Home2021October 2021 - The Trading Room

Market Report; 29 October 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange (NSE) this week. A total of 8,333,000 shares in 944 deals, corresponding to a market value of KES 244,223,017.00, were traded. Compared with the previous NSE trading day (Thursday, October 28), today’s data shows a 5% improvement in volume, a 43% decline in turnover, but a 21% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES...

Asia – Pacific Markets Mixed; Trading on Razer Halted in Hong Kong Ahead of M&A Announcement.

Shares in Asia-Pacific were mixed on Friday as investors monitored stocks of Apple suppliers after the tech giant’s revenue miss. Mainland Chinese stocks closed higher as the Shanghai composite advanced 0.82% to 3,547.34 and the Shenzhen component gained 1.45% to 14,451.38. Hong Kong’s Hang Seng index shed 0.8%, as of its final hour of trading. Trading in the Hong Kong-listed shares of Razer was halted on Friday “pending the release of an announcement in relation to inside information of the...

AfDB Forecasts East Africa’s Economic Growth to Rise to 4.1% in 2021.

East Africa’s economic growth is projected to rise to 4.1 per cent in 2021, up from 0.4 per cent in 2020, the African Development Bank (AfDB) said on Thursday. According to the East Africa Regional Economic Outlook 2021, the economic performance will be boosted by the ongoing global economic recovery. “However, the slow rollout of COVID-19 vaccines and risks of spikes in infections could dampen that outlook. The pandemic has had diverse impacts across the...

Market Report; 28 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 7,935,800 shares in 781 deals, corresponding to a market value of KES 424,977,889.00, were traded. Compared with the previous NSE trading day (Wednesday, October 27), today’s data shows 37% decline in volume, 7% decline in turnover, and 23% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 49 NSE equities...

Asia-Pacific Stocks Fall as Bank of Japan Holds Steady on Monetary Policy

Shares in Asia-Pacific were lower in Thursday trade as the Bank of Japan announced its decision to hold steady on monetary policy. The Nikkei 225 in Japan declined 1.05% while the Topix index shed 0.69%. Retail sales in Japan fell 0.6% in September from a year earlier, according to government data released Thursday. The Bank of Japan kept interest rate targets unchanged on Thursday and the central bank cut its real GDP growth outlook and consumer inflation forecasts for...

Kenya Receives Kes 17 Billion Loan from World Bank to Support Climate Change Action

Kenya has received a Kes 16.67 billion ($150 million) loan from World Bank to support local communities hard hit by climate change and drought, leading to loss of livelihoods. The World Bank through its arm, International Development Association, approved the facility to be extended through the new Financing Locally–Led Climate Action (FLLoCA) programme. Speaking during the approval of the agreement, Treasury CS Secretary Ukur Yatani said climate change remains the biggest challenge. He said Kenya’s...

Oil Slumps to two-week low on U.S. inventory shock, COVID-19 case rise

Oil prices slumped to their lowest in two weeks after official figures showed a surprise jump in U.S. inventories of crude, and rising cases of COVID-19 in Europe, Russia, and some outbreaks of infections in China dented hopes for an economic recovery. Brent crude dropped $1.58, or 1.9%, to $83.00 a barrel by 0502 GMT, having hit a two-week low of $82.32 earlier and fallen by 2.1% in the previous session. U.S. oil fell $1.39,...

Stephen Chege Appointed as Vodacom Group Chief External Affairs Officer

Stephen Chege has been appointed as Vodacom Group Chief External Affairs Officer, reporting to Vodacom Group CEO Shameel Joosub effective 15th November 2021. Stephen Chege is set to take up the role at Vodacom Headquarters in Johannesburg and will be responsible for Group Regulatory, External and Corporate Affairs, Public Policy, Communication Strategy, Media Relationships, Group Corporate Social Investment (CSI) and Sustainability. The role covers the Vodacom Group markets including South Africa, Tanzania, DRC, Mozambique, Lesotho...

Market Report; 27 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 12,645,900 shares in 1,015 deals, corresponding to a market value of KES 458,469,061.00, were traded. Compared with the previous NSE trading day (Tuesday, October 26), today’s data shows 37% improvement in volume, 38% improvement in turnover, but 13% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.67 trillion. In the aggregate, 52 NSE equities...

Asian Markets Edge Lower, Hong Kong Markets Lead Losses.

 Shares in Asia-Pacific were lower on Wednesday, with Chinese tech stocks in Hong Kong seeing big losses. Hong Kong-listed shares of Tencent dropped 2.99% on Wednesday while Alibaba fell 2.95% and Meituan plunged 5.09%. The Hang Seng Tech index slipped 3.19% to 6,441.62. The broader Hang Seng index in Hong Kong led losses among the region’s major markets, falling 1.57% to close at 25,628.74. Mainland Chinese stocks declined on the day, with the Shanghai composite shedding 0.98% to 3,562.31 and the Shenzhen component falling 1.095% to...

CBK Revokes License of Mobile Pay Limited as a Payment Service Provider

The Central Bank of Kenya (CBK) has revoked the authorisation granted to Mobile Pay Limited (MPL) which has the brand name Tangaza as a mobile Payments Service Provider (PSP). The regulator said the action culminates a long engagement between them and Mobile Pay Limited, during which they considered MPL’s continued violations of Nation Payment Systems law and regulations. Mobile Pay Limited has persistently failed to discharge its statutory obligations, among others, non-submission of audited annual...

NSE Receives Regulatory Approval to roll out Day Trading .

The Nairobi Securities Exchange (NSE) has received approval from the Capital Markets Authority (CMA) to initiate day trading. The rollout of day trading will go live on 22nd November 2021 as part of a strategy by the bourse to enhance market liquidity. Day trading refers to the practice of purchasing and selling a security within a single day or trading session or multiple times over the course of the day. NSE Day trading Discount The...

Oil Prices Decline by 0.8% Amidst Increase in U.S Fuel Stockpiles

Oil prices fell on Wednesday after industry data showed crude oil stockpiles rose more than expected and fuel inventories unexpectedly increased last week in the United States, the world’s largest oil consumer. Brent oil futures fell 69 cents, or 0.8%, to $85.71 a barrel by 0559 GMT after closing at the highest in seven years on Tuesday. West Texas Intermediate (WTI) futures declined 79 cents, or 0.9%, to $83.86 a barrel after gaining 1.1% in...

Market Report; 26 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 9,215,500 shares in 1,163 deals, corresponding to a market value of KES 333,179,987.00, were traded. Compared with the previous NSE trading day (Monday, October 25), today’s data shows 28% decline in volume, 32% decline in turnover, but 29% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.67 trillion. In the aggregate, 50 NSE equities...

Konza, NSE Partner to Connect Investors With Tech Start-ups

Konza Technopolis Development Authority (KoTDA) is seeking to partner with the Nairobi Securities Exchange (NSE) to connect investors with viable tech start-up businesses that are being incubated by KoTDA. Speaking during a meeting with NSE Chairman, Kiprono Kittony, KoTDA Chief Executive Officer, John Tanui said the Authority is keen on partnerships with organisations that will support KoTDA to nurture local tech start-up firms to grow and commercialise their ideas.  “KoTDA is focusing on creating partnerships...

Asian Markets Mixed, Nikkei 225 Surges Nearly 2%

Stocks in Asia-Pacific were mixed on Tuesday after major indexes on Wall Street rose to record closing highs stateside. Japanese stocks led gains regionally as the Nikkei 225 jumped 1.77% to close at 29,106.01 while the Topix index gained 1.15% to 2,018.40. South Korea’s Kospi advanced 0.94%, closing at 3,049.08. South Korea’s gross domestic product grew 0.3% on a seasonally adjusted basis in the third quarter of 2021 as compared with the previous quarter, data showed Tuesday. That was lower than...

Allianz Completes Acquisition of Majority Stake in Jubilee Insurance Uganda

Allianz, one of the world’s leading insurers and asset managers, has completed the acquisition of a majority stake in Jubilee Insurance Company of Uganda Limited. Allianz became the majority shareholder in Jubilee Insurance Company of Uganda Limited after completing the transaction to acquire a 66% stake in the company from Jubilee Holdings Limited (JHL), East Africa’s largest insurance group. The stake acquired by Allianz represents 29,700,000 ordinary shares of Jubilee Insurance Company of Uganda. JHL...

Oil Prices Edge Higher as Traders Await Stocks Data

Oil prices edged higher on Tuesday after trading down earlier, looking set to sustain a rally driven by strong demand in the United States, the world’s biggest consumer of crude and its products. Brent crude was up 13 cents or 0.2% at $86.12 a barrel by 0427 GMT, after gaining 0.5% on Monday. U.S. oil gained 5 cents or 0.1% to $83.81 a barrel, having finished unchanged the previous session after testing new highs. While...

Market Report; 25 October 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange. A total of 12,871,400 shares in 901 deals, corresponding to a market value of KES 488,822,613.00, were traded. Compared with the previous NSE trading day (Friday, October 22), today’s data shows 7% improvement in volume, 14% improvement in turnover, but 10% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.68 trillion. In the aggregate, 45...

Asian Pacific Stocks Mixed, HSBC Earnings Beat Expectations;

Shares in Asia-Pacific were mixed on Monday as investors reacted to the release of HSBC earnings. Hong Kong’s Hang Seng index closed little changed at 26,132.03. Hong Kong-listed shares of HSBC rose 0.43% after the bank on Monday reported a pre-tax profit in the third quarter of 2021 that bested expectations. Shares of embattled developer China Evergrande Group declined 0.74% by the Hong Kong market close after surging nearly 6% earlier. The firm announced Sunday it had resumed work on more than...

Central Bank of Nigeria to Launch Digital Currency- eNaira

President Muhammadu Buhari is set to formally unveil the Nigerian Central Bank Digital Currency (CBDC), known as the eNaira, on Monday 25 October 2021, at the State House, Abuja. Central bank-backed CBDCs and cryptocurrency are both virtual money, however, CBDCs are issued and regulated by the central bank while cryptocurrencies are out of government control. The launch of the eNaira is a combination of several years of research work by the Central Bank of Nigeria...

HF Group Appoints Prof. Olive Mugenda as an independent Non-Executive Director.

HF Group Plc has appointed Prof. Olive M. Mugenda as an Independent Non – Executive Director and Chairperson of the Board effective 21st October 2021. Prof. Olive Mugenda is an accomplished business leader responsible for the expansion and transformation of Kenyatta University which saw the institution grow in both stature and financial strength. She is also credited with the establishment and operationalization of Kenyatta University Referral Hospital, a 500-bed referral facility. Olive Mugenda holds a...

Oil Prices Edge Higher to Multi-year Highs on Tight Supply

Oil prices climbed on Monday, extending pre-weekend gains to hit multi-year highs as global supply remained tight amid solid fuel demand in the United States and elsewhere in the world as economies pick up from coronavirus pandemic-induced slumps. U.S. West Texas Intermediate (WTI) crude futures rose 87 cents, or 1.0%, to $84.63 a barrel at 0342 GMT, after gaining 1.5% on Friday. It touched its highest since October 2014 – $84.76 – earlier in the...

Market Report; 22 October 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange  A total of 11,992,800 shares in 1,005 deals, corresponding to a market value of KES 430,295,283.00, were traded. Compared with the previous NSE trading day (Thursday, October 21), today’s data shows 52% decline in volume, 73% decline in turnover, and 13% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 48...

Asian Markets Mixed, Hong Kong Shares Surge

Asia-Pacific markets were mixed on Friday, as shares of China Evergrande Group surged in Hong Kong following media reports that the embattled developer is set to pay off a coupon payment on a dollar-denominated bond. Shares of Evergrande in Hong Kong surged 4.26% on Friday. Evergrande Property Services Group also saw its stock jump 1.7%. The Hang Seng Properties index advanced 1.4% to 31,928.03. The broader Hang Seng index in the city rose 0.42% on the day to 26,126.93. Mainland Chinese...

President Uhuru Kenyatta Urges Banks to Revise Upwards the Minimum Cash Transactions Limit

President Uhuru Kenyatta has urged the country’s National Treasury and other stakeholders to immediately revise upwards the cash transactions threshold for Kes 1.0 Million applicable to both withdrawals and deposits by Bank Customers. Speaking during the Mashujaa Day Celebrations, Uhuru Kenyatta said Kenya’s Banking sector has been able to make huge strides resulting in the country being seen as East Africa’s Financial Hub due to efficiencies secured by technology. “However, Banks and Other financial institutions...

Kenya and Malawi Sign Eight bilateral pacts Set to boost trade, investments

Kenya and Malawi have inked eight new agreements designed to boost bilateral relations including trade and investments between the two nations. The agreements cover broad areas of cooperation between Kenya and Malawi in politics, diplomacy, defence, fisheries and aquaculture as well as cooperative development. Others are technical cooperation in health and tourism. The signing of the agreements took place on Thursday in the statehouse, Nairobi, at the end of bilateral talks between Kenyan and Malawian...

Oil Prices Edge Lower, Brent Crude at $84 ,its First Weekly Dip in Seven Weeks

Oil prices fell on Friday with Brent on track for its first weekly dip in seven weeks as demand for oil products in power generation cooled off amid easing coal and gas prices, while a forecast for a mild U.S. winter also weighed on the market. Brent crude futures dropped 48 cents, or 0.6%, to $84.13 a barrel at 0502 GMT, extending a $1.21 slump in the previous session. Brent touched a three-year high of...

Market Report;21 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 25,137,200 shares in 1,150 deals, corresponding to a market value of KES 1,608,944,748.00, were traded. Compared with the previous NSE trading day (Tuesday, October 19), today’s data shows 6% improvement in volume, 106% improvement in turnover, but 3% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.7 trillion. In the aggregate, 44 NSE equities...

Asian Markets Mixed, Japan’s Nikkei 225 Drop Nearly 2%

Stocks in Asia-Pacific were mixed on Thursday, as investors monitored shares of developer China Evergrande Group in Hong Kong. Evergrande shares dropped 12.54%, having returned to trade on Thursday after a halt that lasted more than two weeks. In Japan, the Nikkei 225 led losses among the region’s markets as it slipped 1.87% to close at 28,708.58 while the Topix index fell 1.32% to 2,000.81. South Korea’s Kospi edged 0.19% lower, closing at 3,007.33. The debt-laden firm announced in an...

KEPSA and CCA Sign Kenya-U.S SME Trade Initiative Agreement to Support SMEs

KEPSA and the Corporate Council on Africa (CCA) have signed the Kenya- U.S trade deal that will enable Kenyan Small and Medium-Sized Enterprises(SMEs) to take full advantage of the African Growth and Opportunity Act (AGOA) and be prepared to effectively leverage any future trade agreement between the U.S. and Kenya. The initiative recognizes the critical role that SMEs play in U.S. and Kenyan trade and seeks to expand trade and investment between American and local...

Bitcoin Hits a New All Time High Above $66K After Successful Launch of U.S ETF

Bitcoin, the world’s largest cryptocurrency by market capitalization, has hit a new all-time high above $66,000, marking a full recovery from a months-long slump and extending the year’s gains to nearly 130%. The cryptocurrency pushed past the previous price record of $64,889 set in April and is currently changing hands at $66,685 as of 15:44 UTC (11:44 a.m. ET). The surge was attributed to the launch of the ProShares Bitcoin Strategy ETFTuesday, the first exchange-traded fund...

Oil Prices Mixed, as U.S Demand Underpins Market Sentiments

Oil prices were mixed on Thursday, paring earlier gains, as some investors scooped up profits from the recent rally while solid demand in the United States and a switch to fuel oil from coal and gas amid surging prices underpinned the market sentiment. Brent crude futures fell 11 cents, or 0.1%, to $85.71 a barrel at 0355 GMT, reversing earlier gains that took the benchmark to the highest since October 2018. It rose 0.9% the...

Asian Pacific Stocks Mixed, China Maintains Benchmark Lending Rate

Shares in Asia-Pacific were mixed in Wednesday trade as China kept its benchmark lending rate unchanged. The Hang Seng index in Hong Kong rose 1.1% as of its final hour of trading, leading to gains among major markets in the region. Shares of Chinese tech firms listed in the city surged, with Tencent up 1.6% while Alibaba soared 6.92% and Meituan jumped 3.29%. The Hang Seng Tech index also gained 2.69%. Mainland Chinese stocks closed lower, with the Shanghai composite slipping 0.17% to...

Oil Slips, China Considers Intervention to Ease Coal Crunch

Oil prices slipped on Wednesday after the Chinese government stepped up efforts to tame record high coal prices and ensure coal mines operate at full capacity as Beijing moved to ease a power shortage. Brent crude futures dropped 43 cents, or 0.5%, to $84.65 a barrel at 0506 GMT, paring a 75-cent rise in the previous session, but still lingering close to multi-year highs. U.S. West Texas Intermediate (WTI) crude futures for November, which expires on Wednesday,...

Market Report; 19 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 23,650,900 shares in 1,189 deals, corresponding to a market value of KES 780,609,926.00, were traded. Compared with the previous NSE trading day (Monday, October 18), today’s data shows 90% improvement in volume, 100% improvement in turnover, and 33% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.68 trillion. In the aggregate, 48 NSE equities...

Treasury to Bailout Kenya Power and KQ in 2022

The National Treasury has approved to inject cash into Kenya Power and Kenya Airways in the financial year starting July 2022. The state attributed the bailout to supporting the economic recovery of the two firms from the effects of  COVID-19 on the performance of the companies. In the last financial year ended June 2021, Treasury departed from its earlier International Monetary Fund (IMF)-a backed stance which favoured long-term reforms to solve cash flow challenges facing...

Oil prices Edge Higher on China Energy Demand Concerns

Oil prices rose on Tuesday, recouping earlier losses, as falling temperatures in China, the world’s biggest energy consumer, revived concerns about its ability to meet heating demand needs amid power and coal shortages. Brent crude rose 24 cents, or 0.3%, to $84.57 a barrel by 0541 GMT after falling 0.6% on Monday. The contract is still up nearly 7% this month. U.S. West Texas Intermediate futures gained 35 cents, or 0.4%, to $82.79 a barrel,...

Market Report; 18 October 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange  A total of 12,433,200 shares in 895 deals, corresponding to a market value of KES 389,739,447.00, were traded. Compared with the previous NSE trading day (Friday, October 15), today’s data shows 46% decline in volume, 60% decline in turnover, and 19% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.71 trillion. In the aggregate, 47...

Bitcoin Surges Above $62K as SEC Approves Trading of Bitcoin Features

Bitcoin price today surged above the $62,000 mark as reports suggested that the first US BTC Futures exchange-traded fund (ETF) may debut as soon as Monday. The digital currency is currently exchanging hands at 62,391.50 as of 11.00 A.M East African Time, a 2.90% 24-hour gain Analysts are optimistic that the world’s largest cryptocurrency will approach the all-time high of near $65,000 it had hit in April after it passed the $60,000 mark on Friday...

Oil Prices Climb to the highest since 2014 as Recovery from COVID-19 Boost Demand

Oil prices hit their highest in years on Monday as demand continues its recovery from the Covid-19 pandemic, boosted by more custom from power generators turning away from expensive gas and coal to fuel oil and diesel. Brent crude oil futures rose 87 cents, or 1%, to $85.73 a barrel by 0111 GMT, the highest price since October 2018. U.S. West Texas Intermediate (WTI) crude futures climbed $1.12, or 1.4%, to $83.40 a barrel, the highest since October 2014....

Market Report;15 October 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange  A total of 23,036,400 shares in 1,105 deals, corresponding to a market value of KES 968,311,778.00, were traded. Compared with the previous NSE trading day (Thursday, October 14), today’s data shows 208% improvement in volume, 354% improvement in turnover, and 6% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.72 trillion. In the aggregate, 46...

Asian Pacific Stocks Rise, Taiwan’s Taiex Leads Gains

Shares in Asia-Pacific rose on Friday following overnight gains on Wall Street with the S&P 500 jumping nearly 2%. The Taiex in Taiwan surged 2.4% on the day to 16,781.19, leading gains among the region’s major markets, as shares of Taiwan Semiconductor Manufacturing Company rose 4.71% following an earnings release a day earlier. TSMC on Thursday reported a net profit of 156.3 billion Taiwan dollars (around $5.57 billion) for the third quarter ended Sept. 30, above expectations of a...

Relief as EPRA Cuts Fuel Prices Following a Release of Kes 24 Billion From National Treasury

The Energy and Petroleum Regulatory Authority (EPRA) cut fuel prices by Kes 5 per litre, bringing down the cost of super petrol and diesel toKes 129.72 and Kes 110.60 respectively in the latest monthly review ending on November 14.  This follows a release of Kes 24 billion from the National Treasury to the  Petroleum Development Fund to bring down fuel prices in the latest review. “The government will utilise the Petroleum Development Levy to cushion...

Bitcoin Jumps on Expectations that SEC will Allow Futures ETFS

Bitcoin, the largest cryptocurrency by market capitalization has hit a six-month high on Friday, approaching the record hit in April, as traders became increasingly confident that U.S. regulators would approve the launch of an exchange-traded fund based on its futures contracts. The digital currency rose nearly 4% to as high as $59,664, its highest since mid-April. It has doubled in value this year and is near April’s record high of $64,895. U.S Sec Set to...

Oil Extends Gains on Power Boost, Set for Multi-Week Gains

 Oil prices climbed on Friday, heading for gains of more than 2% for the week, on increasing signs of robust demand and tighter supplies over the next few months as rocketing gas and coal prices stoke a switch to oil products. Brent crude futures rose 62 cents, or 0.7%, to $84.62 a barrel at 0622 GMT, after picking up 82 cents in the previous session. Front-month prices are set to rise for the sixth straight...

Kenya Gets Lower Sovereign Rating Citing Elevated Debt Levels

Kenya has been assigned a “B+” rating from Agusto & Co. Limited, a Pan-African Credit Rating Agency and a leading provider of industry research and knowledge in Nigeria & Sub-Saharan Africa. The lower rating was attributed to Kenya’s elevated debt levels, contraction of the Country’s GDP in 2020 on account of the COVID-19 pandemic as well as the deterioration of the Kenyan Shilling against major trade currencies. However, Agusto & Co. Limited said they view positively...

Oil Edges Higher, on Expectations Natural Gas Prices May Drive Switch to Oil

Oil prices rose on Thursday, reversing previous losses, on expectations that high natural gas prices as winter approaches may drive a switch to oil to meet heating demand needs. Brent crude futures gained 28 cents, or 0.3%, to $83.46 a barrel at 0107 GMT after falling 0.3% on Wednesday. U.S. West Texas Intermediate (WTI) crude futures climbed 22 cents, or 0.3%, to $80.66 a barrel, after dropping 0.3% the previous day. “Investors bet that surging gas prices will encourage...

Nasdaq, S&P 500 Post Gains as JP Morgan Kicks off Earnings Season.

The S&P 500 and Nasdaq ended higher on Wednesday, led by gains in shares of big growth names like Amazon.com and Microsoft, but JPMorgan shares fell along with other bank shares and weighed on the market. The S&P 500 briefly added to gains following the release of minutes from the September Federal Reserve policy meeting. U.S. central bankers signalled they could start reducing crisis-era support for the economy in mid-November, though they remained divided over...

Market Report; 13 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 6,515,300 shares in 1,019 deals, corresponding to a market value of KES 56,817,686.00, were traded. Compared with the previous NSE trading day (Tuesday, October 12), today’s data shows 63% decline in volume but 15% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.68 trillion. In the aggregate, 47 NSE equities participated in trading, ending...

Stanbic Holdings Appoint Joseph Muganda as Non-Executive Director

Stanbic Holdings Plc has announced the appointment of Mr Joseph Muganda as an Independent Non-Executive Director on the Board effective Tuesday 12th October 2021. “Mr Muganda’s addition to our Board will enrich its diversity and his skills will align with our digital transformation strategy.” Stanbic said in a statement. Mr Joseph Muganda holds an MBA from Leicester University and a Bachelor of Science (Economics, Accounting and Financial Management) from the University of Buckingham (UK). Previously,...

Asian Markets Edge Higher as Investors React to China’s Trade Data for September

Asian Pacific stocks closed higher as shares in mainland China edged higher on Wednesday as investors reacted to the release of Chinese trade data for September. The Shanghai Composite gained 0.42% to 3,561.76 while the Shenzhen component rose 1.54% to 14,353.08. China’s imports rose 17.6% from a year earlier in September, customs data showed Wednesday, missing expectations for a 20% expansion in a Reuters poll. Exports in September rose 28.1% from a year earlier in September, the data showed, exceeding...

MTN Uganda Offers East African Investors Free IPO Shares

MTN Uganda is offering East African investors free shares to motivate them to buy stock in the telecoms firm that opened its $250 million (Ush895.56 billion) initial public offering (IPO) on Monday, so as to boost its chances of being successful. South Africa’s MTN Group is selling 4.47 billion shares in its Ugandan subsidiary at a price equivalent to $0.06 (Ush200) apiece.  The IPO is open to Ugandan investors as well as citizens of other...

Oil Edges Lower on Fears that Inflation may Affect Demand

Oil prices dropped on Wednesday, after a mixed finish in the previous session, amid worries that soaring coal and natural gas prices in China, India and Europe will stoke inflation and slow global growth, reducing demand. A strong U.S. dollar, trading near a one-year high, also weighed on oil prices, as it makes fuel more expensive for those holding other currencies. U.S. West Texas Intermediate (WTI) crude futures fell 71 cents, or 0.9%, to $79.93...

Market Report; 12 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 17,839,700 shares in 886 deals, corresponding to a market value of KES 856,560,344.00, were traded. Compared with the previous NSE trading day (Friday, October 8), today’s data shows 34% decline in volume, 15% decline in turnover, and 36% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.67 trillion. In the aggregate, 44 NSE equities...

East African Cables Reports Net Loss of KSh 753.2 Million in 2020

East African Cables posted a Net Loss of Kes 753.2 Million at the end of the financial year ended 31st December 2020. This is compared to a Net Profit of Kes 630.9 Million over a similar period in 2019. The listed firm also recorded a Pre-tax loss of Kes 555.1 Million in 2020 compared to a Pre-tax profit of Kes 658.7 Million in 2019. East African Cables is on the list of firms that had sought...

Asian Markets Edge Lower as Major Indexes Fall More than 1%

Shares in Asia-Pacific tumbled on Tuesday, with major indexes in China and South Korea falling at least 1%. The Hang Seng index in Hong Kong dropped 1.43% to close at 24,962.59. Shares of China Evergrande New Energy Vehicle, on the other hand, surged 4.56% after the firm vowed on Monday to start producing electric vehicles next year. The company is linked to debt-laden developer Evergrande, which has already missed multiple coupon payments for its bonds in recent weeks. Mainland...

Bitcoin Rallies to Above $57 K, Highest Price Since May

Bitcoin extended its two-week rally Monday, climbing to the highest level since early May. The cryptocurrency last traded more than 3% higher at $57,530.81 after hitting as high as $57,740.82. Ben McMillan, chief investment officer at the quantitative index fund manager IDX, attributed the jump to increasing concerns about inflation being more than transitory as well as trading data that looks increasingly positive for the bitcoin price. “We’re looking at food prices that are at a...

Sub-Saharan Economy to Grow by 3.3% in 2021-World Bank

Sub-Saharan Africa is set to emerge from the 2020 recession brought about by the COVID-19 pandemic with growth expected to expand by 3.3 per cent in 2021, one per cent higher than the April 2021 forecast according to the latest edition of World Bank’s Africa Pulse. This growth in the Sub-Sahara economy is attributed to elevated commodity prices, a relaxation of stringent pandemic measures, and recovery in global trade, but remains vulnerable given the low...

Oil Prices Decline 0.3%, Amidst Global Energy Crisis

 Oil prices fell for the first time in four days on Tuesday, taking a breather, analysts said, after weeks of gains fuelled by a rebound in global demand that is contributing to energy shortages in economies from Europe to Asia. Brent crude was down 26 cents, or 0.3%, at $83.39 a barrel at 0211 GMT, after touching three-year highs on Monday on the way to a 1.5% advance. U.S. oil fell 33 cents, or 0.4%,...

Asian Pacific Stocks Mixed, Hang Seng Index Surges more than 7%

Shares in Asia-Pacific were mixed in Monday trade as stocks in Hong Kong led gains regionally. Hong Kong’s Hang Seng index rose 1.84%, as of its final hour of trading. Shares of Meituan in Hong Kong surged 7.27%. China’s market regulator on Friday said it had fined the company about 3.4 billion Chinese yuan ($527.71 million) after finding it guilty of monopolistic practices. Still, that was far smaller than the 18.23 billion yuan ($2.8 billion) fine that Alibaba had been slapped with...

Oil Prices Jump 0.1% Fueled by Growing Demand on Global Economic Recovery

Oil prices rose on Monday, extending multiweek gains, amid supply restraint from major producers and growing demand for fuels as economies try to recover from the coronavirus pandemic. Brent crude was up 81 cents, or 1%, at $83.20 a barrel by 0212 GMT, after gaining almost 4% last week. U.S. oil was up $1.15, or 1.5%, at $80.50 a barrel, the highest since late 2014. U.S. crude rose 4.6% through Friday. Prices have risen as more vaccinated populations are brought...

Market Report; 08 October 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 27,205,800 shares in 1,381 deals, corresponding to a market value of KES 1,010,609,179.00, were traded. Compared with the previous NSE trading day (Thursday, October 7), today’s data shows 300% improvement in volume, 291% improvement in turnover, and 62% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.67 trillion. In the aggregate, 47...

Oil Edges Lower Amidst Unexpected Rise in U.S Crude Inventories

Oil prices dropped for a second session Thursday, under pressure from an unexpected rise in U.S. crude stocks that raised concerns over demand after prices rallied to multi-year highs. U.S. crude dipped 0.34% to $77.17 a barrel, extending a fall from late on Wednesday after hitting a seven-year high of $79.78 earlier that day. Brent crude was steady at $81.04 per barrel, off its three-year high of $83.47 also hit on Wednesday. “Commercial stockpiles of...

Wall Street Closes Higher Backed by Growing Optimism Over U.S. Debt-Ceiling Deal

Wall Street ended higher on Wednesday as investors grew more optimistic that congressional Democrats and Republicans could reach a deal to avert a government debt default. Top U.S. Senate Republican Mitch McConnell said his party would support an extension of the federal debt ceiling into December. This would head off a historic default that would exact a heavy economic toll. “McConnell made some dovish comments about temporarily extending the debt ceiling,” said Jay Hatfield, founder...

Market Report; 06 October 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 25,772,600 shares in 923 deals, corresponding to a market value of KES 896,793,858.00, were traded. Compared with the previous NSE trading day (Tuesday, October 5), today’s data shows 154% improvement in volume, 135% improvement in turnover, but 8% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.73 trillion. In the aggregate, 46 NSE equities...

Asian Markets Decline, Japan’s Nikkei 225 Falls

Shares in Asia-Pacific were mostly lower on Wednesday, with major indexes in Japan and South Korea leading losses regionally. Japan’s Nikkei 225 shed earlier gains, falling 1.05% to close at 27,528.87, while the Topix index dipped 0.3% on the day to 1,941.91. South Korea’s Kospi slipped 1.82%, closing at 2,908.31. Hong Kong’s Hang Seng index declined 0.6%, as of its final hour of trading. Shares in Australia also dipped, with the S&P/ASX 200 falling 0.58% to close at 7,206.50. In Southeast Asia,...

MTN Uganda to Sell 20% of its Shareholding to the Public

MTN Uganda is set to sell a fifth of its stake to Kenyan and other East African investors when it floats its initial public offer (IPO) Uganda Securities Exchange (USE) This follows the requisite approval by the Capital Markets Authority and Uganda Securities Exchange for MTN Group to sell 20% of its shareholding in MTN Uganda to the public. MTN Group owns 96% of MTN Uganda. The listing is in line with the Group’s strategic...

Sanlam and Absa to Combine Investment Management Businesses in South Africa

Sanlam, Africa’s largest non-banking financial services group, and Absa, one of Africa’s largest diversified financial services groups, announced that they have reached an agreement to combine their investment management businesses in a transaction which will result in an asset management company with assets under management, administration and advice in excess of 1 trillion rands. The transaction will see Absa exchange its investment management business, Absa Investments, for a stake of up to 17.5% in Sanlam...

U.S Oil Rises to Above $79, the Highest Since 2014 Amidst Global Supply Concern

U.S. oil prices rose for a fifth day on Wednesday to their highest since 2014 amid global concerns about energy supply on signs of tightness in crude, natural gas and coal markets. Brent crude prices also climbed for a fourth day on the supply anxiety, particularly after the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, decided on Monday to say with their planned output increase rather than boosting it...

Guaranty Trust Bank to Receive Kes 1.6 Billion Loan From IFC to Support SMEs

The International Finance Corporation (IFC) is set to lend $15 million (kes1.6 billion) to Guaranty Trust Bank Kenya for onward lending to Small and Medium-sized Enterprises (SMEs). The loan is part of IFC’s funding of financial institutions in emerging markets under its COVID-19 crisis response programme. “The proposed loan of $15 million…is a one-year loan, with the option to be rolled over for an additional year at IFC’s discretion. The loan will provide Guaranty Trust...

Oil Prices Rise Brent Crude Above $81 as OPEC+ Holds Firm on Supply Restraints

Oil prices climbed on Tuesday, hitting their highest levels in at least three years, extending gains triggered during the previous session after the world’s major oil producers announced they had decided to keep a cap on crude supplies. Brent crude was up by 40 cents or 0.5% at $81.66 a barrel by 0341 GMT, having rising 2.5% on Monday. U.S. West Texas Intermediate (WTI) oil rose 30 cents or 0.4% to $77.92, after gaining 2.3%...

Market Report; 04 October 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange  A total of 9,869,400 shares in 1,132 deals, corresponding to a market value of KES 332,796,797.00, were traded. Compared with the previous NSE trading day (Friday, October 1), today’s data shows 84% improvement in volume, 140% improvement in turnover, and 41% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.76 trillion. In the aggregate, 49...

Asian Markets Mixed, Hang Seng Index Drops 2%

Asian markets were mixed in Monday trade, with the Hang Seng index in Hong Kong tumbling more than 2% following its return from a Friday holiday. The Hang Seng index fell 2.19% to 24,036.37, by the market close in Hong Kong. Trading in shares of China Evergrande was halted, as investor concern surrounding the indebted property developer returned. Trading in the shares of Evergrande Property Services was also halted, with the firm saying in an exchange filing that there’s an impending...

Kenya and Uganda Set to Establish a 3RD Point of Entry and Exit to Enhance Trade

Kenya and Uganda have expressed interest in the establishment of the third point of entry and exit (PoEE) at their shared border to enhance trade. Currently, the two East African countries have two major points at the busy Busia and Malaba towns which serve as entry and exit points along the Northern corridor. However, delegations from Kenya and Uganda gave the green light for the establishment of a third PoE at Muluanda area in Samia...

Oil Prices Edge Lower Ahead of OPEC+ Meeting

Oil fell on Monday ahead of a meeting by OPEC and its allies which may determine whether a recent rally in prices amid supply shocks and recovery from the COVID-19 pandemic will be sustained. Brent crude was down 14 cents or 0.2% at $79.14 per barrel by 0505 GMT. It rose 1.5% last week, its fourth weekly gain in a row. U.S. oil dropped by 15 cents or 0.2% to $75.73, after gaining for the past...

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