to secure a new trustee on or before December 31, 2019, CMA will suspend onboarding new clients/unit holders

by Leah Wamugu

CryptocurrenciesWorld Bank Dismisses El Salvador’s Bitcoin Ratification Request

844 min

The World Bank on Wednesday said it could not assist El Salvador’s bitcoin implementation given environmental and transparency drawbacks. “We are committed to helping El Salvador in numerous ways including for currency transparency and regulatory processes. While the government did approach us for assistance on bitcoin, this is not something the World Bank can support given the environmental and transparency shortcomings.” a World Bank spokesperson via email. Earlier this month, the Central American country announced...

by Leah Wamugu

CommoditiesOil Prices Drop Pressured by a Stronger U.S dollar

675 min

Crude oil prices fell on Thursday, pressured by a stronger U.S. dollar, but losses were limited by a big drop in crude oil inventories in the United States, the world’s top oil consumer. Brent crude futures dropped by 74 cents, or 1%, to $73.65 a barrel by 0103 GMT after reaching its highest since April 2019 in the previous session. U.S. crude oil futures fell by 69 cents, or 1%, to $71.46 a barrel, after reaching its...

by Trading Room Reporter

Global MarketsWall Street Declines on Fed Projections to Hike Rates in 2023

735 min

The three main Wall Street indexes all closed down on Wednesday, as U.S. Federal Reserve officials unnerved investors with indications that the central bank could begin rising interest rates in 2023, a year earlier than expected. New projections saw a majority of 11 of 18 U.S. central bank officials pencil in at least two quarter-percentage-point rate increases for 2023. Officials also pledged to keep policy supportive for now to encourage an ongoing jobs recovery. The...

by Investor Watch

Market ReportMarket Report; 16 June 2021

825 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 14,611,100 shares in 857 deals, corresponding to a market value of KES 498,048,099.00, were traded. Compared with the previous NSE trading day (Tuesday, June 15), today’s data shows 20% improvement in volume, 42% improvement in turnover, but 8% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.65 trillion. In the aggregate, 47 NSE listed...

by Trading Room Reporter

Corporate NewsKarimi Ithau Appointed as Kenswitch Managing Director

704 min

The Board of Kenswitch Kenya Limited has appointed Ms. Karimi Ithau as Managing Director as the company rolls out its new market direction. Ms. Karimi Ithau is a seasoned professional with a wealth of experience spanning over 20 years in sales of innovative products and services in the information technology markets related to payments for financial and non-financial institutions across Africa. She also has a proven track record as an executive team manager. “We are...

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed, Shenzhen Component Plunges 2.572%

655 min

Shares in Asia-Pacific were mixed on Wednesday trade as investors looked ahead to the U.S. Federal Reserve’s interest rate decision. Mainland Chinese stocks led losses among the region’s major markets, with the Shenzhen component plunging 2.572% to close at 14,295.93. The Shanghai composite also shed 1.07% to finish the trading day at 3,518.33. Hong Kong’s Hang Seng index fell 0.68%, as of its final hour of trading. China’s industrial output rose 8.8% in May as compared with the same period a...

by Leah Wamugu

Corporate NewsKenGen Joins UN-Backed Campaign Against Global Warming

884 min

Kenya Electricity Generating Company PLC (KenGen) has joined the UN-backed universal campaign to combat global warming, becoming the first public service agency in Kenya. The campaign dubbed ‘Business Ambition for 1.50C’ is backed by a global coalition of the United Nations leaders, business organisations and NonGovernmental Organizations (NGOs). KenGen is now expected to establish emission reduction targets through investments in green and clean energy that will go a long way in limiting the earth’s warming...

by Leah Wamugu

Earnings UpdateEmirates Airline post $5.5 Billion Annual Loss

654 min

Dubai-based Emirates airline on Tuesday posted a $5.5 billion annual loss, its first in more than three decades after the coronavirus pandemic devastated the aviation industry. The carrier, which had made a $288m profit in the previous financial year, said annual revenue fell 66 % to $8.4bn to the end of March as capacity declined by 58 %. The group was hit hard by travel restrictions, including the United Arab Emirates’ suspension of passenger services...

by Trading Room Reporter

CommoditiesBrent Rises for Firth Straight Day as Oil Demand Outlook Improves

584 min

Oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors. Brent crude was up 69 cents, or 0.9%, at $74.68 a barrel by 0200 GMT, having risen 1.6% on Tuesday while U.S. crude [WTI] gained 66 cents, or 0.9%, to $72.78 a barrel, after rising 1.7% in the previous session. API Oil Metrics Data Brent advanced 0.9%, while West Texas Intermediate climbed...

by Trading Room Reporter

EconomyKenya Picks Citi, JP Morgan As Lead Underwriters for its Dollar Sovereign Bond

833 min

Kenya has appointed Citi and JP Morgan as joint book-runners for a dollar-denominated sovereign bond issue, and I&M Bank and NCBA Group as co-managers. Meetings with investors have already started over the bond, which will have a 12 to 15-year tenor. What the Dollar Sovereign bond means for Kenya The Ministry first announced plans for the $1 billion Eurobond in March 2021 and a separate 1-billion-euro bond. According to the National Treasury and Planning 2021...

by Trading Room Reporter

Global MarketsWall Street Retreats as Investors Await Fed Statement.

776 min

Wall Street took a step back on Tuesday, with all three major indices dropping after two posted record highs on Monday. U.S. Treasuries held steady, as did the U.S. dollar, with little activity ahead of the Fed policy statement.

by Leah Wamugu

AfricaEthiopia Set to Sell 40% Stake in Ethio-Telecom

1093 min

The Ethiopian government is inviting international investors to express interest in its telecommunications company, Ethio-Telecom. According to a statement issued by the ministry of finance, Ethiopia is now ready to release an Expression of Interest for the sale of 40% of shares in the state-owned telecommunications company. Deloitte has been appointed as the lead transaction advisor and is in the last stages of the preparatory work which includes a business plan, business valuation, and financial, legal, and...

by Leah Wamugu

Market ReportMarket Report; 15 June, 2021

1485 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 12,153,000 shares in 935 deals, corresponding to a market value of KES 351,292,984.00, were traded. Compared with the previous NSE trading day (Monday, June 14), today’s data shows 9% improvement in volume, 16% improvement in turnover, but 9% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.63 trillion. In the aggregate, 47 NSE listed...

by Investor Watch

EntrepreneursAbojani to Offer Free Masterclass on Investing in the US Markets this Saturday

1264 min

Abojani Investment, a Nairobi based, diversified digital-first personal finance company, will host the Kenyan-born US Based financial educator Peter Njoroge on the Saturday, the 19th of June from 3pm East African Time in an online webinar on investing in offshore shares such as Amazon, Apple and Zoom. In the webinar, Kenyans interested in diversifying their investment portfolios in the US market will get an opportunity to learn how to get started in a layperson’s language....

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed, Australia and Japan Lead Gains.

623 min

Shares in Asia-Pacific were mixed in Tuesday afternoon trade, with Australian and Japanese stocks leading gains regionally. The Nikkei 225 in Japan gained 0.96% to finish the trading day at 29,441.30 while the Topix index advanced 0.8% to close at 1,975.48. The S&P/ASX 200 jumped 0.92% to close at 7,379.50. Members of the Reserve Bank of Australia’s board agreed it would be “premature” to consider ceasing the bond purchase program, minutes from the central bank’s monetary policy meeting for...

by Leah Wamugu

EconomySuper Petrol Prices up by 77 Cents, Diesel and Kerosene Constant in June Review

854 min

The maximum pump prices for a litre of Super Petrol has increased by Kes 0.77 per litre while that of a litre of Diesel and Kerosene remains unchanged. According to the latest fuel prices released by the Energy and Petroleum Regulatory Authority(EPRA), the pain at the pump has been kept minimal despite a steady increase in the price of imported Murban crude, which lifted in May 2021 was posted at $ 67.71 per barrel, increasing...

by Leah Wamugu

CommoditiesOil Edges Higher Amidst Fading Optimism on Resumption of Iran Supply

784 min

Oil prices rose on Tuesday, with Brent gaining for a fourth consecutive session. The prospect of extra supply coming to the market soon from Iran faded with talks dragging on over the United States rejoining a nuclear agreement with Tehran. Brent crude was up by 17 cents, or 0.2%, at $73.03 a barrel by 0347 GMT, having risen 0.2% on Monday. U.S. oil gained 15 cents, or 0.2%, to $71.03 a barrel, having slipped 3 cents...

by Trading Room Reporter

Global MarketsWall Street Eases Ahead of Fed’s Two-Day Meeting

737 min

The S&P 500 and the Dow eased on Monday on Wall Street, a day after the S&P 500 hit a record closing high, as investors awaited cues from the Federal Reserve’s meeting this week on the central bank’s outlook on inflation and the future of bond purchases. The technology-heavy Nasdaq rose for the sixth time in the past seven wall street sessions, lifted by gains in shares of Tesla Inc, Apple Inc and Amazon.com Inc....

by Leah Wamugu

Market ReportMarket Report; 14 June 2021

915 min

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 11,188,400 shares in 1,029 deals, corresponding to a market value of KES 303,301,880.00, were traded. Compared with the previous NSE trading day (Friday, June 11), today’s data shows 63% decline in volume, 74% decline in turnover, but 2% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.63 trillion. In the aggregate, 47...

by Trading Room Reporter

CommoditiesAsian Markets Mixed as China & Australia Markets Closed for Holiday

1263 min

Shares in Asia-Pacific were mixed in Monday trade, with multiple major markets in the region closed for holidays. The Nikkei 225 in Japan rose 0.74% to close at 29,161.80 while the Topix index gained 0.29% to finish its trading day at 1,959.75. Official data released Monday showed Japan’s seasonally adjusted index for production rising 2.9% in April from the previous month. South Korea’s Kospi closed fractionally higher at 3,252.13. Over in Southeast Asia, Singapore’s Straits Times index...

by Leah Wamugu

CryptocurrenciesTesla to Resume Bitcoin Payment for Cars, Tanzania to Prepare for Cryptocurrency

1015 min

Bitcoin’s price surged after Tesla CEO Elon Musk said the electric vehicle maker could accept bitcoin transactions again in future. As of 11:09 p.m. ET Sunday, Bitcoin surged 10.2% to $38,903.23, according to data from Coindesk. Since the start of the year, BTC has surged more than 30%, though its current price is way off the all-time high of $64,829.14 hit in April. As of 9.00 A.M East African Time Monday, the digital currency was trading at $39,372.03...

by Leah Wamugu

Corporate NewsKengen Nears Completion of Olkaria 1AU 6 Power Plant

874 min

Kenya Electricity Generating Company PLC (KenGen), the leading energy producer, has started installing a Steam Turbine into the Olkaria 1 AU 6 Power Plant, signalling a breakthrough in the ongoing construction of the power plant. The Steam Turbine is the heart of the power plant as It is the component that is usually rotated to drive the generator that produces electricity. According to Rebecca Miano, KenGen Managing Director and CEO, the turbine’s lower casing installation...

by Leah Wamugu

CommoditiesOil Rises Above $71 Amidst Improved Demand Outlook

804 min

Oil prices held near multi-year highs on Monday, underpinned by an improved outlook for demand as increased COVID-19 vaccinations help lift travel curbs. Brent crude was up 14 cents, or 0.2 per cent, at $72.83 by 01:23 GMT. It rose 1.1 per cent last week and hit the highest since 2019. US West Texas Intermediate was also up 14 cents, or 0.2 per cent, at $71.05 a barrel, after reaching the highest since 2018. Americans...

by Trading Room Reporter

Weekly ReviewNSE Weekly Market Review – Week 23, 2021

987 min

Market activity on the Nairobi Securities Exchange (NSE) rose during the week, boosted by the sale of shares on the banking sector and also sustained activity on the Safaricom Plc. Foreign investors maintained a dominant trading stand on the exchange. Accounting for 53.46% of the total market activity on the exchange. Local investors on the NSE were mainly in the banking sector, while foreigners spread out on Safaricom Plc and Total Kenya Plc. The benchmark...

by Trading Room Reporter

Weekly Markets ReviewGlobal Markets Weekly Review: Week 23, 2021

9114 min

Global markets were mixed during the week as investors reacted to various economic data from both the U.S Consumer price index and also various economic data from china and from the middle east. Investors were keen to watching also the developments from two Iranian Warships that had for the first time crossed into the Atlantic, and the continuing discussion of bringing back Iranian oil to the market after a previous OPEC+ ban. United States A...

by Leah Wamugu

EconomyKenya Receives $750 Million Loan From World Bank

605 min

Kenya has received a $750 million loan from the World Bank to support its budget and help the East African economy recover from the effects of the COVID-19 pandemic. The World Bank approved this development policy financing to support policy reforms that will strengthen transparency and accountability in public procurement and promote efficient public investment spending. The $750 million disbursements are part of the World Bank’s Development Policy Operations (DPO), which lends cash for budget...

by Trading Room Reporter

Global MarketsWall Street Ends Friday Higher as Investors wait for Fed Meeting

756 min

Stocks on wall street closed modestly higher at the end of a torpid week marked with few market-moving catalysts and persistent concerns over whether current inflation spikes could linger and cause the U.S. Federal Reserve to tighten its dovish policy sooner than expected. The Nasdaq gained the most among the three major indexes, while the bellwether S&P 500 squeaked its way to a second straight record closing high. For the week, the S&P and the...

by Leah Wamugu

Market ReportMarket Report; 11 June, 2021

1615 min

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 30,537,700 shares in 1,004 deals, corresponding to a market value of KES 1,168,022,928.00, were traded. Compared with the previous NSE trading day (Thursday, June 10), today’s data shows 55% decline in volume, 43% decline in turnover, but 4% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 48...

by Trading Room Reporter

Corporate NewsTranscentury Shareholders Approve Rights Issue at AGM

1243 min

Shareholders of listed infrastructure firm Transcentury Plc have approved a rights issue, primarily aimed at the company raising capital for the operations of the company. The news of the rights issue which hit markets before close of trading saw the share price of the company shoot up by 9.09% to 1.44 per share at the close of Friday’s trading session on the Nairobi Securities Exchange. Transcentury which had in July 2020 issued a public notice...

by Trading Room Reporter

Corporate NewsWilliamson Tea Issues Profit Warning

993 min

Williamson Tea, one of the oldest tea companies in Kenya, has issued a profit warning for the financial year that ended on 31st March 2021. In a public statement, the company said ” [Williamson Tea] currently forecast that the result of financial year ending on 31st March 2021 could be at least 25% lower than those of the financial year ended 31st March 2020″. The company blames the depressed property market, which has negatively affected...

by Leah Wamugu

Asian Stock MarketsAsian Markets Mixed, BSE Sensex in India Touches Record High.

895 min

Shares in Asia-Pacific were mixed in Friday trade, with the BSE Sensex in India touching a record high. In Friday Asia trade, the Sensex rose to 52,641.53 — above its previous record high of 52,516.76 sets in February, according to data from Refinitiv Eikon. The index later pared some of those gains and last stood 0.33% higher, as of 1:05 p.m. local time. The Nifty 50 in India also gained 0.3%. Stocks in Japan were little...

by Leah Wamugu

AfricaSouth Africa Airways sells 51% Stake to Private Equity Firm

1374 min

South Africa has agreed to sell a majority stake in the country’s grounded national carrier South Africa airways, to a local jet-leasing company and private equity firm, ridding the government of an entity that has long been a drain on state finances. “The agreement is comprised of Johannesburg-based Global Airways, which owns recently launched domestic airline Lift, and private-equity firm Harith General Partners will take a 51% shareholding in South Africa Airways. The government will...

by Trading Room Reporter

EconomyKenya’s Economy Set to Rebound 6.6% in 2021.

885 min

The Kenyan economy is expected to rebound to 6.6 percent in 2021 reinforced by the prevailing stable macroeconomic environment and the ongoing implementation of the strategic priorities of the Government under the “Big Four” Agenda and Economic Recovery Strategy. Speaking in Parliament during the 2021/2022 budget reading, Kenya’s Treasury Cabinet Secretary Ukur Yatani said,total expenditures in the FY 2021/22 budget are projected at Kes 3.03 trillion equivalent to 24.5 percent of GDP from Kes 2.89 trillion...

by Leah Wamugu

CommoditiesOil Slips, but Poised for Third Weekly Gain on Demand Recovery

935 min

Oil prices slipped on Friday but were set for their third weekly rise on expectations for a recovery in fuel demand in Europe, China and the United States as rising vaccination rates lead to an easing of pandemic curbs. Brent crude oil futures fell 23 cents, or 0.3%, to $72.29 a barrel at 0145 GMT, reversing most of Thursday’s climb to its highest close since May 2019. U.S. West Texas Intermediate (WTI) crude oil futures slipped 22...

by Felix Ochieng

EconomyGainers & Losers in Ukur Yatani’s Kes 3.6 Trillion Budget

1718 min

The National Treasury Cabinet Secretary Ukur Yatani while presenting FY2021/2022 budget before Parliament acknowledged prevailing revenue collection challenges owing to the effects of COVID-19. In the coming financial year which begins on 1st July 2021,CS Yatani said the Kenya Revenue Authority (KRA) is expected to collect ordinary revenues amounting to Kes. 1.78 trillion in order to fund the Kes. 3.03 trillion budget. National Treasury expects to generate additional Kes. 8.7 billion through custom measures agreed...

by Leah Wamugu

CryptocurrenciesEl Salvador Formally Adopts Bitcoin as Legal Tender

965 min

El Salvador has become the first country to formally adopt Bitcoin as legal tender after President Nayib Bukele said congress approved his landmark proposal. In an early Wednesday vote, a supermajority of the nation’s legislature voted in favour of President Nayib Bukele’s proposal for the Latin American nation to adopt bitcoin. Sixty-two members of the legislature voted in favour of the bill, with 19 opposed and three abstentions. The president had previously said that Bitcoin...

by Trading Room Reporter

Global MarketsWall Street Rallies, S&P 500 Shakes-Off Inflation Concerns to Hit Record High

716 min

Wall Street’s benchmark, the S&P 500 hit a record intraday high on wall street on Thursday as investors juggled signs of a swift economic recovery with concerns over the Federal Reserve tapering its massive monetary stimulus. The Labor Department said its consumer price index increased by a more-than-expected 0.6% last month. In the 12 months through May, CPI accelerated at its biggest year-on-year increase since August 2008. The jump partly reflected the dropping of last...

by Leah Wamugu

Market ReportMarket Report; 10 June, 2021

745 min

At the end of today’s trading session on the Nairobi Securities Exchange A total of 67,614,800 shares in 962 deals, corresponding to a market value of KES 2,066,465,326.00, were traded. Compared with the previous NSE trading day (Wednesday, June 9), today’s data shows 264% improvement in volume, 174% improvement in turnover, but 6% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.62 trillion. In the aggregate, 47 NSE listed...

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