Home2021September 2021 - The Trading Room

Market Report; 30 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 14,867,500 shares in 953 deals, corresponding to a market value of Kes 443,804,556.00, were traded. Compared with the previous NSE trading day (Wednesday, September 29), today’s data shows 68% improvement in volume, 10% decline in turnover, and 26% decline in deals. The current market capitalization of the Nairobi Securities Exchange is Kes 2.71 trillion. In the aggregate, 40 NSE...

Asian Markets Rise as Data Shows Factory Data Rose in SeptemberAs

Shares in Asia-Pacific were mixed on Thursday, as investors reacted to the release of Chinese factory activity data for September. Mainland Chinese stocks closed higher, with the Shanghai composite up 0.9% to 3,568.17 while the Shenzhen component jumped 1.634% to 14,309.01. Hong Kong’s Hang Seng index, on the other hand, fell 0.55% as of its final hour of trading. China’s official manufacturing Purchasing Managers’ Index for September came in at 49.6, below expectations for a reading of 50.1 by analysts...

Oil Prices Drops 0.6% Backed by Drop in U.S Crude Inventories.

Oil prices fell on Thursday, extending losses after official figures showed an unexpected rise in inventories in the United States although prices seem to have stabilized following a recent run of gains. Brent crude was down 11 cents at $78.53 a barrel by 0137 GMT, after falling 0.6% on Wednesday. U.S. oil fell 5 cents to $74.78 a barrel, having also declined by 0.6% in the previous session. U.S. oil and fuel stockpiles increased last week, the U.S. Energy Department’s...

Wall Street Gains 0.1%, Investors Brace for Inflation, Tapering Impact

Wall Street ended firmer on Wednesday in a partial rebound from the previous day’s broad sell-off, with remarks from U.S. Federal Reserve Chairman Jerome Powell and the ongoing debt ceiling debate keeping a lid on gains. The S&P 500 index and the Dow Jones Industrial Average advanced, but the Nasdaq Composite closed lower as Treasury yields halted their ascent. Defensive sectors took the lead as investors sought stability in the volatile market. All three remain...

Market Report; 29 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 8,826,100 shares in 1,289 deals, corresponding to a market value of KES 491,316,926.00, were traded. Compared with the previous NSE trading day (Tuesday, September 28), today’s data shows 38% decline in volume, 259% improvement in turnover, and 38% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.69 trillion. In the aggregate, 45 NSE equities...

NHIF made Mandatory for all Kenyans, Households to Pay Kes 500 Monthly

All Kenyans will be compelled to be members of the National Health Insurance Fund (NHIF) and to make a contribution to Kes. 500 monthly in new reforms as the government rolls out a health cover for all Kenyans. The bill by majority leader Amos Kimunya will see all adults compelled to pay Kes 500 monthly or Kes 6,000 annually in a remodelled Universal Health Coverage (UHC) scheme for outpatient and inpatient services, including maternity, dialysis,...

Asian Pacific Stocks Edge Lower, Japan’s Nikkei 225 falls more than 2%

Asia-Pacific stocks largely fell in Wednesday trade following an overnight tumble on Wall Street, with the Nasdaq plunging nearly 3% as bond yields rise. In Japan, the Nikkei 225 slipped 2.12% to close at 29,544.29 while the Topix index dropped 2.09% to finish the trading day at 2,038.29. Mainland Chinese stocks also saw sizable losses on the day as the Shanghai composite shed 1.83% to 3,536.29 and the Shenzhen component fell 1.64% to 14,079.02. Hong Kong’s Hang Seng index bucked the overall...

A Report by AFDB Shows Kenya, Nigeria, Egypt and South Africa Account for About 80% of Investments in Africa

According to a report titled Entrepreneurship and Free Trade Volume II by the African Development Bank(AFDB),  Egypt, Nigeria, Kenya and South Africa were mentioned as the top African countries that accounted for more than a third of the incubators and accelerators and 80 per cent of investment in Africa. According to the report, Egypt, Nigeria, Kenya, and South Africa account for more than a third of financing in Africa, reflecting a measure of concentration. The...

Nation Media Completes Share Buy Back, Records 82.25% Success Rate

Nation Media Group (NMG) has completed a share buyback program that began on 28th June 2021 and closed on September 24th 2021 at 3.00 pm. The exercise saw the media company buy back more than 17.1 Million of its ordinary shares at the Nairobi Securities Exchange(NSE) representing a performance rate of 82.25%. Nation Media was targeting to buy back 10% of its issued shares equivalent to 20.74 Million at a price of Kes 25 per...

Oil Edges Lower, Rising COVID-19 Cases Threatens Supply

Oil prices fell for the second straight day on Wednesday as doubts re-emerged over demand, with Covid-19 cases continuing to rise worldwide and gasoline shortages in some regions. Brent crude was down $1.03 or 1.3% at $78.06 a barrel by 0130 GMT, having fallen nearly $2 on Tuesday after touching $80.75, its highest in nearly three years. U.S. oil fell $1.02 or 1.4% to $74.27 a barrel, having dropped 0.2% in the previous session Oil prices have been charging...

Wall Street Down Nearly 2% Amidst Piling Concerns on Treasury Yields and Inflation.

Wall Street stocks ended sharply lower on Tuesday in a broad sell-off driven by rising U.S. Treasury yields, deepening concerns over persistent inflation, and contentious debt ceiling negotiations in Washington. All three major U.S. stock indexes slid nearly 2% or more, with interest rate sensitive tech and tech-adjacent stocks weighing heaviest as investors lost their risk appetite. It was the S&P 500 index’s biggest one-day percentage drop since May and the Nasdaq’s largest since March....

Market Report; 28 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 14,304,800 shares in 937 deals, corresponding to a market value of KES 136,859,518.00, were traded. Compared with the previous NSE trading day (Monday, September 27), today’s data shows 6% improvement in volume, 67% decline in turnover, but 6% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.69 trillion. In the aggregate, 48 NSE equities...

Asian Markets Mixed, Economists cut China’s GDP Forecasts

 Stocks in Asia-Pacific were mostly lower on Tuesday, as various firms downgraded China’s GDP forecasts. Goldman Sachs on Tuesday slashed its China GDP growth expectations to 7.8%, down from the 8.2% previously forecast. Nomura also expected China’s GDP to grow by 7.7% this year, down from a previous forecast of 8.2%. Still, Hong Kong’s Hang Seng index led gains regionally, jumping 1.2% on the day to 24,500.39. Mainland Chinese stocks closed mixed, with the Shanghai composite up 0.54% to 3,602.22...

CDSC Finalizes the Integration of  SWIFT Connectivity

The Central Depository and Settlement Corporation (CDSC) has finalized the integration of the CDS SWIFT messaging functionality, thus enhancing the processing of financial information between the CSD and capital markets participants in Kenya. CDSC Chief Executive, Nkoregamba Mwebesa said through this integration, the central depository is assuring all stakeholders that its systems and processes adhere to internationally recognized standards for the processing of financial information. “We consider this an important milestone that will sustain market...

Brent Crude Hits a 3-Year High as Oil Extends Gains into Sixth Day

Oil markets rose on Tuesday, reversing earlier losses and extending their rally into a sixth session, amid continued concerns over tight supply at a time when demand is picking up with the easing of COVID-19 pandemic restrictions. Brent crude futures gained 42 cents, or 0.5%, to $79.95 a barrel at 0248 GMT, reaching its highest since October 2018. It surged 1.8% on Monday. U.S. West Texas Intermediate (WTI) crude futures climbed 41 cents, or 0.5%,...

Wall Street Drops as Tech Stocks Drag S&P 500, Nasdaq.

Wall Street’s benchmark indices, the S&P 500 and Nasdaq indexes ended lower on Monday with investors pivoting to value as tech shares, hurt by rising Treasury yields, weighed on equities in the quarter’s final week. Of the three major U.S. stock indexes, only the blue-chip Dow Jones Industrial Average closed in positive territory, buoyed by financials and industrials. Economically sensitive small caps and transports outperformed the broader market. “The economic reopening trade is alive and...

Market Report; 27 September 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange  A total of 13,485,600 shares in 886 deals, corresponding to a market value of KES 414,608,365.00, were traded. Compared with the previous NSE trading day (Friday, September 24), today’s data shows 23% improvement in volume, 10% improvement in turnover, but 9% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 45...

Asian Markets Mixed, Evergrande Shares in Hong Kong Rise

Shares in Asia-Pacific were mixed on Monday, with investors monitoring stocks related to embattled developer China Evergrande Group. Mainland Chinese stocks closed lower, with the Shanghai composite slipping 0.84% to 3,582.83 while the Shenzhen component dipped around 0.1% to 14,344.29. Shares of China Evergrande New Energy Vehicle Group in Hong Kong plunged 9.42% following the firm’s Friday warning that it was in a “serious shortage of funds.” The company also announced over the weekend that it will not proceed with plans...

KenGen Launches State-of-the-Art Research and Development Centre

Kenya Electricity Generating Company PLC (KenGen) has kicked off the construction of a Research and Development (R&D) Centre at Tana Power Station located in Muranga County, in a move to boost innovation in the company. The construction of the R&D Centre which will also double up as an archive for the Company is expected to take 18 months to complete, making KenGen one of the first public sector entities in Kenya to establish such a...

China Bans Crypto Trading and Mining, Sending Bitcoin Tumbling

China’s most powerful regulators on Friday intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, hitting bitcoin and other major coins and pressuring crypto and blockchain-related stocks. Ten agencies, including the central bank, financial, securities and foreign exchange regulators, vowed to work together to root out “illegal” cryptocurrency activity, the first time the Beijing-based regulators have joined forces to explicitly ban all cryptocurrency-related activity. All cryptocurrencies, including bitcoin and...

Oil Extends Gains Amidst Supply Constrains

Oil prices rose for a fifth straight day on Monday with Brent heading for $80 amid supply concerns as parts of the world sees demand pick up with the easing of pandemic conditions. Brent crude was up $1.14 or 1.5% at $79.23 a barrel by 0208 GMT, having risen a third consecutive week through Friday. U.S. Oil added $1.11 or 1.5% to $75.09, its highest since July, after rising for a fifth straight week last...

Global Markets Weekly Review: Week 38, 2021

Global markets were mixed this week, as many analysts comprehended the possible impact of China’s Evergrande Group into a global financial abyss. With no shortage of headlines to worry about, volatility made a comeback last week after being dormant for most of the past six months. United States The major benchmarks overcame an early sell-off to end the week flat to modestly higher. On Monday, the S&P 500 Index recorded it biggest daily drop since...

Dow, S&P 500 End Bumpy Week with Gains as Nike Leads Drag Despite Upbeat Earnings.

The Dow and S&P 500 edged higher on Friday and ended a turbulent week with slight increases, helped by gains in Tesla and Facebook that offset a tumble by Nike. Athletic wear company Nike’s shares fell 6.3% and were the biggest drag on the Dow and the S&P 500 after it delivered a downbeat sales forecast and warned of delays during the holiday shopping season, blaming a supply chain crunch. Shares of footwear retailer Foot...

Market Report; 24 September 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange  A total of 10,959,900 shares in 975 deals, corresponding to a market value of KES 375,311,750.00, were traded. Compared with the previous NSE trading day (Thursday, September 23), today’s data shows 38% decline in volume and 52% decline in turnover. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 49 NSE equities participated in...

Asian Markets Mixed, Japan’s Nikkei 225 Jumps 2%

Stocks in Asia-Pacific were mixed on Friday, as investors continued to watch developments surrounding China Evergrande Group. The Nikkei 225 in Japan jumped 2.06% to close at 30,248.81, with shares of Fast Retailing and Softbank Group gaining 1.5% and 2.76% respectively. The Topix index gained 2.31% to finish the trading day at 2,090.75. South Korea’s Kospi, on the other hand, closed fractionally lower at 3,125.24 While, Hong Kong’s Hang Seng index declined 1.45% to close at 23,155.49. Shares of China Evergrande Group in Hong...

Uganda Securities Exchange (USE) Partners With MTN to Launch digital platform

The Uganda Securities Exchange (USE) has partnered with MTN to provide a digital platform for opening securities accounts, making it easier and cheaper for retail investors to participate in the securities market. The MTN MoMo platform, which can be used to open a Securities Central Depository (SCD) account, went live on September 15, 2021. MTN Uganda Mobile Money technicians were still putting final touches on the system on Wednesday to also facilitate buying and selling...

Oil Extends Gains, Brent Crude Set to Reach a 3-Year High

Oil prices rose for a fourth day on Friday, taking Brent towards three-year highs, as investors focused on tighter supplies amid a strong appetite for riskier assets like crude and high hopes for recovery from the pandemic. Brent crude was up 40 cents, or 0.5% at $77.65 a barrel, by 0037 GMT, after touching a two-month high on Thursday and closing at its highest since October 2018. U.S. oil was up 27 cents, or 0.4%, at 73.57 a...

Wall Street Rebounds 1% Backed by Wednesday’s Fed Stance on Tapering

U.S. stocks on wall Street gained more than 1% on Thursday as investors appeared relieved about the Federal Reserve’s stance on tapering stimulus and raising interest rates. Upbeat outlooks from Accenture and Salesforce helped to bolster the market, while the U.S. Food and Drug Administration late Wednesday authorized a booster dose of the Pfizer-BioNTech COVID-19 vaccine for those 65 and older. Also helping sentiment, concern about a ripple effect from China Evergrande continued to ease....

Market Report; 23 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 17,580,900 shares in 975 deals, corresponding to a market value of KES 777,164,417.00, were traded. Compared with the previous NSE trading day (Wednesday, September 22), today’s data shows 16% decline in volume, 3% decline in turnover, and 9% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 46 NSE equities...

Asian Markets Edge Higher, Hong Kong’s Hang Seng Rises 1.04%

Shares in Asia-Pacific were mostly higher in Thursday trade as investors in Asia-Pacific continue monitoring the situation surrounding China Evergrande Group. Hong Kong’s Hang Seng index rose 1.04%, as of its final hour of trading, following losses earlier in the week. It had returned to trade after a holiday on Wednesday. Shares of China Evergrande Group in the city jumped more than 17%, paring some gains after soaring more than 20% earlier. That was also after days...

Nigeria & Ghana Set to Launch Central Bank Digital Currencies

Nigeria and Ghana are looking forward to adopting central bank digital currencies as they look to ride the wave of popularity of cryptocurrencies in West Africa’s two largest economies. The Central banks in both countries have partnered with foreign financial tech companies to create digital versions of their currencies. The Bank of Ghana has partnered with German firm Giesecke+Devrient (G+D) to pilot the e-Cedi. G+D will provide the technology that will be tested in a...

Ethiopia, Kenya Sign Operation Manuals for Cross-border Trade Deal

Ethiopia and the Government of Kenya through the Ethiopia Customs Commission and the Border Control and Operation Coordination Committee have signed the Moyale-Moyale One-Stop Border Post (OSBP) operational procedure manual. The signing ceremony was held in Addis Ababa and attended by key private and public sector players from both countries. This follows the inauguration launch on 9th December 2020 by the Heads of both Governments and the subsequent commencement of OSBP Operations on 8th June...

Telkom SA Rally on News of Tower Listings on the Johannesburg Stock Exchange (JSE)

Telkom, the number three South African telecommunications operator has enjoyed a positive response to news that it plans to spin off its masts and towers business in separate listings on the Johannesburg Stock Exchange (JSE). Towers and masts are infrastructure used by mobile operators to extend telecommunications coverage and high-speed data services such as 4G and 5G to customers. They are costly to run for mobile operators, given the need to provide them with power...

Oil Prices Edge Higher on Tight Supply Outlook

 Oil prices rose on Thursday, extending strong gains overnight with fuel demand growing and crude stocks declining as production remains hampered in the U.S. Gulf of Mexico after two hurricanes. The market was also supported by a broader switch back into risk assets as concerns eased over a potential default by huge property developer China Evergrande (3333. HK) and the possible fallout on the world’s second-largest economy. U.S. West Texas Intermediate (WTI) crude futures rose 13 cents,...

Wall Street Rebounds 1% as Fed Confirms Tapering to Start Soon

The benchmark wall street indexes for U.S stock markets rose 1% on Wednesday as investors mostly took in stride the latest signals from the Federal Reserve, including clearing the way for the central bank to reduce its monthly bond purchases soon. The S&P 500 registered its biggest daily percentage gain since July 23. While trading was choppy following the Fed’s latest policy statement and comments by Fed Chair Jerome Powell, stocks finished close to where...

Buy Now, Pay Later: Re-designing the Global E-Commerce.

Let’s talk about Buy now pay later Going shopping is fun if you have the finance that is. But imagine, going shopping without the money and then someone pops up, get the product now and get to pay later! Welcome to Buy-Now-Pay-Later, the latest fintech service that is taking various markets globally by storm. In recent days, we have seen Jack Dorsey’s Square Inc acquisition of Australia’s Afterpay and Paypal jumping in to buy Japan’s...

Market Report; 22 Semptember 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 20,957,300 shares in 1,072 deals, corresponding to a market value of KES 799,404,479.00, were traded. Compared with the previous NSE trading day (Tuesday, September 21), today’s data shows 23% improvement in volume, 26% decline in turnover, and 8% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 49 NSE equities...

Kenya Power Withdraws Bid to Increase Electricity Bills by 20%

Kenya Power has withdrawn an application to increase bills by up to a fifth, shifting its focus to lowering costs, curbing electricity theft and recovery of unpaid bills amounting to over Kes 27 billion. Energy Cabinet Secretary Charles Keter Wednesday says the firm has recalled the application that was submitted to the Energy and Petroleum Regulatory Authority (EPRA) in 2019. In the application, the firm had sought to increase the consumption charge for usage of...

Oil Prices Rise by 1% Amidst Report of Large Draw in U.S Stocks

Oil prices climbed more than 1% on Wednesday, extending overnight gains after industry data showed U.S. crude stocks fell more than expected last week in the wake of two hurricanes, highlighting tight supply as demand improves. U.S. West Texas Intermediate (WTI) crude futures rose 89 cents, or 1.3%, to $71.38 a barrel at 0516 GMT, adding to a 35 cent gain from Tuesday. Brent crude futures climbed 88 cents, or 1.2%, to $75.24 a barrel,...

Market Report; 21 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,991,000 shares in 1,160 deals, corresponding to a market value of KES 1,082,645,967.00, were traded. Compared with the previous NSE trading day (Monday, September 20), today’s data shows 187% improvement in volume, 489% improvement in turnover, and 7% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 49 NSE equities...

Vodacom to Buy More Stake in Safaricom Telecommunications Ethiopia

Vodacom Group has signed a deal that could see it buy an additional 10.9 per cent stake in Safaricom Telecommunications Ethiopia from the UK’s sovereign wealth fund CDC Group at a cost of $1.74 billion (Kes 191.2 billion) in the coming years. “As part of the transaction agreements, Vodacom has granted a put option on the shares held by the CDC Group in the holding company to facilitate CDC Group’s potential exit in the investment....

Asian Markets Mixed, Japan’s Nikkei 225 falls 2%

Shares in Asia-Pacific were mixed on Tuesday as investors continued monitoring the situation surrounding embattled developer China Evergrande Group. Japanese stocks declined as they returned to trade following a Monday holiday. The Nikkei 225 closed 2.17% lower at 29,839.71 as shares of conglomerate Softbank Group plunged 4.98%. The Topix index shed 1.7% on the day to 2,064.55. Hong Kong’s Hang Seng index, which was dragged down by more than 3% on Monday amid investor fears around Evergrande, rose 0.51% to close...

Oil Prices Rise, Brent Crude above $74.44 Amidst U.S Supply Tightness

Oil prices rose on Tuesday as analysts pointed to signs of U.S. supply tightness, ending days of losses as global markets remain haunted by the potential impact on China’s economy of a crisis at heavily indebted property group China Evergrande. Brent crude gained 52 cents or 0.7% to $74.44 a barrel by 0212 GMT, having fallen by almost 2% on Monday. The contract for West Texas Intermediate (WTI), which expires later on Tuesday, was up...

Wall Street Slumps as Markets Jittery Over Potential Collapse of China’s Evergrande

Wall Street fell in a broad sell-off on Monday, with the S&P 500 and Nasdaq suffering their biggest daily percentage drops since May, as fear of contagion from the potential collapse of China’s Evergrande drove investors out of equities in a flight for safety. The Nasdaq also hit its lowest level in about a month, but indexes pared losses just before the close to end well off their lows of the session. The Nasdaq was...

Market Report; 20 September 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 5,916,500 shares in 1,089 deals, corresponding to a market value of KES 183,738,871.00, were traded. Compared with the previous NSE trading day (Friday, September 17), today’s data shows 52% decline in volume, 52% decline in turnover, but 20% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.76 trillion. In the aggregate, 44...

Relief as High Court Declares Minimum Tax Unconstitutional

The high court has declared minimum tax provisions unconstitutional and its tax guidelines void. In its judgement, the High Court has issued an order restraining the Kenya Revenue Authority(KRA) from implementing, further implementing, administering, applying or enforcing section 12D of the Income Tax Act, chapter 470 of the laws of Kenya as amended by the Tax Laws ( Amendment) No.2 Act, 2020 by collecting or demanding payment of the minimum tax. The move has offered...

Asian Pacific Stocks Lower, Hang Seng Index Drops more than 3%

Hong Kong’s Hang Seng index led losses among Asia-Pacific markets in Monday trade, with shares of embattled Chinese developer China Evergrande Group continuing to drop. The Hang Seng index dropped 3.3% to close at 23,099.14. Shares of China Evergrande Group in the city plummeted 10.24%, after falling as much as 17% earlier. The Hang Seng Properties Index dropped to a 52-week low, falling 6.69% on the day. Shares of insurers listed in asia also plunged. AIA dropped 4.94% while...

BOC Appoints Joseph Ramashala as Non-Executive Director

The BOC Kenya Board has appointed Joseph Ramashala the Non-Executive Director with effect from 13 September 2021. This comes after the resignation of  Marius Kruger as a Non-Executive Director who was appointed a Non-Executive Director of BOC Kenya in August 2013 and was a Member of the Audit & Risk and the Nominations and Corporate Governance Committees. Marius Kruger has a wealth of experience in general management, financial audits and advisory services, business planning, financial and management...

China Accounts for 70% of Kenya’s Debt Says CBK

China has been named the leading bilateral lender to Kenya by the Central Bank of Kenya (CBK) accounting for 67% of its external debt followed by Japan(14%), France(7%) with other countries accounting for 11%. A new analysis of the composition of Kenya’s bilateral lenders by the Central Bank of Kenya (CBK) shows that China controlled less than one per cent of Kenya’s external debt portfolio in 2006. By June 2011, however, the Asian country was...

Oil Edges Lower, on Stronger Greenback Amidst Rising U.S Rig Count

Oil prices fell on Monday, extending losses from Friday after the U.S. dollar jumped to a three-week high and the U.S. rig count rose, although nearly a quarter of U.S. Gulf of Mexico output remained offline in the wake of two hurricanes. U.S. West Texas Intermediate (WTI) crude futures fell 30 cents, or 0.4%, to $71.67 a barrel at 0059 GMT, after declining by 64 cents on Friday. Brent crude futures fell 27 cents, or 0.4%, to...

Market Report; 17 September 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 12,263,100 shares in 909 deals, corresponding to a market value of KES 384,690,461.00, were traded. Compared with the previous NSE trading day (Thursday, September 16), today’s data shows 33% decline in volume, 26% decline in turnover, and 15% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.78 trillion. In the aggregate, 47...

ICEA LION Appoints Philip Lopokoiyit as CEO as Paul Muthaura Steps Down

The board of ICEA LION General Insurance Company Limited has appointed Mr Philip Lopokoiyit as the new Chief Executive Officer and Principal Officer of the company effective 20th September 2021 following regulatory approval. The appointment follows the stepping down of Mr Paul Muthaura in line with medical advice so as to completely recover following an accident early in the year. The board however has expressed gratitude for the contribution he has made during his tenure...

Longhorn Publishers Posts a Profit of Kes 7.48 Million in 1H2021

Longhorn Publishers has reported a profit after tax of kes 7.48 million for the first six months ended 30th June 2021 a significant improvement from the loss of Kes 225 million that was recorded during the previous year. Revenue for the period recorded a 16% increase to Kes 1.244 billion attributed to the business model, strong brand, agile employees and ability to adapt to a changing operating environment. The publisher reported that Kenya recorded an...

Oil Prices Edge Lower, as U.S. Storm-Hit Supply Makes Slow Return

Oil prices fell on Friday as more supply came back online in the U.S. Gulf of Mexico following two hurricanes, but both benchmark contracts are on track to post weekly gains of around 4% as the recovery in output is seen lagging demand. Brent crude futures fell 17 cents, or 0.2%, to $75.50 a barrel at 0359 GMT, giving up most of the previous session’s 21 cent gain. U.S. West Texas Intermediate (WTI) crude futures...

Market Report; 16 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 18,178,000 shares in 1,065 deals, corresponding to a market value of KES 521,842,680.00, were traded. Compared with the previous NSE trading day (Wednesday, September 15), today’s data shows 46% improvement in volume, 17% improvement in turnover, but 33% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.74 trillion. In the aggregate, 47 NSE equities...

Asian Markets Edge Higher, Chinese Stocks Lead Regional Losses

Asia-Pacific stocks were largely lower on Thursday, with Chinese stocks leading losses regionally. By the mainland market close on Thursday, the Shanghai Composite dropped 1.34% to 3,607.09 while the Shenzhen component plunged 1.954% to 14,258.13. Hong Kong’s Hang Seng index declined 1.46% to close at 24,667.85, with most casino stocks listed in the city seeing a second straight day of sharp losses. Shares of Wynn Macau in Hong Kong dropped 4.69%, Sands China fell 7.96% and Melco International Development slipped 0.76%. Those moves followed a Wednesday plunge...

Ministry Optimistic Over Kenya Power’s Profitability

Kenya Power, the electricity distributor company is back to profitability according to its parent Ministry. Chief Administrative Secretary (CAS) in the Ministry of Energy Zachary Ayieko says the company will post a profit for the year ended June 2021 on the back of concerted efforts to improve its operations. “We are going to make a profit and the turnaround results can now be seen. We hope this performance can be sustained. What we are noting...

AFDB Approves $50 Million Trade Finance Risk With Standard Chartered Bank

The African Development Bank Group (AfDB) board has approved a $50 million Trade Finance Unfunded Risk Participation Agreement (RPA) facility with Standard Chartered Bank. The agreement is expected to boost intra-Africa trade, promote regional integration, and contribute to the reduction of the trade finance gap in Africa, in line with implementation aspirations of the African Continental Free Trade Area (AfCFTA). Under the deal, the two will share the default risk on a portfolio of eligible...

Oil Dips 0.2%, Retains Most of Previous Gains After Draw in U.S. stocks

Oil prices slipped on Thursday, paring back only some of the large gains made the previous day on the back of a larger-than-expected drawdown in crude oil stocks in the United States. Brent crude oil fell 12 cents, or 0.2%, to $75.34 a barrel by 0649 GMT, after rallying 2.5% the previous day. U.S. West Texas Intermediate (WTI) crude was down 14 cents, or 0.2%, at $72.47 after surging 3.1% on Wednesday. U.S. crude oil...

Market Report; 15 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 12,451,800 shares in 1,579 deals, corresponding to a market value of KES 445,915,853.00, were traded. Compared with the previous NSE trading day (Tuesday, September 14), today’s data shows 30% decline in volume, 18% decline in turnover, but 30% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.73 trillion. In the aggregate, 48 NSE equities...

Asian Markets Edge Lower, Investors React to Chinese Economic Data

Shares in Asia-Pacific were largely lower on Wednesday, as investors reacted to the release of Chinese economic data. Hong Kong’s Hang Seng index dropped 1.84% to close at 25,033.21 — falling more than 1% for the third straight session. Casino stocks listed in the city plunged amid fears over tighter regulations as Macao kicked off a public gaming consultation. Shares of Wynn Macau plummeted 29%, while Sands China plunged more than 32%. Galaxy Entertainment Group dropped around 20%. Mainland Chinese stocks closed lower,...

Pain as Fuel Prices Shoot up in the Latest EPRA Review

The Energy and Petroleum Regulatory Authority (EPRA) has raised the prices of super petrol by Kes.7.58 per litre to past Kes.130 per litre, an all-time high cost for the commodity in its latest price review. This is while the cost of diesel and kerosene shoots by Kes.7.94 and Kes.12.97 per litre to Kes115.60, and Kes110.82 per litre respectively in Nairobi. A litre of petrol in Kenya’s Capital Nairobi will now cost Kes.134.72 rising from Kes.127.14....

Oil Prices Edge Higher after Drawdown in U.S Stocks Signaling Positive Demand Outlook

Oil prices climbed on Wednesday after industry data showed a larger than expected drawdown in crude oil stocks in the United States, the world’s largest oil consumer, and on expectations that demand will recover as vaccine roll-outs widen. Brent crude oil rose 39 cents, or 0.5%, to $73.99 a barrel by 0133 GMT, U.S. West Texas Intermediate (WTI) crude climbed 44 cents, or 0.5%, to $70.90 a barrel. U.S. crude oil, gasoline and distillate stocks all fell last week, according to two...

Wall Street Extends Drops Ahead of the Long-Expected Corporate Tax Hikes, to 26.5%

Wall Street lost ground on Tuesday as economic uncertainties and the increasing likelihood of a corporate tax rate hike dampened investor sentiment and prompted a broad sell-off despite signs of easing inflation. Optimism faded throughout the trading session on wall street, reversing an initial rally following the Labor Department’s consumer price index report. All three major U.S. stock indexes ended in negative territory in a reminder that September is a historically rough month for stocks....

Market Report; 14 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 17,720,500 shares in 1,216 deals, corresponding to a market value of KES 545,478,593.00, were traded. Compared with the previous NSE trading day (Monday, September 13), today’s data shows 13% improvement in volume, 11% decline in turnover, but 8% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.74 trillion. In the aggregate, 48 NSE equities...

Asian Pacific Stocks Mixed, Investors Watch out for U.S Inflation Data

Shares in Asia-Pacific were mixed on Tuesday as investors looked ahead to the release of U.S. consumer inflation data for August. In Hong Kong, China Evergrande Group’s stock plunged 11.87% after the embattled property developer on Tuesday flagged expectations for a “significant continuing decline in contract sales in September,” as confidence falls following negative media reports surrounding the firm. Shares of China Evergrande New Energy Vehicle and Evergrande Property Services, units that Evergrande has been attempting to sell, also plummeted 24.66%...

KenGen Gets Nod to Sell 4 Million Tonnes of Carbon Credits

The Kenya Electricity Generating Company PLC (KenGen) has been cleared to sell an equivalent of 4.6 million tonnes of carbon emissions earned over the last 18 months. This follows the finalization of the verification of the issuance of a cumulative 4,617,309 tonnes of Carbon Emissions to six KenGen projects by the United Nations Framework Convention on Climate Change (UNFCCC). This decision was arrived at after the issuance of the latest 2,025,813 tonnes of Carbon Emission Reductions to...

Oil Hits 6-week High on Fears of U.S. Supply Disruptions From Storm Nicholas

 Oil prices hit a six-week high on Tuesday on concerns that another storm could affect output in Texas this week even as the U.S. industry struggles to return to normal production levels after Hurricane Ida wreaked havoc on the Gulf Coast. Oil prices rallied for a third straight day, with Brent crude hitting the highest since August. 2 earlier in the session. Brent crude was up 40 cents, or 0.5%, at $73.91 a barrel at...

Market Report; 13 September 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 15,651,400 shares in 1,127 deals, corresponding to a market value of KES 615,823,237.00, were traded. Compared with the previous NSE trading day (Friday, September 10), today’s data shows 39% improvement in volume, 54% improvement in turnover, and 7% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.74 trillion. In the aggregate, 49...

Asian Markets Mixed, Hong Kong Shares Lead Losses

Shares in Asia-Pacific were mixed on Monday, with stocks in Hong Kong leading losses. Hong Kong-listed shares of Alibaba dropped 4.23% following a Financial Times report that Beijing wants to break up Ant Group’s Alipay and force the creation of a separate loans app. Other Chinese tech stocks also declined, with Tencent falling 2.45% while Meituan slipped 4.47%. The Hang Seng Tech index dropped 2.27% to 6,595.03. Chinese electric vehicle stocks fell after the country’s industry minister said consolidation in the sector is...

Oil Prices Edge Higher, as U.S Supply Concerns Dominate

Oil prices rose for a second session on Monday as concerns over U.S. output following damage from Hurricane Ida supported the market, along with expectations for higher demand. Brent crude rose 33 cents, or 0.5% to $73.25 a barrel. U.S. West Texas Intermediate (WTI) crude also added 32 cents, or 0.5%, to $70.04at 0436 GMT. Both markets were at their highest since September 3 earlier in the session. About three-quarters of the offshore oil production...

Market Report; 10 September 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange  A total of 11,263,500 shares in 1,049 deals, corresponding to a market value of KES 399,062,545.00, were traded. Compared with the previous NSE trading day (Thursday, September 9), today’s data shows 31% decline in volume, 27% decline in turnover, and 15% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.74 trillion. In the aggregate, 47...

Asian Markets Edge Higher, Hong Kong’s Hang Seng Index Jumps Nearly 2%

Shares in Asia-Pacific rose on Friday, as investors monitored Hong Kong-listed stocks of firms in regulation-hit sectors such as video games. Shares of Tencent in Hong Kong jumped 2.08% on Friday while NetEase gained 3.14% — a partial recovery after the heavy losses seen Thursday. Gaming stocks had tumbled on Thursday as the South China Morning Post reported that the Chinese government will suspend approvals for new online games in the country. After the market close, however, the...

Analyst Predict Bitcoin Will Reach $100k Level in Early 2022

Analysts at British bank Standard Chartered predict that Bitcoin’s price could reach $100k by the end of 2021 or early next year while Ether could hit $10k by then. The digital currency has been trading close to the $50k region, but analysts at Standard Chartered believe that its price could double in the coming months. Bitcoin is currently struggling below the $50k level and is currently exchanging hands at $46,203.58  a 0.65% decline as at...

Oil Reverses Losses, as Tight  U.S. Supplies Offset China Reserves Sales Plan

Oil prices rose on Friday on growing signs of tightness in U.S. markets after Hurricane Ida hit offshore output, although benchmarks were heading for weekly losses of about 1% after China announced plans to sell crude from its strategic reserves. Brent crude futures for November rose 44 cents, or 0.6%, to $71.89 a barrel by 0324 GMT. U.S. West Texas Intermediate (WTI) crude futures for October was at $68.49 a barrel, up 35 cents, or...

NSE Market Report; 09 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,311,000 shares in 1,227 deals, corresponding to a market value of KES 550,021,133.00, were traded. Compared with the previous NSE trading day (Wednesday, September 8), today’s data shows 48% improvement in volume, 67% improvement in turnover, but 11% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.73 trillion. In the aggregate, 48 NSE equities...

Asian Markets Decline, Hong Kong’s Hang Seng Index Drops 2%

Hong Kong stocks dropped on Thursday, with shares in the rest of Asia-Pacific also largely declining. Shares of Tencent and Netease in Hong Kong dropped 8.48% and 11.03% respectively on Thursday after regulatory pressures surfaced again. While the broader Hang Seng index in Hong Kong dropped 2.3% on the day to 25,716. Chinese state media reported that the two were among video game firms summoned to a meeting with regulators. Issues discussed during the meeting included reminding them of restrictions on...

Stanbic Holdings Appoints Ms Wambui Kihuha-Mbesa as Board Director

Stanbic Holdings Plc Board of Directors has appointed Ms Wambui Kihuha-Mbesa as an Independent Non-Executive Director on the Board, with effect from 8th September 2021. Wambui Kihuha-Mbesa is a seasoned technology industry executive and entrepreneur with over 20 years of experience. Currently, she works as the Chief Executive Officer of INTRASOFT International East Africa. She has previously been at the helm of several multinationals and possesses diverse board experience. Her expertise will bolster digital and entrepreneurship skills...

Home Afrika Appoints Nelson Ashitiva as Non-Executive Director

The Board of Directors of Home Afrika Limited has appointed Mr Nelson Ashitiva as a Non-Executive Director of Home Afrika with effect from 1st September 2021. Nelson Ashitiva is a lawyer, business leader and corporate governance expert with more than 15 years of experience. He leads three business advisory firms in the sector of law, energy and structured finance. His expertise includes mergers & acquisitions, capital markets, corporate/ commercial transactions and investments in each of...

Oil Edges Higher, as Lower U.S Output Supports Prices

Oil prices rose for a second session on Thursday, recovering from earlier losses as a decline in U.S. Gulf of Mexico output following damages from Hurricane Ida underpinned the market. Brent crude added 23 cents, or 0.32% to $72.83 a barrel at 0221 GMT West Texas Intermediate (WTI) crude rose 15 cents, or 0.22%, to $69.45 a barrel. “U.S. production is struggling to recover from Hurricane Ida. Extensive damage to infrastructure and power outages mean Ida...

Wall Street Extends Decline as Apple, Facebook Lead Big-Tech with 1% Drop

Wall Street ended lower on Wednesday, spooked by worries that the Delta coronavirus variant could blunt the economy’s recovery and on uncertainty about when the Federal Reserve may pull back its accommodative policies. Apple and Facebook fell about 1% after helping push the Nasdaq to record highs in the previous session. The dips in those two Silicon Valley giants contributed more than any other companies to the S&P 500’s decline for the session. Investors on...

Market Report; 08 September 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 11,049,600 shares in 1,378 deals, corresponding to a market value of KES 328,708,061.00, were traded. Compared with the previous NSE trading day (Tuesday, September 7), today’s data shows 23% decline in volume, 15% decline in turnover, and 2% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 51 NSE equities...

Asian Markets Mixed, Shares in Hong Kong Rise Nearly 4%

Shares in Asia-Pacific were mixed on Wednesday, with shares of China Evergrande Group recovering slightly after briefly falling below their IPO price. By the Wednesday market close in Hong Kong, China Evergrande Group shares in the city rose 3.92%. Still, the embattled property developer’s stock has dropped nearly 5% so far this week, extending declines since last week after it warned that it could default. Moody’s Investors Service on Tuesday downgraded its rating, citing “heightened liquidity...

Bitcoin Falls Nearly 10% as El salvador Adopts it as a Legal Tender

The price of bitcoin fell Tuesday after breaking through $52,000 late Monday, reaching its highest level since May. The price action comes as El Salvador adopted the largest cryptocurrency by market capitalization as legal tender, becoming the first country to do so. Bitcoin dropped as much as 16% on Tuesday morning to $46,892.04. The digital currency is currently trading at $ 45,440.23 as of 10.30 A .M East African Time a 13.12% 24-hour decline. Consequently,...

Oil Prices Edge Higher on Slow Return of U.S. Supply After Hurricane Ida

Oil prices were little changed on Wednesday following overnight losses from a stronger dollar and demand concerns, with a slow production restart in the U.S. Gulf of Mexico providing some support. U.S. West Texas Intermediate (WTI) crude futures rose 11 cents, or 0.2%, to $68.46 a barrel at 0429 GMT, after sliding 1.4% on Tuesday following the Labor Day holiday. Brent crude futures fell 2 cents to $71.67 a barrel after falling 0.7% on Tuesday. “The market...

Kenya’s Forex Reserves Dip by 11.3 Billion as CBK Increases Dollar Liquidity

Forex exchange reserves dipped by over Kes. 11.3 billion after the Central Bank of Kenya (CBK) released more dollars into the market to cushion the Kenyan shilling. The banking regulator has however not given reasons for the huge drop but says reserves remain adequate and are within the statutory import cover of at least four months. According to the latest central bank weekly bulletin, the foreign exchange reserves fell to Kes. 977.1 billion from Kes....

Wall Street Mixed as Investors Uneasy Over Slow Economic Rebound in 2021.

Benchmark index of wall street, the S&P 500 closed lower on Tuesday while the Nasdaq edged up to a record high, as investors balanced worries about the slowing pace of economic recovery with expectations that the Federal Reserve will maintain its accommodative monetary policy. Amgen Inc fell 2.1% during trading on wall street and Merck & Co lost 1.6% after Investment firm Morgan Stanley cut its rating on the stocks to “equal-weight” from “overweight.” The...

Market Report; 07 September 2021, WPP Scangroup Leads the Gainers

At the end of today’s trading session on the Nairobi Securities Exchange A total of 14,312,200 shares in 1,406 deals, corresponding to a market value of KES 385,906,865.00, were traded. Compared with the previous NSE trading day (Monday, September 6), today’s data shows 16% improvement in volume, 9% improvement in turnover, and 9% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 47 NSE equities...

Asian Markets Edge Higher as China’s Exports in August Beat Expectations

Shares in Asia-Pacific were mostly higher on Tuesday, as China’s August trade data came in above expectations. The Shanghai Composite in mainland China rose 1.51% to close at 3,676.59 while the Shenzhen component advanced 1.074% to 14,702.90. China’s exports jumped 25.6% year-over-year in August, customs data showed Tuesday — above expectations for a 17.1% rise by analysts in a Reuters poll. Hong Kong’s Hang Seng index gained 0.73% to close at 26,353.63. Shares of retail firms listed in the city...

M-Pesa Africa Celebrates 50 Million Active Customers

M-PESA, the world’s leading mobile money service has today announced that it has reached 50 million monthly active customers strengthening its position as Africa’s largest fintech. Launched more than 14 years ago in Kenya, the mobile money service is today available in Kenya, Tanzania, Mozambique, DRC, Lesotho, Ghana and Egypt. The milestone comes just 18 months after Safaricom and Vodacom launched the M-PESA Africa Joint Venture to accelerate the growth of the service across the...

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