Home Afrika Group reported a 62% decrease in Loss After Tax of Kes 340.3 Million for the period ended 31st December in 2020, down from a Net Loss of Kes Kes 888.8 Million in 2019. The Group reported a 1,3445 increase in its gross profit for the year ending 31st December 2020 compared to the same period in 2019, from Kes 3.6 Million to Kes 52.4 Million. Home Afrika financials Home Afrika Group operating loss reduced...
Stocks on wall street fell on Friday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains. Amazon.com Inc shares sank 7.6% on wall street – their biggest daily percentage drop since May 2020 – after the company reported late on Thursday revenue for the second quarter that was shy of analysts’ average estimate and said...
At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 15,436,300 shares in 1,094 deals, corresponding to a market value of KES 578,074,318.00, were traded. Compared with the previous NSE trading day (Thursday, July 29), today’s data shows 6% improvement in volume, 48% improvement in turnover, and 6% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 52...
East African Breweries Limited (EABL) has posted a profit after tax of Kes 6.96 billion for the period ended 30th June 2021, a 1% drop compared to the Kes 7.02 Billion recorded last year. The group highlighted the tough operating environment caused by the prevailing COVID-19 pandemic in East Africa that has seen countries put in place measures to fight the pandemic, resulting in a decline in disposable income. The rising inflation rate coupled with...
Oil prices fell on Friday but were on track to post solid gains for the week with demand growing faster than supply, while vaccinations dampen the impact of a resurgence in coronavirus cases worldwide. Brent crude futures fell 40 cents, or 0.5%, to $75.65 a barrel by 0151 GMT, following a 1.75% jump on Thursday. U.S. West Texas Intermediate (WTI) crude futures fell 38 cents, or 0.5%, to $73.24 a barrel, whittling down a 1.7% rise from Thursday....
The Uganda Securities Exchange (USE) has suspended trading in Uchumi Supermarket shares, citing failure to observe listing obligations. In a notice by the bourse, USE said trading in the Kenyan-based cross-listed company would remain suspended until it fulfils the requirements of a listed public company. However, USE did not give details of specific obligations. Still, it highlighted continued failure to comply with the listing responsibilities such as publishing financial results, paying fees and penalties prescribed...
At the end of today’s trading session on the Nairobi Securities Exchange A total of 14,508,200 shares in 1,036 deals, corresponding to a market value of KES 390,886,629.00, were traded. Compared with the previous NSE trading day (Wednesday, July 28), today’s data shows 58% improvement in volume, 82% improvement in turnover, and 2% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 50 NSE equities...
Asia-Pacific markets rose after the U.S. Federal Reserve left its benchmark interest rate near zero meanwhile, shares in Hong Kong continued to see a rebound on Thursday from a two-day slump earlier in the week. Hong Kong’s Hang Seng index jumped 3.3% to close at 26,315.32. The index had dived more than 8% over two days early this week. Chinese tech stocks in Hong Kong, which were hit hard by the market rout earlier in the...
Coffee farm Eaagads Limited has reported a profit before tax of Kes 4.7 million during the financial period ended 31st March 2021 compared to the loss before tax of Kes 77 million recorded during the previous financial year. The company attributed the performance to increased production as they reported they produced 233 tonnes of coffee compared with 114 tonnes produced last year. The increase in production is a result of the favourable weather experienced in...
Oil prices slipped but remained near $75 per barrel on Thursday as crude stockpiles in the United States, the world’s top oil consumer, fell last week to their lowest since January 2020 and imports and production dropped. Brent crude futures fell 5 cents, or 0.1%, to $74.69 a barrel by 0108 GMT U.S. West Texas Intermediate (WTI) crude oil futures slipped by 4 cents, or 0.1%, to $72.35 a barrel. Crude inventories fell by 4.1 million barrels in...
US stocks and the dollar slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track. The Fed said after its latest policy meeting ended on Wednesday that the economy has been strengthening despite a rise in coronavirus infections, and that accelerating inflation remained the result of ”transitory factors.” At a news...
At the end of today’s trading session on the Nairobi Securities Exchange A total of 9,199,000 shares in 1,014 deals, corresponding to a market value of KES 215,071,035.00, were traded. Compared with the previous NSE trading day (Tuesday, July 27), today’s data shows 25% decline in volume, 50% decline in turnover, and 17% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.69 trillion. In the aggregate, 49 NSE equities...
ILAM Fahari I-Reit, a real estate investment trust, has posted a net profit of Kes 42.2 million in the half-year period that ended on 30th June 2021, a 51% decline from the Kes 86 million reported in the same period last year. The company attributed the decline to the steep drop to a loss of revenue from the anchor tenant at Greenspan Mall after the exit of the troubled Tuskys Supermarket. ILAM’s rental and related...
Shares in Asia-Pacific were mostly lower on Wednesday, with stocks in Hong Kong seeing a partial bounce back from a two-day rout. The Hang Seng index in Hong Kong closed 1.54% higher at 25,473.88. That followed a more than 8% decline two days earlier this week triggered by regulatory fears over sectors such as technology and private education. Analysts at Bespoke Investment Group pointed out that there had only been one other period in 2011 when the Hang Seng...
Sameer Africa Plc has shed 107 jobs and put up an undisclosed property for sale to ease its biting cashflow constraints and return to profitability. The regional tyre distributor revealed through its 2020 annual report that it declared 107 positions redundant comprising management staff (75) and unionisable employees (32), translating to over Ksh245 million ($2.28 million) in staff cost savings during the year (2020). According to the report, the firm also intends to focus on...
Unga Group PLC is set to exit the baking business for the second time with the sale of Ennsvalley Bakery to a logistics company as a move to cut costs and improve efficiency, just a decade after it acquired it. The Nairobi Exchange-listed company had in the 1990s sold its stake at Elliots Bakery and acquired Ennsvalley, the makers of premium bread, in 2014 as it sought to diversify its income and cut overreliance on...
Oil prices climbed on Wednesday after industry data showed U.S. crude and product inventories fell more sharply than expected last week, reinforcing expectations that demand will outstrip supply growth even amid a surge in Covid-19 cases. U.S. West Texas Intermediate (WTI) crude futures rose 43 cents, or 0.6%, to $72.08 a barrel at 0119 GMT, reversing Tuesday’s 0.4% decline. Brent crude futures rose 38 cents, or 0.5%, to $74.86 a barrel, after shedding 2 cents on Tuesday in...
U.S. stocks on wall street fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday’s Federal Reserve announcement. The Nasdaq led the day’s declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session. Shares of Apple Inc, Microsoft Corp...
Centum Investment, the giant investment company, has reported a Kes1.37 billion full-year net loss for the period that ended on 31st March 2021, compared to a net profit of Kes 4.6 billion in March 2020. The investment company attributed the loss to the adverse effects of COVID-19. Centum posted a Kes 875 million profit from its real estate business, Kes 330 million profit from its financial services business, a Kes 529 million loss from its...
At the end of today’s trading session on the Nairobi Securities Exchange A total of 12,202,100 shares in 1,215 deals, corresponding to a market value of KES 427,327,149.00, were traded. Compared with the previous NSE trading day (Monday, July 26), today’s data shows 211% improvement in volume, 436% improvement in turnover, and 13% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.69 trillion. In the aggregate, 46 NSE equities...
Hong Kong continued selling off on Tuesday, extending losses from Monday. The broader Asia-Pacific markets, meanwhile, were mixed. The broader Hang Seng index in Hong Kong briefly fell more than 5% in Tuesday afternoon trade before paring some of those gains, eventually closing 4.22% lower at 25,086.43. The index has fallen more than 8% in just two days as regulatory fears surrounding China’s technology and private education sector weighed on investor sentiment. On Monday, it fell more than...
Kenya’s Capital Markets Authority (CMA) has signed an agreement with the Financial Services Commission (FSC) Mauritius to strengthen compliance in the Kenyan and Mauritian capital markets. The agreement is set to boost the efficiency, integrity, and financial soundness of the capital markets by improving supervision of cross-border transactions, enhancing regulation and reducing fraudulent practices in Kenya and Mauritius. Through the partnership, the two market regulators aim to increase their knowledge and understanding of the laws...
Oil prices were steady on Tuesday with investors betting tight supply and rising vaccination rates will help offset any impact on demand due to surging COVID-19 cases worldwide. Brent crude futures climbed 13 cents, or 0.2%, to $74.63 a barrel at 0128 GMT, extending a 0.5% gain on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 4 cents to $71.95 a barrel, after losing 16 cents on Monday. Benchmark prices rose even after the United States...
At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 3,929,300 shares in 1,079 deals, corresponding to a market value of KES 79,770,230.00, were traded. Compared with the previous NSE trading day (Friday, July 23), today’s data shows 59% decline in volume, 77% decline in turnover, but 8% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.73 trillion. In the aggregate, 51...
Asian markets dropped sharply by the close on Monday, wiping out the Hang Seng index’s gains for 2021 once again as Chinese tech and education stocks plunged under regulatory pressure. Meanwhile, a summit between China and the United States got off to an acrimonious start, weighing on investor sentiment. The broader Asia-Pacific markets were largely lower, with mainland Chinese stocks also falling. The Hang Seng index in Hong Kong fell 4.13% to close at 26,192.32,...
Vodafone Group Plc has hinted at the possibility of spinning off Mobile Money Service, Mpesa following its huge success, especially during the pandemic. Mpesa allows customers to send and receive money on their mobile phones. In the last few years, financial services have grown to include loans, savings and payroll. The service is available in Kenya, Tanzania, Mozambique, Lesotho and the Democratic Republic of Congo. The mobile money service soared in popularity during the COVID-19...
Oil prices were lower on Monday as investors balanced concerns about fuel demand from the spread of COVID-19 variants and floods in China against expectations of tight supplies through the rest of the year. Brent crude futures for September fell 3 cents to $74.07 a barrel by 0153 GMT while the U.S. Texas Intermediate crude was at $71.99 a barrel, down 8 cents. Both contracts recovered from a 7% slump last Monday and marked their first gains...
Activity on the Nairobi Securities Exchange (NSE) was fairly flat as investors focus remained on some of the top counters (blue-chip) for a second week running. Activity was flat as well, looking in from turnovers and also on the major stocks which moved the week. Equity turnover on the exchange was at 1.84 billion, a 0.36% rise from the Kes 1.83 billion traded from the preceding week with foreign investors accounting for 61.52% of the...
Global markets were mixed but mostly higher with most markets experiencing pullbacks, which have been infrequent and short-lived as strong economic growth, positive investor sentiment, and extreme amounts of Fed liquidity have combined to produce elevated gains with limited drawdowns along the way United States Stocks ended the week higher, rebounding from a sell-off on Monday. The advance was somewhat narrow, however, with much of the gains concentrated in technology and internet-related giants—the so-called FANG+...
Stocks rallied to records on Wall Street Friday, and the Dow Jones Industrial Average closed above the 35,000 level for the first time, as the market continued to roar back from its short-lived swoon at the start of the week. The S&P 500 index climbed 44.31, or 1%, to 4,411.79 to top its prior all-time high, set early last week. The Dow rose 238.20, or 0.7%, to 35,061.55, and the Nasdaq composite gained 152.39, or...
At the end of the last weekday of trading on the Nairobi Securities Exchange. A total of 9,550,600 shares in 995 deals, corresponding to a market value of KES 340,890,092.00, were traded. Compared with the previous NSE trading day (Thursday, July 22), today’s data shows 31% improvement in volume, 26% improvement in turnover, and 15% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.72 trillion. In the aggregate, 52...
Shares in Asia-Pacific were mixed on Friday as investors monitored Chinese tech stocks in Hong Kong after regulatory concerns resurfaced. By the Friday market close in Hong Kong, shares of Chinese tech firms listed in the city tumbled. Kuaishou plunged 10.75% while Tencent slipped 2.39% and Meituan dropped 2.36%. The broader Hang Seng Tech index declined 2.96%. Hong Kong’s Hang Seng index fell 1.45% to 27,321.98. Bloomberg News reported that Beijing is considering harsh penalties on ride-hailing...
Standard Chartered Bank Kenya has appointed technology and innovation expert Nivedita Sharma and banking professional Birju Sanghrajka, to replace Engineer Patrick Obath and Ian Bryden who recently left the board Birju Sanghrajka takes up the role of executive director of Standard Chartered Bank Kenya Limited. He has been with the bank for the past 22 years and has worked in various roles including; corporate banking, corporate finance and transaction banking in Kenya, the United Kingdom,...
Acorn Project (Two) Limited Liability Partnership, the Issuer of the Acorn Medium-Term Green Note (MTN) Programme, closed the final tranche on Friday 16th July 2021. The Issuer said they raised Kes 2.096 billion against the target of Kes 1.438 billion representing a subscription rate of 146%. Acorn issued a Kes 5 billion MTN programme in October 2019, the first Green Bond in Kenya. In the process, the first tranche of the issue raised Kes 4.262...
Oil prices trimmed overnight gains on Friday but were poised to end the week largely steady after rebounding from a sharp drop, underpinned by expectations supply will remain tight as demand recovers. Brent crude futures fell 7 cents, or 0.1%, to $73.72 a barrel at 0147 GMT, after jumping 2.2% on Thursday. For the week, Brent was headed for a 0.1% gain. U.S. West Texas Intermediate (WTI) crude futures fell 8 cents, or 0.1%, to $71.83 a barrel,...
A pull-back in economically sensitive cyclicals kept wall street benchmarks; the S&P 500’s and the blue-chip Dow’s gains muted, while small-caps underperformed their larger rivals.
At the end of today’s trading session on the Nairobi Securities Exchange A total of 7,287,600 shares in 862 deals, corresponding to a market value of KES 270,834,765.00, were traded. Compared with the previous NSE trading day (Wednesday, July 21), today’s data shows 51% decline in volume, 56% decline in turnover, and 24% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.72 trillion. In the aggregate, 48 NSE equities...
The International Finance Corporation (IFC) has announced that it invested over $1 billion in the telecoms, media and technology (TMT) industry in emerging markets in the last fiscal year that ended in June the largest investment in the sector by IFC in a single year. International Finance Corporation said that the high demand for digital services in developing countries led to increased telecoms, media, and technology investments. Nearly 75% of IFC’s $1 billion commitment in TMT...
Shares in Asia-Pacific were higher on Thursday, with markets in Japan closed for a holiday. Hong Kong’s Hang Seng index was among the biggest gainers regionally, rising 1.83% to close at 27,723.84. Shares of China Evergrande Group surged 7.87%. Those gains came after the indebted developer announced it has solved legal disputes with China Guangfa Bank, according to Reuters. Mainland Chinese stocks closed higher, with the Shanghai composite climbing 0.34% to 3,574.73 while the Shenzhen component rose 0.326% to 15,262.19 while South Korea’s Kospi gained...
BAT Kenya Plc has declared an interim dividend of Kes 3.50 per ordinary share to be paid on 16th September 2021.
Oil prices fell on Thursday after an unexpected rise in U.S. crude oil inventories and as rising COVID-19 infections threaten demand, but prices held on to most of their gains from the previous session on expectations that supplies will remain tight through year-end. Brent crude fell 32 cents, or 0.4%, to $71.91 a barrel at 0347 GMT, after rising 4.2% in the previous session. U.S. West Texas Intermediate (WTI) crude fell 27 cents, or 0.4%, to $70.03...
Netflix Inc late Tuesday reported slowing subscriber growth, sending its shares down 3.3% on wall street, the second-largest percentage loser in the S&P 500.
At the end of today’s trading session on the Nairobi Securities Exchange A total of 14,724,700 shares in 1,141 deals, corresponding to a market value of KES 612,517,663.00 were traded. Compared with the previous NSE trading day (Monday, July 19), today’s data shows 14% decline in volume but 5% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.72 trillion. In the aggregate, 49 NSE listed equities participated in trading,...
Kenyan marketing platform Alfluence Inc has raised $1 million (Sh108 million) led by Dubai-based EQ2 ventures joined by Nigeria VC OUI Capital, Arabyads, Antler East Africa, and participation unnamed European family office. The new seed capital by the global venture capital backers will significantly help the company expand into new markets, majorly in Africa, the Middle East, and Asia, by the end of 2021. The funds will also help the firm invest more in technology...
Shares in Asia-Pacific were mixed on Wednesday trade, following an overnight bounce stateside that saw the Dow Jones Industrial Average rising more than 500 points. In Japan, the Nikkei 225 rose 0.58% to close at 27,548 while the Topix index advanced 0.82% to finish the trading day at 1,904.41. Japan’s exports rose 48.6% in June as compared with a year earlier, according to data released Wednesday by the country’s Ministry of Finance. That was higher than a...
The price of bitcoin ( BTC) dropped below $30,000 late Monday night for the first time since Jun. 22, dragging other digital coins lower with it. Bitcoin was trading in the $29,000 range, about 3% lower on the day. However, despite the plunge, bitcoin is currently trading at $30,833.49, a 3.2% rise as of 12.00 PM East African Time. The plunge came amid news that the New Jersey Attorney General issued a Cease and Desist...
Oil prices fell on Wednesday after an industry report showed an unexpected build-up in U.S. oil inventories last week, which heightened worries about a resurgence in COVID-19 infections potentially dampening fuel demand. Brent crude futures fell 52 cents, or 0.8%, to $68.83 a barrel at 0354 GMT, giving up Tuesday’s 1.1% gain. U.S. West Texas Intermediate (WTI) crude futures dropped 50 cents, or 0.7%, to $66.70 a barrel, after rising $1 on Tuesday. The market “has...
Wall Street notched a comeback on Tuesday with all the major indexes closing higher, and yields on safe-haven U.S. Treasuries bouncing off lows as investors sought riskier assets even as worries remained about a resurgence in COVID-19. Wall Street’s main indexes all rose by more than 1.5%, with the Dow ahead of the others. Yields on U.S. 10-year Treasuries came off a new five-month low. Wall Street closes higher, Treasury yields rebound despite COVID variant...
Shares in Asia-Pacific fell on Tuesday following an overnight tumble for stocks on Wall Street that saw the Dow Jones Industrial Average plunge more than 700 points. In Japan, the Nikkei 225 slipped 0.96% to close at 27,388.16 — the Nikkei is down more than 10% from its February high as of today’s close. Meanwhile, the Topix index fell 0.96% to end the trading day at 1,888.89. South Korea’s Kospi closed 0.35% lower at 3,232.70. Mainland Chinese stocks...
Standard Bank has revealed plans to acquire 100% ownership in financial services firm Liberty Holdings. Standard Bank is Africa’s largest bank by assets, and the acquisition is expected to expand the bank’s network across the continent. Standard Bank already owns a 54% stake in insurer and asset manager Liberty, whose shares soared 25% on the news. Africa’s largest bank by assets said the move was a natural progression in their relationship that was in line...
Oil prices fell more than $1 a barrel on Monday after the OPEC+ group of producers overcame internal divisions and agreed to boost output, sparking some concerns about a crude surplus as COVID-19 infections continue to rise in many countries. Brent crude was down $1.08, or 1.5%, at $72.51 a barrel by 0220 GMT, after falling nearly 3% last week. U.S. oil was down $1.01 cents, or 1.4%, at $70.80 a barrel, having declined almost...
Kapchorua Tea Kenya Plc was the week’s top gainer on the NSE, adding 25.6% in investor wealth to close the week at Kes 98.00 per share while Crown Paints Kenya Plc was the week’s top loser.
Global Markets were mixed, majority of them loosing ground last week yet remain in a steady and mostly uninterrupted uptrend since the beginning of the year.
Wall Street ended lower on Friday, weighed down by declines in Amazon, Apple and other heavyweight technology stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant. On Thursday, Los Angeles County said it would reimpose its mask mandate this weekend. On Friday, public health officials said U.S. coronavirus cases were up 70% over the previous week, with deaths up 26%. Cruise lines Carnival Corp and Norwegian Cruise...
Credit Fair, a consumer-lending fintech startup, has raised $15million as part of a seeding round led by two angel investors Alok Agarwal and Anand Ladsariya. The two investors have backed other startups in the past, including Ola, Myntra, Wow Momo, Uniphore, and Oyo. The funds will enhance underwriting models, build a better technology team and expand into Tier II and III cities to help the startup scale its assets under management. Credit Fair was founded...
At the end of the last weekday of trading on the Nairobi Securities Exchange. A total of 12,141,300 shares in 1,083 deals, corresponding to a market value of KES 433,061,855.00, were traded. Compared with the previous NSE trading day (Thursday, July 15), today’s data shows 69% improvement in volume, 76% improvement in turnover, and 4% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 49...
State-run Ethio Telecom, which invited private investors to buy a stake in it over the past few months, reported an 18.4% rise in full-year revenue to end-June to 56.5 billion birrs ($1.29 billion). The CEO Frehiwot Tamiru said the company recorded a 22% jump in subscribers to 56.2 million. Additionally, 6.58 million customers had signed up to use its mobile money service, known as Telebirr, which the telecommunication company launched in May. Telebirr is a...
Shares in Asia-Pacific were mixed on Friday as the Bank of Japan held steady on monetary policy. The Nikkei 225 in Japan fell 0.98% to close at 28,003.08 while the Topix index slipped 0.38% to finish the trading day at 1,932.19. Japan’s central bank downgraded its real GDP forecast for 2021 to 3.8% growth, as compared with the 4% growth forecast made in April. The Bank of Japan also kept its yield curve control target at -0.1%...
Global insurance solutions firm Linkham Group based in the UK has officially confirmed completing a deal that will see them acquire a significant stake in Resolution Insurance Kenya. The deal that was undertaken at an undisclosed consideration will see Resolution Insurance gain access to Linkham Group Ltd’s financial network in Africa and globally. The Group is also ready to invest significant resources to revamp and fuel Resolution Insurance growth Plans. This will entail focusing on...
Oil prices fell a third day on Friday as supply concerns continued to haunt the market, with OPEC likely to add more barrels amid expectations that demand is returning as more countries recover from the pandemic. Brent crude was down 20 cents, or 0.3%, at $73.27 a barrel by 0018 GMT and is heading for a 3% decline this week after two days of heavy declines. U.S. crude fell 12 cents, 0.2%, to $71.53 a barrel, and...
The Nasdaq ended lower on wall street on Thursday, pulled down by Apple, Amazon and other Big Tech companies as a fall in weekly jobless claims data fed investor concerns about a recent inflation spike. Nvidia tumbled 4.4% and Amazon fell over 1%, both companies contributing more than any others to the Nasdaq’s decline. Facebook lost 0.9%. The S&P 500 technology sector index fell 0.8% and ended a four-day winning streak. Earlier this week, investors’...
At the end of today’s trading session on the Nairobi Securities Exchange A total of 7,174,900 shares in 1,040 deals, corresponding to a market value of KES 246,005,403.00, were traded. Compared with the previous NSE trading day (Wednesday, July 14), today’s data shows 46% decline in volume, 35% decline in turnover, and 5% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.72 trillion. In the aggregate, 49 NSE listed...
Relief for Kenyans after the government retained fuel prices at the same levels as last month in the July review. In new retail prices announced today, the Energy and Petroleum Regulatory Authority (EPRA) retained super petrol prices at Kes127.14 per litre, diesel at Kes107.66 and kerosene at Kes 97.85 in Nairobi. This is despite the increase in the cost of importing a cubic-metre of petrol by 4.8 per cent to $520.04 last month from $496.1...
Shares in Asia-Pacific were mixed on Thursday as China reported its second-quarter gross domestic product (GDP) rose. Mainland Chinese stocks closed higher. The Shanghai Composite rose 1.02% to 3,564.59 while the Shenzhen component advanced 0.751% to 15,169.33. Hong Kong’s Hang Seng index gained 0.85%, as of its final hour of trading. China’s GDP rose 7.9% year-on-year in the second quarter, official data showed Thursday. That was lower than expectations by economists for an 8.1% rise. Meanwhile, retail sales in June jumped...
The Ethiopian Communications Authority(ECA) has issued the Final License to Safaricom Telecommunications Ethiopia PLC following its incorporation as a local Telecommunications Operating Company. Safaricom was awarded the consortium by the Ethiopian Communication Authority(ECA) comprising Vodacom, Vodafone, Sumitomo Corporation and CDC Group, and was designated as a provisional licensee for the nationwide full-service Telecommunications license last month. In a press release issued by the Communication Authority, they said they will incorporate Safaricom Telecommunications Ethiopia PLC within...
Oil prices fell nearly 1% on Thursday, extending losses as investors braced for more supplies following a compromise between top OPEC producers and as U.S. fuel stocks rose, raising concerns about demand in the world’s largest consumer. Brent crude futures for September dropped 59 cents, or 0.8%, to $74.17 a barrel by 0409 GMT U.S. West Texas Intermediate (WTI) crude for August was at $72.51 a barrel, down 62 cents, or 0.9%. Both benchmarks slid...
Wall Street’s benchmark, the S&P 500 ended with a gain after briefly hitting an intra-day record in a choppy session on Wednesday, as investors balanced worries about inflation with reassuring comments from Fed Chair Jerome Powell. Of the 11 S&P 500 sector indexes, utilities, real estate and consumer staples were among the strongest, each up about 0.9%, while energy sank about 3%. U.S. monetary policy will offer “powerful support” to the economy “until the recovery...
The dollar gained strength as Inflation surged after the release of the consumer price index report that increased by 5.4%, which was higher than the expected 4.9%, the biggest monthly gain since August 2008. Inflation rose to 4.5% after the CPI report revealed that trucks and cars which make up a third of the total CPI, were the most affected. Other sectors that were affected by the surge include housing, shelter, food, and energy. The...
At the end of today’s trading session on the Nairobi Securities Exchange. A total of 13,331,800 shares in 1,100 deals, corresponding to a market value of KES 380,915,296.00, were traded. Compared with the previous NSE trading day (Tuesday, July 13), today’s data shows 4% decline in turnover but 7% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.67 trillion. In the aggregate, 46 NSE listed equities participated in trading,...
Shares in Asia-Pacific mostly slipped on Wednesday following a hotter-than-expected U.S. inflation report released overnight. The Shanghai Composite in mainland China fell 1.07% to close at 3,528.50 while the Shenzhen component fell 0.875% to end the trading day at 15,056.32. Hong Kong’s Hang Seng index shed 0.69%, as of its final hour of trading. In Japan, the Nikkei 225 closed 0.38% lower at 28,608.49 while the Topix index fell 0.23% on the day to 1,963.16. The Kospi in South Korea dipped 0.2% to close...
Unaitas Sacco has secured Kes 1 billion funding from Dutch private equity Oikocredit International for onward lending to small and medium enterprises. In a press release issued by the Sacco, they said the funds will be repaid over six years, allowing them to offer loans to over 5,000 farmers’ groups and cooperatives, individual farmers, farm input dealers and transporters. “As we launch the Unaitas SME Support Fund together with our partners Oikocredit, we have the...
Oil prices fell on Wednesday on future demand concerns after data showed that China’s first-half crude imports dropped, but were still holding near a one-week high amid concerns about supplies as the world recovers from the coronavirus pandemic. Brent crude was down 8 cents, or 0.1%, at $76.41 a barrel by 0141 GMT, after gaining 1.8% on Tuesday. West Texas Intermediate was off by 13 cents, or 0.2%, at $75.12 a barrel, having jumped 1.6% in the...
Wall Street benchmark indices, the S&P 500 and Nasdaq, ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season. The S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed...
At the end of today’s trading session on the Nairobi Securities Exchange A total of 13,213,000 shares in 1,025 deals, corresponding to a market value of KES 395,410,780.00, were traded. Compared with the previous NSE trading day (Monday, July 12), today’s data shows 27% improvement in volume, 6% improvement in turnover, but 9% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.65 trillion. In the aggregate, 49 NSE listed...
Square CEO Jack Dorsey has confirmed that the company is looking into building a hardware bitcoin wallet that will give consumers greater control over the cryptocurrency they own. “Square is considering making a hardware wallet for bitcoin. If we do it, we would build it entirely in the open, from software to hardware design, and in collaboration with the community. We want to kick off this thinking the right way: by sharing some of our guiding principles...
Shares in Asia-Pacific were higher on Tuesday as investors reacted to China’s trade data for June. Hong Kong’s Hang Seng index led gains regionally as it jumped 1.63% to close at 27,963.41. In mainland China, the Shanghai composite rose 0.53% to close at 3,566.52 while the Shenzhen component climbed 0.183% on the day to 15,189.29. China’s exports in June jumped 32.2% as compared with a year earlier, customs data showed Tuesday. That was much higher than a forecast by analysts in a...
The UK, other G7 countries and multilateral partners are set to invest $80 billion in the private sector across Africa. The investment is aimed at creating jobs, boosting economic growth, help tackle climate change, and fight poverty development goals of African economies. The investment is set to be rolled out over the next five years and will see the G7 Development Finance Institutions (DFIs), including the UK’s CDC Group, support sustainable economic recovery and growth...
Oil prices climbed on Tuesday, reversing some of the previous day’s losses, as tight supply and expectations of a further draw in U.S. crude inventories provided support, although fears over the spreading COVID-19 variant capped gains. Brent crude for September rose 19 cents, or 0.3%, to $75.35 a barrel by 0421 GMT, after losing 0.5% on Monday. U.S. West Texas Intermediate crude for August was at $74.34 a barrel, up 24 cents, or 0.3%, having...
Wall Street’s main indices closed at their highest levels ever on Monday, lifted by Tesla and bank stocks as investors eyed the start of the second-quarter earnings season and a batch of economic data.
At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 10,374,100 shares in 1,122 deals, corresponding to a market value of KES 374,125,015.00, were traded. Compared with the previous NSE trading day (Friday, July 9), today’s data shows 42% decline in volume, 60% decline in turnover, but 14% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.65 trillion. In the aggregate, 47...
Stocks in Asia-Pacific rose on Monday, with shares in Japan and China leading gains regionally. Japan’s Nikkei 225 surged 2.25% to close at 28,659.02 while the Topix index jumped 2.14% to end the trading day at 1,953.33. South Korea’s Kospi closed 0.89% higher at 3,246.47. Mainland Chinese stocks also closed higher, with the Shanghai composite up 0.67% to 3,547.84 while the Shenzhen component climbed 2.137% to 15,161.52. Hong Kong’s Hang Seng index gained about 0.8%, as of its final hour of trading. The S&P/ASX 200 in...
Social media giant TikTok has taken a drastic step toward not only banning cryptocurrency influencers on its platform but all creators promoting financial services. These include, but are not limited to, cryptocurrencies, buy now pay later companies, loans, credit cards, and Forex companies. The move is aimed at halting a growing tide of unsuitable high-risk investments and frauds being promoted on social media, which will also hit reputable financial firms. TikTok has come under scrutiny...
The Kenya Revenue Authority (KRA) has announced plans to auction Kenya Power transformers if 30 days elapse before they clear the transformers that were shipped into the country seven years ago. The auction is linked to delays by Kenya Power in clearing taxes for the import of the transformers and storage fees. “Unless the under-mentioned goods are entered and removed from the Customs Warehouse within 30 days from the date of this notice, they will...
Oil prices were lower in early Asian trade on Monday as the dispute in talks among key producers to raise output in coming months kept supplies tight, offsetting concerns about coronavirus’ impact on the global economy. Brent crude for September fell 4 cents to $75.51 a barrel by 0032 GMT U.S. West Texas Intermediate crude for August was at $74.54 a barrel, down 0.03% The dispute within the Organization of the Petroleum Exporting Countries and allies...
The market capitalization of the Nairobi Securities Exchange (NSE) posted a 1% rise this week to Kes 2.73 Trillion from the Kes 2.70 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. Activity of the Nairobi Securities Exchange (NSE) rose during the week as foreign investors continued dominating trading on the exchange, accounting for 57.99% of the...
Global markets had to offer a bit of everything for investors, from labor market readings to Federal Reserve minutes to rising uncertainties around COVID variants and their implications for global growth.
The three major wall street indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded from a selloff sparked by growth worries earlier in the week. The rally allowed the indexes to notch slight gains for the week, which also saw a sharp rally in U.S. Treasuries as investors worried the U.S. economic recovery might be losing steam as the Delta variant of the coronavirus spread globally. U.S. 10-year...
At the end of the last weekday of trading on the Nairobi Securities Exchange. A total of 17,825,500 shares in 986 deals, corresponding to a market value of KES 938,335,577.00, were traded. Compared with the previous NSE trading day (Thursday, July 8), today’s data shows 8% decline in volume, 81% improvement in turnover, but 19% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.66 trillion. In the aggregate, 47...
Shares in Asia-Pacific fell on Friday as Covid worries resurfaced in the region. South Korea’s Kospi dropped 1.07%% to close at 3,217.95. South Korea announced Friday that the greater Seoul area will be placed under the toughest social distancing rules of Level 4, according to local news agency Yonhap. In Japan, the Nikkei 225 fell 0.63% to close at 27,940.42 while the Topix index shed 0.41% to end the trading day at 1,912.38. Olympics organizers will ban spectators from the upcoming summer...
Manufacturers from Kenya and Tanzania have called for the expedited resolution of non-tariff barriers (NTBs) and the review of the East African Community Common External Tariff (EAC CET). This was during the trade investment forum held yesterday, hosted by Kenya Association of Manufacturers (KAM) and Confederation of Tanzania Industries (CTI) in Dar Es Salaam, Tanzania, to discuss trade promotion between the two states. Speaking during the forum, the High Commissioner of Kenya to Tanzania, Hon. Dan Kazungu noted that in unity, East Africa shall...
Mrs Jennifer Karina has been appointed as the chairperson of the Board of Directors at Kenya Reinsurance Corporation, with effect from 8th July 2021. Jennifer Karina has been in corporate leadership for over 40 years. She is a Psychologist, Certified Professional Coach, Energy Leadership Practitioner, acclaimed Speaker& Author. She is a thought leader in Relationship Strategies and has been a Researcher for over three decades. Additionally, she is the founder and Lead Coach of Anchor...
Oil prices were mixed on Friday after a boost from a drop in U.S. crude and gasoline inventories but were still set for a weekly decline on concerns that an OPEC+ impasse could swell global crude supplies. Brent crude oil futures were down 9 cents, or 0.1%, at $74.03 a barrel by 0140 GMT. U.S. West Texas Intermediate futures were up 1 cent at $72.95 a barrel. Both benchmarks were headed for a loss of...
At the end of Thursday’s trading session on the Nairobi Securities Exchange. A total of 19,290,800 shares in 1,218 deals, corresponding to a market value of KES 517,757,036.00, were traded. Compared with the previous NSE trading day (Wednesday, July 7), today’s data shows 24% improvement in volume, 14% improvement in turnover, and 1% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.67 trillion. In the aggregate, 45 NSE listed...
Shares in Asia-Pacific mostly declined on Thursday, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced. In Thursday afternoon trade in Hong Kong, shares of Tencent dropped 3.74% while Alibaba declined 4.13% and Meituan plunged 6.43%. The Hang Seng Tech index declined 3.71% to 7,321.98. Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other...
Oil prices fell for a third day on Thursday amid anxiety that supply may rise after the collapse of this week’s talks among major producers, potentially causing the current output agreement to be abandoned. Brent crude futures were down 43 cents, or 0.6%, at $73 a barrel by 0158 GMT. U.S. West Texas Intermediate futures were down 51 cents, or 0.7%, at $71.69 a barrel. Brent prices have fallen about 5.3% since Monday’s close...
Stocks on wall street ended higher on Wednesday and the S&P 500 and Nasdaq notched record closing highs after minutes from the last Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy. According to the minutes of the U.S. central bank’s June policy meeting, Fed officials felt substantial further progress on the economic recovery “was generally seen as not having yet been met,” but agreed they should be poised...
At the end of today’s trading session on the Nairobi Securities Exchange A total of 15,587,500 shares in 1,202 deals, corresponding to a market value of KES 454,182,325.00, were traded. Compared with the previous NSE trading day (Tuesday, July 6), today’s data shows 19% improvement in volume, 3% decline in turnover, but 22% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.65 trillion. In the aggregate, 45 NSE listed...
Uganda has completely separated mobile money services from the regulation of the Uganda Communications Commission to the Bank of Uganda (BOU). Under the new regulations, three companies were licensed to conduct mobile money services despite the questions and fears from the customers. Airtel Mobile Commerce Uganda Ltd and MTN Mobile Money Uganda Ltd are the new companies formed and licensed for the services, along with M/s Wave Transfer Limited approved to operate under the Regulatory...
Shares in Asia-Pacific were mixed on Wednesday following losses on Wall Street with the S&P 500 ending its seven-day winning streak. Chinese electric carmaker Xpeng made its debut in Hong Kong on Wednesday. Shares ended the trading day unchanged after rising nearly 2% in the early moments of trading. The broader Hang Seng index in the city slipped 0.4% to close at 27,960.62. Mainland Chinese stocks closed higher, with the Shanghai composite rising 0.66% to 3,553.72 while the Shenzhen component advanced 1.857%...
Diamond Trust Bank (DTK) has announced the appointment of Mr Jeremy Ngunze as the non-executive Director of the Bank with effect from 29th June 2021. Mr Jeremy Ngunze has been a career banker in both Africa and Asia for over 30 years and has broad experience in financial services. Previously, Jeremy Ngunze served as group executive Director for NCBA Group, and before that, he served as the Cheif Executive Officer at Commercial Bank of Africa,...
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