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Market Report; 02 December 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,903,500 shares in 1,330 deals, corresponding to a market value of KES 532,185,144.00, were traded. Compared with the previous NSE trading day (Wednesday, December 1), today’s data shows 5% improvement in volume, 7% decline in turnover, but 23% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.46 trillion. In the aggregate, 47 NSE equities...

Britam’s  CEO Tavaziva Madzinga Quits after 10 Months in Office

Kenya’s financial services group Britam Holdings has announced the shock resignation of its managing director, Tavaziva Madzinga, after less than one year in office. The announcement comes barely 10 months after he joined the company on 1st February 2021 following the retirement of Dr Benson Wairegi who had served in the company for more than four decades. In a statement, Britam said thatTavaziva Madzinga will officially exit the listed firm in April 2022 to pursue another business...

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 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....

ABSA Bank Kenya Reports 846% Rise in Profit to Kes 5.6 Billion

Absa Bank Kenya Plc has reported its financial results for the first six month period ended 30th June 2021, outperforming its peers to post 846% growth in Profit After Tax to Kes 5.6 billion compared to Kes 0.6 Billion in the same in 2020. The impressive performance was mainly driven by growth in interest income, particularly in the small and medium enterprises segment, as the Bank accelerated its efforts in supporting businesses to recover from...

Asian Markets Edge Lower, South Korea Hikes Interest Rates

Asia-Pacific markets mostly declined on Thursday despite overnight gains on Wall Street, while South Korea became the first major economy to raise interest rates during the pandemic. The Bank of Korea raised its base rate by 25 basis points to 0.75% for the first time in nearly three years. South Korean stocks were mixed. The benchmark Kospi fell 0.58% to 3,128.53 while the Kosdaq gained 0.26% to 1,020.44. The Korean won weakened against the dollar following the rate hike,...

Market Report; 11 August 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 11,895,500 shares in 953 deals, corresponding to a market value of KES 523,364,684.00, were traded. Compared with the previous NSE trading day (Tuesday, August 10), today’s data shows 44% decline in volume, 3% decline in turnover, and 24% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.74 trillion. In the aggregate, 48 NSE equities...

Kenya-Re Appoints Jennifer Karina as Board of Directors Chair

Mrs Jennifer Karina has been appointed as the chairperson of the Board of Directors at Kenya Reinsurance Corporation, with effect from 8th July 2021. Jennifer Karina has been in corporate leadership for over 40 years. She is a Psychologist, Certified Professional Coach, Energy Leadership Practitioner, acclaimed Speaker& Author.  She is a thought leader in Relationship Strategies and has been a Researcher for over three decades. Additionally, she is the founder and Lead Coach of Anchor...

Asian Stocks Rise, Japan’s Nikkei 225 Lead Gains

Shares in Asia-Pacific largely rose on Tuesday, with shares in Japan leading gains among the region’s major markets. In Japan, the Nikkei 225 jumped 3.12% to close at 28,884.13, largely recovering from a more than 3% tumble on Monday. The Topix index gained 3.16% to 1,959.53. Mainland Chinese stocks edged higher on the day as the Shanghai composite gained 0.8% to 3,557.41 while the Shenzhen component rose 0.376% to 14,696.29. Hong Kong’s Hang Seng index lagged the broader region’s gains, slipping about 0.3% as...

Market Report; 16 June 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 14,611,100 shares in 857 deals, corresponding to a market value of KES 498,048,099.00, were traded. Compared with the previous NSE trading day (Tuesday, June 15), today’s data shows 20% improvement in volume, 42% improvement in turnover, but 8% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.65 trillion. In the aggregate, 47 NSE listed...

Abojani to Offer Free Masterclass on Investing in the US Markets this Saturday

Abojani Investment, a Nairobi based, diversified digital-first personal finance company, will host the Kenyan-born US Based financial educator Peter Njoroge on the Saturday, the 19th of June from 3pm East African Time in an online webinar on investing in offshore shares such as Amazon, Apple and Zoom. In the webinar, Kenyans interested in diversifying their investment portfolios in the US market will get an opportunity to learn how to get started in a layperson’s language....

Nation Media Share Buyback set for Kes 25 per Share.

Nation Media Group (NMG) Board of Directors has recommended that the firm’s shareholders effect the Share Buyback plan by way of open market purchases through on the Nairobi Securities Exchange (NSE). The share buy back is subject to shareholder approval at the next Annual General Meeting(AGM), to be held virtually at 3.00 pm on Friday, June 25th 2021. On February 25th 2021, the nation media group house board of directors first announced the share buyback plan...

Gold Extends Gain Amidst a Weakening Dollar,  Inflation Concerns

Gold prices inched up on Wednesday, hovering near a four-month high on a weaker dollar, while investors awaited minutes from the U.S. Federal Reserve’s last policy meeting as inflation worries persist. Spot gold was up 0.1% at $1,870 per ounce by 0044 GMT, after hitting its highest since Jan. 29 at $1,874.80 in the previous session. U.S. gold futures rose 0.1% to $1,869.60 per ounce. The dollar index held close to a near three-month low...

Market Report; 18 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 13,190,600 shares in 1,051 deals, corresponding to a market value of KES 472,964,050.00, were traded. Compared with the previous NSE trading day (Monday, May 17), today’s data shows 57% decline in volume and 57% decline in turnover. The current market capitalization of the Nairobi Securities Exchange is KES 2.47 trillion. In the aggregate, 49 NSE listed equities participated in trading,...

KenGen’s US$6.5 Million Djibouti Power Project begins Next Month

Kenya Electricity Generating Company(KenGen) is set to begin drilling works on the $6.5 Million(Kes 709.8 Million) Geothermal Power Project, starting June this year. This International contract was awarded to the Kenyan electricity giant company three months ago, following an agreement with the Djiboutian Office of Geothermal Energy Development (ODDEG). The project involves drilling three geothermal wells at the Galla Le Koma geothermal field in the Lake Assal region. This is the power generating company’s third geothermal drilling...

Market Report; 12 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 11,113,200 shares in 872 deals, corresponding to a market value of KES 349,087,720.00, were traded. Compared with the previous NSE trading day (Tuesday, May 11), today’s data shows 50% decline in volume, 61% decline in turnover, and 15% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.54 trillion. In the aggregate, 49 NSE listed...

Oil Edges Higher Amidst a Drop in U.S Crude Inventories.

Oil prices rose on Wednesday after a drop in U.S. crude inventories reinforced OPEC’s robust demand outlook, while the market awaited fresh updates on the Colonial Pipeline outage. U.S. West Texas Intermediate (WTI) crude futures rose 29 cents, or 0.44%, to $65.57 a barrel at 0646 GMT, adding to a 36 cent rise on Tuesday. Brent crude futures climbed 31 cents, or 0.45%, to $68.86 a barrel, adding to a 23 cent gain on Tuesday....

Market Report; 11 May, 20221

At the end of today’s trading session on the Nairobi Securities Exchange A total of 22,385,500 shares in 1,030 deals, corresponding to a market value of KES 906,173,194.00, were traded. Compared with the previous NSE trading day (Monday, May 10), today’s data shows 37% decline in volume, 33% decline in turnover, but 1% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.56 trillion. In the aggregate, 44 NSE listed...

Asian Markets Edge Lower  after U.S Tech Sell-off

Most Asia-Pacific markets came under pressure on Tuesday, following a sell-off in tech stocks that weighed down major U.S. indexes overnight. Stocks in Taiwan led declines across the region, with the benchmark Taiex ending the trading session 3.79% lower. Japanese stocks also recorded losses with Nikkei 225 shedding 3.08% at the close, while the Topix moved 2.37% lower. South Korea’s Kospi ended 1.23% lower. In Australia, the ASX 200 inched down 1.06% ahead of the government’s budget announcement on Tuesday evening....

Kenya Suspends Flights to and From Somalia

The Kenya Civil Aviation Authority has suspended all flights to and from Somalia. In a notice issued to airmen on Tuesday, the Kenya Civil Aviation Authority said it had suspended all flights to and from Somalia with immediate effect. “All flights between Kenya and Somalia are suspended except medevac flights and UN humanitarian flights,” the notice read. The aviation authority did not give any reason for the suspension. However, the Aviation Authority Director General Captain...

Oil Prices Decline as Pipeline Outage Worries Investors

Oil prices fell on Tuesday as the prospect of the main U.S. East Coast gasoline pipeline remaining shut for the rest of this week led some U.S. Gulf Coast refiners to cut output, denting their appetite for crude. U.S. West Texas Intermediate (WTI) crude futures fell 40 cents, or 0.6%, to $64.52 a barrel at 0247 GMT, after gaining 2 cents on Monday. Brent crude futures dropped 45 cents, or 0.7%, to $67.87 a barrel, after climbing...

Market Report; 10 May, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 35,760,700 shares in 1,016 deals, corresponding to a market value of KES 1,347,748,767.00, were traded. Compared with the previous NSE trading day (Friday, May 7), today’s data shows 25% improvement in volume, 34% improvement in turnover, but 11% decline in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.59 trillion. In the aggregate, 44...

Asian Stock Markets Mainly Higher, Despite a Lower than Expected U.S Job Reports

Stock markets in Asia-Pacific were broadly higher on Monday, shrugging off the weaker-than-expected April U.S. jobs reports; while oil futures advanced. South Korea’s Kospi was one of the largest gainers, rising 1.6% in the first session of the week. In Japan, the Nikkei 225 rose 0.5% and the Topix jumped 1%. Greater China markets were mixed. The Shanghai composite was marginally up by 0.1%, while stocks in Shenzen jumped 0.2%. Hong Kong’s Hang Seng Index fell 0.3%. Last week, the widely watched U.S. jobs report for...

KQ Signs Interline Deal with South Africa’s regional carrier Airlink

National carrier Kenya Airways (KQ) has signed an interline agreement with South Africa’s regional carrier, Airlink. The deal will enable Kenya Airways customers flying to South Africa to connect with Airlink operated flights to Windhoek, Durban, Gaborone, Maseru, Pemba, Maputo, and Port Elizabeth. The agreement will also enable Airlink passengers to book a through ticket to Nairobi, Kenya, and enjoy connections to other KQ destinations within Africa. These include Entebbe, Dar es Salaam, Kigali, Kinshasa,...

Ether Soars Above $4,000 a New all time High.

Ether[ ETH], the second-largest cryptocurrency by market capitalization, has reached an all-time high of $4,000. As of 10.00 A.M East African Time, ether was trading at $4,130.26, a 4% gain. ETH, which has been on a gaining streak over the past weeks, recorded a 36% weekly gain. The digital currency’s gain has been powered by speculation from new market entrants betting known as decentralized finance( Defi), which consists of blockchain-based trading and lending platforms that...

Market Report; 06 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 17,803,700 shares in 992 deals, corresponding to a market value of KES 728,187,586.00, were traded. Compared with the previous NSE trading day (Wednesday, May 5), today’s data shows 136% improvement in volume, 192% improvement in turnover, and 4% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.57 trillion. In the aggregate, 46 NSE listed equities participated...

Asian Stocks Mixed, Ahead of U.S Job Report

Asia-Pacific stock markets traded mixed on Thursday as investors look ahead to the U.S. jobs report due later this week for clues about how long the Fed will stay on hold. Japanese markets returned to trade for the first time this week after being closed for public holidays. The benchmark Nikkei 225 jumped 1.8%, trimming some of its earlier gains, while the Topix index was up 1.66%. South Korea’s Kospi, which was also closed in the previous session,...

Oil Prices Slump, U.S Gasoline Inventories Rise

Oil prices fell on Thursday as gasoline inventories in the United States, the world’s largest oil consumer, rose for a fifth consecutive week, although a draw in crude stockpiles helped support prices. Brent crude futures fell by 16 cents, or 0.2%, to $68.80 barrel by 0123 GMT U.S. West Texas Intermediate (WTI) crude futures dropped by 20 cents, or 0.3%, to $65.43 a barrel. Effect of rise in U.S Gasoline inventorie “Oil prices fell in...

Market Report; 05 May, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 7,540,900 shares in 955 deals, corresponding to a market value of KES 249,384,421.00, were traded. Compared with the previous NSE trading day (Tuesday, May 4), today’s data shows 47% decline in volume, 50% decline in turnover, and 3% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.56 trillion. In the aggregate, 43 NSE listed equities participated...

Asian Markets Rise Despite Wall street Decline.

Australian shares rose on Wednesday while some of the other major Asia-Pacific markets are closed for the day. The benchmark ASX 200 traded 0.7% higher at 7,117.60, with the heavily-weighted financials subindex up 0.84%. Energy and materials were up 0.9% and 1.2%, respectively as major miners and oil stocks mostly advanced. In Taiwan, the Taiex was up 0.36% while Hong Kong’s Hang Seng index rose 0.09%. Singapore’s Straits Times index declined 0.82%. The city-state said Tuesday that it will tighten social restrictions after detecting within...

Oil Prices Edge Higher after a Steep Decline in U.S Stockpiles.

Oil prices edged higher on Wednesday, extending gains from the previous session after industry data indicated U.S. crude stocks fell much more than expected last week, reinforcing bullish views on fuel demand in the world’s largest economy. U.S. West Texas Intermediate (WTI) crude futures rose 48 cents, or 0.7%, to $66.17 a barrel at 0440 GMT, after climbing to $66.58, a level not seen since March 8. Brent crude futures were up 49 cents, or...

Kenya and Tanzania Sign Kes121 Billion Gas Pipeline Deal.

Kenya and Tanzania have signed a multimillion-dollar deal for a gas pipeline that will run between the coastal cities of Mombasa and Dar es Salaam. Tanzanian President Samia Suluhu made her first trip to Kenya on Tuesday on the invitation of President Uhuru Kenyatta, during which the deal was signed. “We are friends in East Africa. Kenya leads in investments in my country Tanzania, and has invested in 513 projects worth $1.7 billion, providing employment...

Asian Pacific Stocks Mixed Amidst Inflation Concerns.

Stocks in Asia-Pacific were mixed in Tuesday afternoon trade with major markets in Japan and China still closed for holidays. Hong Kong’s Hang Seng index rose 0.25% by the afternoon. In Taiwan, the Taiex looked poised for another day of losses as it dropped 2.05%. Over in South Korea, the Kospi slipped 0.23%. In Australia, the S&P/ASX 200 edged 0.43% higher. Investors also continued to monitor the Covid-19 situation in India as it shows little signs of slowing down. The World Health Organization said...

Oil Edges Higher, Investors Focus on Europe Demand Prospects.

Oil prices added to overnight gains on Tuesday, as more U.S. states eased lockdowns and the European Union sought to attract more travellers, which would help offset weakened fuel demand in India as COVID-19 cases soar. Brent crude futures rose 14 cents, or 0.2%, to $67.70 a barrel at 0150 GMT, after climbing 1.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures also rose 14 cents, or 0.2%, to $64.63 a barrel, after gaining 1.4% on...

Market Report; 03 May, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange. A total of 5,630,300 shares in 847 deals, corresponding to a market value of KES 187,067,094.00, were traded. Compared with the previous NSE trading day (Friday, April 30), today’s data shows 58% decline in volume, 60% decline in turnover, and 11% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.56 trillion. In the aggregate, 46 NSE listed...

Asian Markets Mostly Lower, Hong Kong Leads Losses.

Asian stock markets are mostly lower on Monday, following broadly negative cues from Wall Street on Friday. The markets are cautious amid the surge in coronavirus cases in the region, particularly in Japan and India, as well as the possibility of lockdowns in several markets. A couple of major markets are also closed for a holiday. Asian markets closed mostly lower on Friday. In Hong Kong, the Hang Seng index was among the biggest losers regionally as...

Ether Breaks above $3K , Top Nigerian Hotel Accepts Payment in Bitcoin

Ether  (ETH), the second-largest cryptocurrency by market capitalization, went above $3,000 Sunday for the first time in history. At press time, ether’s changing hands at $3,085.97, up more than 5.6%  in the past 24 hours. Ether’s impressive gains came as the demand for digital currency has soared. The total market capitalization for decentralization finance (DeFi) recently hit above $100 billion, with some of the most popular DeFi projects built on the Ethereum blockchain. Currently, there...

Asian Markets Edge Lower, Amidst Uncertainty on Global Economic Recovery

Asia-Pacific markets struggled for gains Friday as investors turned cautious, despite a positive finish stateside in the previous session. Australia’s ASX 200 fell 0.7% as all sectors turned red. Energy and materials were down 1.4% and 0.92%, respectively, while the heavily-weighted financials subindex lost 0.46%. The Japanese market returned to trade after being closed Thursday for a holiday. The benchmark Nikkei 225 was down 0.43%, while the Topix index traded near flat. In South Korea, the Kospi...

Standard Group Records a Loss of Kes 434 Million for FY2020

Standard Group Plc Posted a loss before tax of Kes 434 million during the financial period ended 31st December 2020, a 36% improvement from the Kes 684 million posted during the same period in 2019. The group attributed the results to the economic hardship brought about by the onset of the COVID-19 pandemic, which resulted in the government enforcing lockdowns and curfews to contain the spread of the coronavirus. The media industry was adversely affected...

Oil Prices Slip From a Six Week High, Rising Cases of COVID-19 Outweighs Demand Outlook

Oil prices slipped on Friday after touching their highest in six weeks as concerns of wider lockdowns in India and Brazil to curb the COVID-19 pandemic offset a bullish outlook on summer fuel demand and economic recovery. Brent crude fell 26 cents, or 0.4 per cent, to $68.30 a barrel by 0041 GMT, the last day’s trading for the front-month June contract. U.S. West Texas Intermediate crude for June was at $64.73 a barrel, down...

Market Report; 29 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 15,202,300 shares in 1,033 deals, corresponding to a market value of KES 543,474,930.00, were traded. Compared with the previous NSE trading day (Wednesday, April 28), today’s data shows 2% decline in volume, 7% improvement in turnover, and 24% improvement in deals. The current NSE market capitalization is KES 2.55 trillion. In the aggregate, 45 NSE listed equities participated in trading,...

Oil prices Gain as Demand Outlook Grows Despite Rising COVID-19 Cases.

Oil prices extended gains on Thursday after rising 1% the previous session, as bullish forecasts on recovering demand this summer offset concerns of rising COVID-19 cases in India, Japan and Brazil. Brent crude for June edged up 8 cents, or 0.1%, to $67.35 a barrel by 0104 GMT. U.S. West Texas Intermediate crude for June was at $63.98 a barrel, up 12 cents, or 0.2%. OPEC, Russia and their allies, a group known as OPEC+,...

Market Report; 28 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 15,524,400 shares in 836 deals, corresponding to a market value of KES 509,974,469.00, were traded. Compared with the previous NSE trading day (Tuesday, April 27), today’s data shows 15% decline in volume, 3% decline in turnover, and 14% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.53 trillion. In the aggregate, 45 NSE listed equities participated...

Kengen Set to Receive Kes 23 Billion Debt Payment from KPLC.

The government has stated it will ensure Kenya Power pays its debt to KenGen and other power producers. This comes after concerns were raised that the electricity distributor’s default could hurt the entire supply chain if it is not resolved in the near term. As of June 2020, Kenya power owed Kes 23.9 billion to the energy distributor, the largest claim yet. KPLC also owes independent power producers Kes 20.5 billion even though it was...

Asian Pacific Stocks Mixed Ahead of U.S Fed Meeting

Shares in Asia-Pacific were mixed on Wednesday; however, already-high valuations ahead of the U.S. Federal Reserve’s latest policy decision capped gains. In Japan, the Nikkei 225 rose by 0.21% to close at 29,053.97, while the Topix index gained a profit of 0.29% to finish its trading day at 1,909.06. Japan’s retail sales rose 5.2% in March as compared with a year ago, according to government data. That was higher than a median market forecast for...

Ether Jumps to all Time High of $2,700, Bitcoin Hits $55K Mark

Ethereum, the second-largest cryptocurrency by market capitalization, was up on Wednesday, trading around $2,589.10 as of 10.00 A.M  East African Time, a 1.4% rise following a more than 5% rally the previous day.   Ether rose Tuesday to a record high price near $2,700 after a powerful three-day rally.   The new high came after three straight daily gains totalling 19%. The move extended the cryptocurrency’s stunning rally this year. On Tuesday, Bloomberg reported that...

Market Report; 27 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 18,300,200 shares in 970 deals, corresponding to a market value of KES 528,012,681.00, were traded. Compared with the previous NSE trading day (Monday, April 26), today’s data shows 50% improvement in volume, 31% improvement in turnover, and 3% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.51 trillion. In the aggregate, 44 NSE listed equities participated...

Asian Pacific Stocks Edge Lower Amidst Concerns About the Pandemic

Shares in Asia-Pacific were lower in Tuesday trading as concerns about the pandemic continued to linger. In Japan, the Nikkei 225 shed 0.15% while the Topix index shed 0.44%.   The Bank of Japan on Tuesday announced its decision to keep monetary policy steady. The Japanese central bank also revised downward its forecast for core inflation in the fiscal year 2021 to 0.1% from the 0.5% projected in January. Multiple regions, including Tokyo and Osaka, were recently...

Oil Prices Edge Higher ahead of OPEC+ Meeting

Oil was up Tuesday morning in Asia, bouncing back from the previous session’s drops. However, investors remained concerned about fuel demand recovery as the number of COVID-19 cases in India, the world’s third-biggest crude importer, continues to increase. Brent crude was up 36 cents, or 0.6%, at $66.01 a barrel by 0334 GMT, after dropping 0.7% on Monday. While U.S. WTI gained 36 cents, or 0.6%, to $62.27, having declined by 0.4% the previous session...

Market Report; 26 April, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 12,204,800 shares in 939 deals, corresponding to a market value of KES 402,037,402.00, were traded. Compared with the previous NSE trading day (Friday, April 23), today’s data shows 19% improvement in volume, 6% improvement in turnover, but 9% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.5 trillion. In the aggregate, 47 NSE listed...

Bitcoin Climbs Above $52K , Valkyrie Digital Assets to Launch Bitcoin ETF

For the first time in six days, Bitcoin rose past $52,000 as bulls pushed prices higher in early Asia trading hours Monday. In a rally that appeared to start around 22:00 UTC (6 p.m. ET) on Sunday, bitcoin (BTC) bounced off a seven-week low around $47,655, subsequently printing some of its largest hourly gains in two days. The largest cryptocurrency is now exchanging hands at $52 792.14 as of 9.00 AM East African Time.  ...

Asian Stock Markets Hit Six Week High, Investors Watch Out For U.S GDP Data.

Asian stocks climbed to six-week highs on Monday amid signs the world economic recovery was still well on track, though rising COVID-19 cases in the region weighed on sentiment, pushing oil prices lower. In morning trade, the Nifty 50 in India jumped about 1.2%, while the BSE Sensex advanced 1.32%.   Elsewhere regionally, the Nikkei 225 in Japan gained 0.65%, while the Topix index rose 0.38%. South Korea’s Kospi advanced 0.76%. Mainland Chinese stocks also...

Market Report: 23 April, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange  A total of 10,296,000 shares in 1,030 deals, corresponding to a market value of KES 378,565,951.00, were traded. Compared with the previous NSE trading day (Thursday, April 22), today’s data shows 2% decline in volume, 4% improvement in turnover, and 9% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.5 trillion. In the aggregate, 46 NSE listed...

KQ Signs Deal With Congo Airways to Expand Reach

Kenya’s national carrier Kenya Airways Plc [KQ] and DR Congo national carrier have signed a partnership agreement. The partnership, which was signed on Thursday, will make it easier for the KQ customers to access Kinshasa directly from Nairobi and ply Africa and international routes jointly. The partnership agreement was signed by Kenya Airways Group CEO Allan Kilavuka and his Congo Airways counterpart Desire Balazire Bantu. Present during the signing ceremony were Foreign Affairs CS Raychelle...

Oil Gains 0.3% as Demand Builds up in Europe

Oil prices rose on Friday on hopes of a fuel demand recovery in the United States and Europe as economic growth picks up and lockdowns ease, but worries about India’s raging second wave of COVID-19 cases kept a lid on gains. Brent crude futures rose 21 cents, or 0.3%, to $65.61 a barrel at 0137 GMT, after climbing 8 cents on Thursday. U.S. West Texas Intermediate (WTI) crude futures jumped 29 cents, or 0.5%, to $61.72...

Market Report; 22 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 10,457,000 shares in 947 deals, corresponding to a market value of KES 362,499,710.00, were traded. Compared with the previous NSE trading day (Wednesday, April 21), today’s data shows 69% decline in volume, 66% decline in turnover, and 25% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.5 trillion. In the aggregate, 43 NSE listed equities participated...

Market Capitalization Increases by 20.88 %  in Q1 2021.

Market performance at the Nairobi Securities Exchange has shown considerable improvement on both equities and bonds according to data from the Capital Markets Authority Quarterly Statistical Bulletin. The Authority said Market capitalization increased by 20.88% to Kes. 2.44 trillion registered in Q1. 2021 from Kes. 2.01 trillion in Q1. 2020. This same trajectory was also recorded when compared against the quarter ended December 2020. End of the first quarter of 2021, market capitalization recorded a...

Asian Markets Rise, Japanese Shares Lead Gains

Stocks in Asia-Pacific rose on Thursday, with Japanese shares leading gains among the region’s major markets. The Nikkei 225 in Japan jumped 2.38% to close at 29,188.17, recovering partially from two days of losses earlier in the week. The Topix index gained 1.82% to finish the trading day at 1,922.50. South Korea’s Kospi closed 0.18% higher at 3,177.52. Stocks in mainland China closed mixed: The Shanghai composite slipped 0.23% to 3,465.11 while the Shenzhen component rose 0.412% to 14,209.44....

Daniel Mminele Steps Down as Absa Group Chief Executive

Absa Group has announced the resignation of the Group Chief Executive Daniel Mminele. In a statement issued by the group, Absa said they had reached an agreement with Daniel Mminele to step down as a director and Group Chief Executive and will be leaving the group with effect from 30 April 2021. Daniel Mminele joined the Group as Group Chief Executive on 15 January 2020. He led the Group through the COVID-19 crisis, which saw...

Gold Gains 0.1% on Weakening U.S Dollar, Rising Treasury Yields

Gold prices rose on Thursday to hover near an eight-week high touched in the last session, as a sagging dollar and weaker U.S. Treasury yields boosted the metal’s appeal, while palladium held close to an all-time high hit in the previous session. Spot gold was up 0.1% at $1,794.67 per ounce by 0115 GMT, after hitting its highest since Feb. 25 at $1,797.41 on Wednesday as U.S. gold futures rose 0.1% to $1,795.40 per ounce. Palladium...

Bamburi Cement Post kes 1.12 Billion Profit for FY2020

Bamburi Cement has posted a profit after tax of Kes 1.12 Billion the financial period ended 31st December 2021, a 212% growth in revenue from the Kes 359 million that was posted during the same period in 2019. Group Revenue in the company declined by 5% to Kes 34.88 billion during the financial period ended 31st December 2020 compared to Kes 36.89 billion in 2019. The decline was attributed to the 13% slump in revenue...

Wall Street Rebounds, Nasdaq Leads Index Rally, Netflix Plummets 7% on Earnings

Wall Street rebounded on Wednesday after a two-day decline in a broad rally as a tilt toward stocks poised to benefit from a recovering economy offset Netflix Inc’s sell-off after its disappointing results a day earlier. Shares of Netflix slumped 7.4%, one of the largest on wall street after the world’s largest streaming service said slower production of TV shows and movies during the pandemic hurt subscriber growth in the first quarter. Netflix’s results dashed...

Market Report; 21 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 33,717,000 shares in 1,261 deals, corresponding to a market value of KES 1,060,895,182.00, were traded. Compared with the previous NSE trading day (Tuesday, April 20), today’s data shows 117% improvement in volume, 120% improvement in turnover, and 19% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.51 trillion. In the aggregate, 46 NSE listed equities participated...

EGM Securities To Offer NSE Derivatives

Traders will now be able to buy and sell derivative contracts on the NSE derivatives market through an online platform after EGM Securities gained approval to perform the transactions. According to a statement released by the Nairobi Securities Exchange, EGM clients will be able to trade “futures contracts on the six most traded Kenyan stocks, namely: British American Tobacco Kenya, KCB Group Plc, Equity Group Holdings, Safaricom PLC, East African Breweries PLC and ABSA Bank Kenya PLC...

Asian Pacific Stocks Mixed as Rising COVID-19 Cases in India Impairs Economic Outlook

Stocks in Asia-Pacific largely fell on Wednesday as a surge in coronavirus cases in countries like India weighed on the economic outlook and investor sentiment. In Japan, the Nikkei 225 dropped 2.03% to close at 28,508.55 — its second straight day of 2% declines. The Topix index slipped 1.98% to finish the trading day at 1,888.18. South Korea’s Kospi shed 1.52% to close at 3,171.66. Hong Kong’s Hang Seng index fell 1.68%, as of its final hour of trading. In mainland...

Oil Drops Towards $62K as Rising COVID-19 Cases in India Impairs Demand Outlook.

Oil prices edged lower for a second day on Wednesday, weighed down by concerns that surging COVID-19 cases in India will drive down fuel demand in the world’s third-biggest oil importer. Brent crude futures for June fell 48 cents, or 0.7%, to $66.09 a barrel at 0515 GMT, after dropping 48 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures for June fell 52 cents, or 0.8%, to $62.15 a barrel. The May contract...

Market Report; 20 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 15,533,100 shares in 1,056 deals, corresponding to a market value of KES 483,281,971.00, were traded. Compared with the previous NSE trading day (Monday, April 19), today’s data shows 220% improvement in volume, 281% improvement in turnover, and 23% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.48 trillion. In the aggregate, 45 NSE listed equities participated...

Gold Eases 0.3% as Benchmark U.S Yields Rebound

Gold prices slipped on Tuesday after hitting a seven-week high in the previous session, as a rise in U.S. Treasury yields eclipsed support from a weaker dollar. Spot gold was down 0.2% to $1,766.32 per ounce by 0245 GMT, after hitting its highest since Feb. 25 at $1,789.77 on Monday. U.S. futures of the precious yellow metal eased 0.3% to $1,766.10 per ounce. “Gold came off yesterday’s high against a backdrop of rising yields. But, the...

Oil Prices Gain Amidst Concerns on Rising Global COVID-19 Cases.

Oil prices rose on Tuesday, supported by a weaker U.S. dollar which boosts demand for dollar-denominated assets from buyers holding foreign currencies. Additionally, there are expectations that crude inventories fell in the United States, the world’s biggest oil user, though rising coronavirus cases in Asia capped gains. Brent crude futures for June delivery rose by 54 cents, or 0.8%, to $67.59 a barrel at 0415 GMT. U.S. West Texas Intermediate (WTI) crude futures for May...

Market Report;  19 April, 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange. A total of 4,860,300 shares in 860 deals, corresponding to a market value of KES 126,795,375.00, were traded. Compared with the previous NSE trading day (Friday, April 16), today’s data shows 57% decline in volume, 60% decline in turnover, and 2% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.47 trillion. In the aggregate, 41 NSE listed...

Bitcoin Tumbles From Record High, Ether and Dogecoin Follow

The price of bitcoin tumbled over the weekend and was down as much as 19.5% from record highs of $ 62,000 posted by the largest cryptocurrency in the past week. On Sunday, Bitcoin tumbled more than 11%, its biggest 24-hour Decline dropping from about $62,000  to $55,000, its lowest level since the end of March. Currently, BTC is trading at $57,413 as of 11.00 AM East African Time. The reason for the plunge has not...

NSE Weekly Market Review – Week 15, 2021

The Nairobi Securities Exchange (NSE) closed positive during the week, backed by local and international economic data coming from China and earnings release by listed banks on the U.S Exchanges and also as investors on most blue-chip companies tried to get a a balance on the higher edge from last week’s decline. The benchmark All share index of the Nairobi Securities Exchange (NASI) was up 6.49 points or 4.09% to close the  trading week at 165.08...

Market Report; 16 April, 2021

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 11,280,100 shares in 881 deals, corresponding to a market value of KES 314,012,481.00, were traded. Compared with the previous NSE trading day (Thursday, April 15), today’s data shows 6% decline in volume, 14% decline in turnover, and 6% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.49 trillion. In the aggregate, 49 NSE listed...

Liberty Kenya Post a 2% Decline in Profits to Kes 676 Million in FY2020

Liberty Kenya, a subsidiary of South Africa based Liberty Holdings, has posted a 2% decline in profit after tax to Kes 676 million during the financial period ended 31st December 2020 from Kes 690 million recorded in the group 2019. The group’s assets increased by 3% to Kes 39.30 billion during the financial period ended 31st December 2020, compared to the Kes 38.2 billion recorded during the same period in 2019. The insurance company posted...

Asian Markets Edge Higher, Investors React to China Data Release

Shares in Asia-Pacific edged higher on Friday as investors reacted to the release of Chinese economic data. Mainland Chinese stocks closed higher as the Shanghai composite gained 0.81% to 3,426.62 while the Shenzhen component advanced 0.296% to 13,720.74. Hong Kong’s Hang Seng index rose 0.76%, as of its final hour of trading. China’s gross domestic product surged 18.3% in the first three months of the year from a year ago, the country’s National Bureau of Statistics said Friday. That was slightly lower...

Jubilee Holdings Post a Profit Before Tax of Kes 5.08 Billion for FY2020.

Jubilee Holdings Limited, East Africa’s largest insurance group, has posted a profit before tax of Kes. 5.08 billion for the financial period ended 31st December 2020, a 1.4%  increase compared to the same period in 2019. The group attributed the profit to the confidence placed in the Group by their clients, continued focus on sound underwriting practices, tightening of controls over claims and expenses, and the prudently diversified investment portfolio held by the Group. Jubilee...

Oil Extends Hits Four Week High on China Data and Increased Demand Outlook

Oil prices extended gains on Friday, recording a weekly gain of more than 6% with an improved oil demand outlook and strong economic recoveries in China and the United States, offsetting concerns about the rise in COVID-19 infections. Brent crude futures rose 13 cents, or 0.2%, to $67.07 a barrel at 0508 GMT, following a 36 cent rise on Thursday. U.S. West Texas Intermediate (WTI) crude futures were 12 cents, or 0.2%, higher to $63.58...

Market Report: 15 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 12,024,900 shares in 942 deals, corresponding to a market value of KES 365,656,171.00, were traded. Compared with the previous NSE trading day (Wednesday, April 14), today’s data shows 25% decline in volume, 27% decline in turnover, but 2% improvement in deals. The current Nairobi Securities Exchange market capitalization is KES 2.48 trillion. In the aggregate, 46 NSE listed equities participated...

EPRA fails to Adjust Upwards the April-May Fuel Pump Prices

The Energy and Petroleum Regulatory Authority(EPRA) has retained Diesel, Petrol and Kerosene’s price between 15th April and May 14th, 2021. This is despite an increase in the landing cost of crude oil in March 2021. The constant fuel prices can be viewed against a strengthening Kenya Shilling against the US dollar, meaning the country uses fewer Shillings to import crude oil. The Kenya Shilling has been strengthening against the US dollar in recent months, from...

Asian Markets Mixed, China Markets Lead Losses

 Stocks in Asia-Pacific were mixed in Thursday trade, with Australia’s jobs data for March beating expectations. In Australia, the S&P/ASX 200 gained 0.39%. Australia’s unemployment rate for March came in at 5.6%, according to seasonally adjusted estimates released by the Australian Bureau of Statistics (ABS) on Thursday, against expectations of a 5.7% reading. Data from the ABS also showed 70,700 net new jobs being created in March, more than double the forecast in a Reuters poll for...

Oil Prices Hover Near One Month High as OPEC+ Raises Demand Forecast

Oil prices tumbled on Thursday after holding around one-month highs in the previous session, having surged at around 5% after the International Energy Agency (IEA) and OPEC raised forecasts for oil demand despite the prevailing coronavirus Pandemic. Brent crude was down by 21 cents, or 0.3%, at $66.37 a barrel by 0129 GMT, after gaining 4.6% on Wednesday and closing at the highest since March 17. U.S. West Texas Intermediate (WTI) futures dropped 25 cents,...

Market Report; 14 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange A total of 15,980,200 shares in 921 deals, corresponding to a market value of KES 499,040,227.00, were traded. Compared with the previous NSE trading day (Tuesday, April 13), today’s data shows 6% improvement in volume, 35% decline in turnover, and 3% decline in deals. The current Nairobi Securities Exchange market capitalization is KES 2.43 trillion. In the aggregate, 49 NSE listed equities participated...

Asian Pacific Stocks Edge Higher, Hong Kong Leads Gains

Shares in Hong Kong led gains in Asia-Pacific during Wednesday trade as Chinese tech stocks listed in the city jumped. Hong Kong’s Hang Seng index led to gains among the region’s major markets as it rose 1.24% by the afternoon. Hong Kong-listed shares of Chinese tech firms saw a rebound in Wednesday trade after 12 companies, including Baidu, JD.com and Meituan, signalled compliance with antitrust laws. By Wednesday afternoon in Hong Kong, shares of Baidu were...

Oil Prices Rally as OPEC Raises its Demand Outlook Amidst Drawdown on U.S Stockpile

Oil extended gains on Wednesday during early Asian trading hours after an industry report pointed to another decline in U.S. crude stockpiles followed by OPEC raising its outlook for oil demand. Brent crude futures rose 28 cents, or 0.4%, to $63.95 a barrel at 0057 GMT, after climbing 39 cents on Tuesday. U.S. West Texas Intermediate (WTI) crude futures similarly climbed 28 cents, or 0.5%, to $60.46 a barrel, adding to Tuesday’s rise of 48...

Market Report; 13 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange  A total of 15,035,600 shares in 952 deals, corresponding to a market value of KES 770,605,579.00, were traded. Compared with the previous NSE trading day (Monday, April 12), today’s data shows 43% improvement in volume and 95% improvement in turnover. The current Nairobi Securities Exchange market capitalization is KES 2.41 trillion. In the aggregate, 48 NSE listed equities participated in trading, ending with...

Asia Pacific Market Mixed as Alibaba Soars Despite Regulatory Concerns

Shares in Asia-Pacific were mixed on Tuesday, with South Korea leading major markets regionally. By end of trading on Tuesday, the Kospi in South Korea was 1.07% higher, at 3,169.08 while in Japan, the Nikkei 225 rose 0.72% to close at 29,751.61 while the Topix index gained 0.2% to finish the trading day at 1,958.55. Mainland Chinese stocks closed mixed. The Shanghai composite shed 0.48% to 3,396.47 while the Shenzhen component rose 0.242% to 13,528.31....

Knight Frank Ranks Nairobi as Top Innovation City in Africa

Kenya’s capital Nairobi has emerged as the most innovative city in Africa according to Horizons Report 2021/22, an annual global report released by London Based real estate consultancy group, Knight Frank. Nairobi, which is considered as the largest and busiest city in East and Central Africa came top of 500 other cities which were studied in the report beating rivals such as Cape Town, Johannesburg and Cairo by leading in three major areas including the...

Market Report; 07 April, 2021

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 25,224,000 shares in 1,155 deals, corresponding to a market value of KES 883,628,827.00, were traded. Compared with the previous NSE trading day (Tuesday, April 6), today’s data shows 275% improvement in volume, 255% improvement in turnover, and 16% improvement in deals. The current NSE market capitalization is KES 2.41 trillion. In the aggregate, 46 NSE listed equities participated in trading,...

Oil Prices Gain on OPEC Supply Concerns, Dollar Drops

Oil prices rose early on Tuesday as a drop in the U.S. dollar made crude a more attractive buy, paring losses of more than 4% incurred overnight on the prospect of producers returning more than 2 million barrels per day of supply to the market by July. Brent crude futures jumped 83 cents, or 1.3%, to $62.98 a barrel at 0012 GMT, after falling 4.2% on Monday. U.S. West Texas Intermediate (WTI) crude futures rose 80...

Asian Markets Mixed as RBA Maintains Policy Settings.

Shares in Asia-Pacific were mixed on Tuesday, after major indexes on Wall Street surged to record closing highs overnight stateside. The Nikkei 225 in Japan slipped 1.3% to close at 29,696.63 while the Topix index dropped 1.47% to finish its trading day at 1,954.34. South Korea’s Kospi closed 0.2% higher at 3,127.08. Major stock indexes in mainland Chinese stocks were lower on the day, with the Shanghai composite slipping slightly to 3,482.97 while the Shenzhen component shed 0.278% to 14,083.34. China’s...

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