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Oil Prices Edge Lower, as Investors Watch Out on Joint Reserve Release

Oil prices fell on Wednesday as the U.S.-led coordinated release of stocks from strategic reserves eased concerns over tightness in global supply, while investors took profits from the previous day’s rally ahead of the U.S. Thanksgiving holiday. U.S. West Texas Intermediate (WTI) crude futures fell 12 cents, or 0.2%, to $78.38 a barrel at 0122 GMT, reversing out of a 2.3% gain in the previous day. Brent crude futures slid 32 cents, or 0.4%, to $81.99 a...

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 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...

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...

Asia – Pacific Stocks Rise, Hong Kong’s Hang Seng Index Bounces 1.05% Emerging from Bear Market.

Stocks in Asia-Pacific rose on Monday trade as Hong Kong’s Hang Seng index bounced back after falling into a bear market last week. The Hang Seng index rose 1.05% in afternoon trade, as shares of Chinese tech giant Tencent rose nearly 2% while Hong Kong Exchanges and Clearing surged more than 5%. Heavy losses last week left the Hang Seng index more than 20% below its mid-February high as regulatory uncertainty clouded the outlook for Chinese technology companies. Mainland Chinese stocks...

Sameer Africa Reports KSh154 Million Half-Year Profit

Sameer Africa’s half-year net profit for the period that ended on 30th June jumped to KSh154 million from a net loss of KSh59 million in the same period in 2020. The company’s primary business is the importation and sale of tyres. It re-entered the tyre business in Kenya in February this year after a nine-month break, due to sustained demand for Yana Tyres. Sameer’s half-year revenue from the tyre business, real estate business, and agribusiness...

Wall Street Ends Week Higher Despite Growing Inflation Concerns

Stocks on Wall Street climbed on Friday as investors brushed off a stronger-than-expected inflation reading, as both the Dow and S&P 500 indexes clinched their first weekly gain in the past three weeks. Consumer prices, as measured by the personal consumption expenditures (PCE) price index excluding the volatile food and energy components, rose 0.7% in April, topping analysts’ 0.6% estimate and after a 0.4% increase in March. PCE is the Federal Reserve’s preferred measure of...

Oil Slums Amidst Rising U.S Stockpile, COVID-19 Numbers in Asia

Oil prices fell on Thursday after a slump in the previous session, as rising U.S. stockpiles added to concerns about a hit to demand from surging coronavirus infections in Asia and possible U.S. rate hikes. Brent crude was down 6 cents, or 0.1%, at $66.60 a barrel by 0141 GMT, having fallen 3% on Wednesday. U.S. oil fell 7 cents, or 0.1%, to $63.29 a barrel, after a 3.3% drop in the previous session. “A...

Wall Street Ends Lower As Biden “Wealth” Tax Plans Re-emerge

Wall Street was mixed on Thursday on reports President Joe Biden planned to almost double the capital gains tax, news analysts said provided an excuse to take profits in a directionless market ahead of big tech’s earnings next week. The three main indices on Wall Street also fell on reports that Biden planned to raise income taxes on the wealthy, a proposal some said would be hard to pass in Congress. “If it had a...

BOC Posts 82% Jump in Net Profit as Demand for Medical Gas Rises

BOC Kenya, which produces and distributes industrial and medical gases throughout the East African region, has posted impressive results for the year that ended in December 2020. The firm’s net profit rose by 82% to Kes 101.7 million at the end of 2020 from Kes 55.9 million at the end of 2019 as the demand for medical oxygen shot through the roof. BOC recorded a 12.5% rise in revenue to Kes 1.1 billion in 2020 compared...

Wall Street Gains Ahead of Quarterly Earnings Season

Wall Street’s benchmarks, the S&P 500 and the Dow rose on Friday to close at record highs, posting a third straight weekly rise partly on a lift from growth stocks, with a late-day rally building gains ahead of quarterly earnings season next week. Growth names have found their footing over the past two weeks after being outperformed by value stocks for most of the year. A pullback in the 10-year U.S. Treasury yield from a...

Asia – Pacific Markets Mixed as Investors Wait on Wednesday’s Fed Release

Asia-Pacific markets traded mixed on Wednesday as investors wait for the outcome of the U.S. Federal Reserve’s two-day policy meeting later in the day. Australia shares cut back some of their earlier losses as the ASX 200 closed down 0.47% at 6,795.20. The energy and materials subindexes declined 1.19% and 1.46%, respectively as oil and mining stocks broadly declined. Major miners Rio Tinto and BHP closed down 0.95% and 1.64% respectively. The Nikkei 225 in Japan finished near flat at 29,914.33 while the...

Wall Street Gains as Jobs data, Global Equity Markets Regain Ground

Wall Street and a gauge of global equity markets on Friday recovered from earlier losses as investors took stock of a report that showed faster-than-expected U.S. jobs growth but which had previously stoked inflation concerns. Trading was frantic across the globe, as Asian markets dropped overnight while MSCI’s all-country index was on its longest losing streak in six months before clawing back. All three main indexes bounced back from early losses. Investors have been spooked...

Australia, Japan Stocks Flat as Asia – Pacific Markets Close for Lunar Holiday

Shares in Australia and Japan struggled for gains on Friday where trading volume was relatively low as many stock markets in the region are closed for the start of the Lunar New Year holiday. In Australia, the benchmark ASX 200 dropped 0.63% to 6,806.70, with the financials, energy and materials sub indices struggling for gains, among others. The country’s so-called Big Four banks declined. Shares of ANZ see-sawed between gains and losses to trade down...

Oil Extends Losses as OPEC+ and IEA Caution Ends Bull Rally

Oil prices fell a second day on Friday, extending losses after OPEC cut its demand forecast and the International Energy Agency said the market was still over-supplied. Brent crude was down 47 cents, or 0.8% at $60.67 a barrel by 0309 GMT, having dropped half a percent the previous session. U.S. oil was down 53 cents, or 0.9% at $57.71 a barrel, after falling by 0.8% on Thursday. Both benchmarks closed on Wednesday at their highest levels since...

Asian Markets Advance; Shenzhen Leads with Over 2.36% Perfromance

Stocks in Asian markets mostly advanced Tuesday with Chinese mainland shares leading gains. The benchmark Shanghai composite rose 2.01% to 3,603.49 while the Shenzhen component advanced 2.36% to 15,630.57. In Hong Kong, the Hang Seng index rose 0.53% in late-afternoon trade. Japan’s Nikkei 225 gained 0.4% to 29,505.93. South Korean shares slipped as the main Kospi index declined 0.21% to 3,084.67. Australia’s S&P/ASX 200 also fell 0.86% to 6,821.20, with most sectors in the red, while major indexes in India rose in afternoon...

Oil Gains on Monday as Stimulus Checks & Oil Cuts Rallies Markets

Oil prices rose on Monday, with Brent futures nearing $60 a barrel, boosted by supply cuts among key producers and hopes for further U.S. economic stimulus measures to boost demand. Brent crude for April touched a high of $59.95 a barrel and was at $59.85 by 0041 GMT, up 51 cents, or 0.9%. Front-month prices last hit $60 on Feb. 20, 2020. U.S. West Texas Intermediate crude futures advanced 54 cents, or 1%, to $57.39 a...

NSE Weekly Market Review – Week 05, 2021

Backed by a slight rise in stock prices, the market capitalization of the Nairobi Securities Exchange (NSE) posted a rise this week to Kes 2.41 Trillion from the Kes 2.39 Trillion recorded in the previous week. This was backed by the price gain of East African Breweries Plc and the downside resistance of Safaricom Plc and  the major banking counters. The overall market activity was up, with the equity turnover increasing by 24.25% to Kes.3.13...

Oil Climbs to Highest in One Year on Signs of Global Economic Rebound

Oil prices climbed on Friday to their highest levels in a year, extending a run of strong gains this week, boosted by the continued commitment of producers to hold back crude supply and positive signs of economic growth in the United States. U.S. West Texas Intermediate (WTI) crude futures jumped 51 cents, or 0.9%, to $56.73 a barrel by 0210 GMT, after touching a high of $56.75, the most since Jan. 22 last year. The benchmark contract...

Crude Oil Prices Continue Gain As Data Shows Decline in U.S Inventories

Oil prices rose in Asia on Wednesday after hitting their highest in about a year in the previous session, supported by an unexpected draw in U.S. crude stockpiles and an OPEC+ estimate of a global oil market deficit this year. Market sentiment was bolstered by news that Democrats in the U.S. Congress took the first steps toward advancing President Joe Biden’s proposed $1.9 trillion coronavirus aid plan without Republican support. U.S. West Texas Intermediate (WTI)...

Asian Markets Trade Higher on Overnight Wall Street Jump

Stocks in the Asian – Pacific regions rose on Tuesday following an overnight jump on Wall Street. The Shenzhen component in mainland China saw robust gains as it rose 2.073% on the day to 15,335.66. The Shanghai composite advanced 0.81% to 3,533.68. Hong Kong’s Hang Seng index was 1.15% higher, as of its final hour of trading. The Taiex in Taiwan also saw strong gains as it rose 2.27% to close at 15,760.05 while in South Korea’s Kospi jumped 1.32% to end its...

Asian Markets Surge as Silver Prices Gain over 10 Percent in Trading Hours

Asian stock markets posted a surg on Monday as silver prices saw strong gains. South Korea’s Kospi led gains among the region’s major markets, jumping 2.7% to close at 3,056.53 as shares of biopharmaceutical firm Celltrion soared 14.51%. Hong Kong’s Hang Seng index also saw robust gains, advancing 2.15% to finish its trading day at 28,892.86. Mainland Chinese stocks nudged higher on the day as the Shanghai composite rose 0.64% to 3,505.28 while the Shenzhen component advanced...

Asian Markets Mostly High; Alibaba Soars Following Jack Ma’s First Public Re-Appearance

Stocks in major Asia-Pacific markets were mostly higher on Wednesday, with Hong Kong-listed shares of Chinese tech juggernaut Alibaba surging following the reappearance of founder Jack Ma. Shares of Alibaba listed in the city surged 8.52% after Ma appeared in a video posted on Chinese social media addressing rural teachers as part of one of his charity foundation’s initiatives. It was his first appearance following weeks out of the spotlight as his companies face increased regulatory scrutiny. Shares...

Asian Markets Mixed as Chinese Tech Stocks Follow Wall Street Rally

Markets across Asia-Pacific were mixed on Wednesday, as developments turned the focus on Chinese tech giants and regional energy stocks. Shares of Chinese tech giants Tencent and Alibaba were monitored by investors on Wednesday after U.S. President Donald Trump signed an executive order banning transactions with eight Chinese software applications. That included WeChat Pay and Ant Group’s Alipay. The order is only set to go into effect after Trump leaves office. Shares of Tencent and Alibaba in Hong Kong on Wednesday...

Market Report: July 09, 2020

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 47,288,500 shares in 1,418 deals, corresponding to a market value of KES 1,294,185,188.00, were traded. Compared with the previous NSE trading day (Wednesday, July 8), today’s data shows 59% improvement in volume, 57% improvement in turnover, but 10% decline in deals. The current NSE market capitalization is KES 1.99 trillion. In the aggregate, 50 NSE listed equities participated in...

ScanGroup Declares Kes 8.00 Dividend

WPP Scangroup Plc yesterday declared a special dividend of KES 8.00 per share following the disposal of its marketing research operations. The transaction by WPP Scangroup follows the disposal by WPP plc of a 60% stake disposal in Kantar operations to Bain Capital Private Equity in July 2019. The company had earlier said it would distribute at least Sh2 billion or Sh4.7 per share from the proceeds arising from the sale of its Kantar business...

Market Report: July 06, 2020

At the end of the first weekday of trading on the Nairobi Securities Exchange (NSE). A total of 22,303,800 shares in 1,238 deals, corresponding to a market value of KES 553,494,555.00, were traded. Compared with the previous NSE trading day (Friday, July 3), today’s data shows 256% improvement in volume, 266% improvement in turnover, and 21% improvement in deals. The current NSE market capitalization is KES 2.07 trillion. In the aggregate, 45 NSE listed equities...

Warren Buffet’s massive cash Pile now at a record $137 billion.

Buffett, who will host Berkshire’s annual meeting virtually later Saturday, has largely stayed in the shadows as the pandemic hammered the global economy and stock markets. That’s a contrast to the financial crisis in 2008, when his Omaha-based company dipped into its vast cash reserves to gain lucrative preferred shares and rescue businesses teetering on the edge of collapse. While Berkshire’s operating earnings climbed in the first quarter, Buffett warned of pain from the virus’s fallout.

Peter Ndegwa Officially takes over as Safaricom’s CEO

Peter Ndegwa is the third substantial chief executive of the company following in the footsteps of Joseph ( 2000-2010 ) and the late Collymore (November 2010-July 2019 ). He has a big shoe to fill owing to his predecessors’ success at the Nairobi Securities (NSE)-listed telco, which has remained a leading service provider, accounting for 64.8 per cent of mobile subscriptions in the country.

Absa FY 2019 Normalized Profit after tax up 15% to Kes 8.5 billion

The Bank costs were well managed at Kshs17.3 billion reflecting a 1% increase year on year largely because of spend discipline and cost saves initiatives. The cost saves initiatives included automation of the processing centres, investment in alternative channels and branch rationalization programs. The savings derived were used to fund sustainable investments especially in automation and digitization.

Equity Group Net Earnings Up 14% to Kes 22.6 Billion, Dividend Increased 25pc

The Group continued to maintain an agile balance sheet with a liquidity of 52.1%, a loan deposit ratio of 75.9% and a core capital to risk weighted asset ratio of 19.8%. The balance sheet reflects solid diversified funding with customer deposits constituting 72% of the total funding, shareholders and long-term borrowing contributing 17% and 8% respectively. Net loans constituted 54% of the total assets while government securities and cash and cash equivalents contributed 26% and 13% of the total asset allocation respectively.

Investment strategies during Economic and Environmental Uncertainty

The whole world is on the watch. So many things seem to be happening at the same time and many people are in panic. The fear of COVID19 has forced many businesses to a temporarily closure – especially those involved in international trade. Businesses that depend on importation have been stunted and the uncertainty of when things will be stable again has caused a level of frenzy. To worsen things, the foreign exchange market has...

Morning Note: Grim Outlook, Uncertainties Tighten Grip on Markets

Data from the NSE shows the dividends as a percentage of share price (dividend yields) for 18 listed firms range between 7.3 and 19.7 percent, having gone up as the share prices fell in the past two weeks. The government is paying 7.3 percent for the risk free three-month Treasury bill, 8.2 percent for the six-month and 9.3 percent for the one-year paper. Investors in the stock market earn a return on capital when share prices go up, better known as capital gains, or through dividend payouts.

Market Report: 18 March, 2020

At the end of today’s trading session on the Nairobi Securities Exchange (NSE). A total of 35,255,300 shares in 1,061 deals, corresponding to a market value of KES 1,236,498,914.00, were traded. Compared with the previous NSE trading day (Tuesday, March 17), today’s data shows 129% improvement in volume, 215% improvement in turnover, and 10% improvement in deals. The current NSE market capitalization is KES 2.03 trillion. In the aggregate, 42 NSE listed equities participated in...

Capital Markets Operations to Continue Normally Despite COVID-19 in Kenya – CMA

In line with the mandate of ensuring an orderly, fair and efficient market as well as protection of investors, the capital markets industry is working jointly to ensure that market activities continue normally as Kenya copes with the devastating effects COVID-19 is having on the global economy and after the confirmation of a few known cases in the country reported to date. The Capital Markets Authority (CMA), Nairobi Securities Exchange (NSE), Central Depository and Settlement...

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