It’s a new month today & here’s what to know as markets open.
1. East African Breweries Plc closed their books on Friday, as markets open, expect the usual books closure effect of the stock. As an investor, for a company with a high foreign exposure, take note the counter may be hit further today.
2. Kenya Power & Lighting Company Plc released their Half Hear results. The company recorded a 71.8 percent to Sh693 million, continuing the trend of dimming performance in the recent years. Investors in the market may continue to dump the stock thus causing a share price slump. This could also be an opportunity to long term investors who speculate for a turnaround of the company’s financial woes.
3. All government institutions have been given exemptions to publish their results by CMA, Central Bank of Kenya & Capital Markets Authority are also firms which are yet to release their results. The results are, however, marked as unaudited, meaning they are subject to change once the Auditor-General scrutinises them later on. CMA clarified that the firms will not hold annual general meetings using unaudited financials.
4. The NSE opens in the red today after having one of its worst weeks, closing 6% lower on Friday. Most blue-chip companies slumped on prices on reaction to global markets. Today might have an uneven tenion on markets today as Buyside & sellside parties take to test the market limits.
5. The Corona Virus continues to take a toll on global markets with unconfirmed reports indicating Iran knew of the virus before the elections & did nothing about it. Reports indicate that the virus levels in Iran could surpass North Korea, the second highest area of infections outside Mainland China.
