Leah Wamugu

Oil Prices Edge Higher on Weaker Dollar, Amid Omicron Variant Caution Read More »

Oil prices rose again on Wednesday as the dollar slipped, with risk appetite returning as some governments resist imposing lockdowns to curb the spread of the Omicron COVID-19 variant and as China said it would be able to sustain economic growth. U.S. West Texas Intermediate (WTI) crude futures rose 50 cents, or 0.7%, to $71.62 …

Market Report; 21 December 2021

Market Report; 21 December 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 6,759,400 shares in 806 deals, corresponding to a market value of KES 230,030,554.00, were traded. Compared with the previous NSE trading day (Monday, December 20), today’s data shows 48% decline in volume, 57% decline in turnover, and 4% decline in …

Asian Stocks Rise, Japan’s Nikkei 225 Jumps 2%

Asian Stocks Rise, Japan’s Nikkei 225 Jumps 2% Read More »

Shares in Asia-Pacific rose on Tuesday as investors reassessed the situation surrounding the omicron Covid variant. Japanese stocks led gains regionally, with the Nikkei 225 in Japan rising 2.08% on the day to 28,517.59 while the Topix index advanced 1.47% to 1,969.79. South Korea’s Kospi climbed 0.41% to close at 2,975.03. Mainland Chinese stocks closed higher, with the Shanghai composite up …

KenGen’s Ethiopia Earnings Grow to Kes1.7 Billion

KenGen’s Ethiopia Earnings Grow to Kes1.7 Billion Read More »

Kenya Electricity Generating Company (Kengen) earnings from the new Ethiopian operations quadrupled from Kes 440 million last year to Kes 1.7 billion in the year ending June 2021. The firm’s diversification venture that includes drilling in Tulu Moye in Ethiopia contributed revenues that surpassed the expenses of setting up. In its annual report, the electricity …

Oil Prices Gain 0.8% Despite Worries on the Rapid Spread of Omicron

Oil Prices Gain 0.8% Despite Worries on the Rapid Spread of Omicron Read More »

Oil prices rose on Tuesday, though investors remained worried about the rapid spread of the Omicron coronavirus variant globally, prompting countries to consider more restrictions potentially denting fuel demand. Brent crude futures increased by 59 cents, or 0.8%, to $72.11 a barrel by 0418 GMT while U.S. West Texas Intermediate (WTI) crude futures rose by …

Market Report; 03 December 2021

Market Report; 03 December 2021 Read More »

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 16,722,100 shares in 1,131 deals, corresponding to a market value of KES 679,056,177.00, were traded. Compared with the previous NSE trading day (Thursday, December 2), today’s data shows 1% decline in volume, 28% improvement in turnover, but 15% …

Shilling Hits an all-time low of Kes 112.5 against the Dollar Due to Increased Demand

Shilling Hits an all-time low of Kes 112.5 against the Dollar Due to Increased Demand Read More »

The shilling has declined to a new all-time low of 112.5 against the dollar as importers increase demand for the greenback with the economy recovering from the impact of the pandemic. Reuters quoted the shilling at 112.45/65 per dollar on Thursday, a record low, after hitting its previous all-time low of 112.30/50 earlier in the …

Asian Markets Mixed, Chinese Tech Stocks in Hong Kong Drop

Asian Markets Mixed, Chinese Tech Stocks in Hong Kong Drop Read More »

Asia-Pacific stocks were mixed on Friday, following days of turbulent trading this week as investors continue to monitor the situation surrounding the omicron Covid variant. Chinese tech stocks in Hong Kong plunged after ride-hailing giant Didi announced Friday that it will begin taking steps to delist from the New York Stock Exchange — less than six months after it made …

Asian Pacific Stocks Mixed, Razer Shares Plunge in Hong Kong

Asian Pacific Stocks Mixed, Razer Shares Plunge in Hong Kong Read More »

Stocks in Asia-Pacific struggled for direction on Thursday, as concerns over the economic impact of the omicron Covid variant continue to weigh on investor sentiment. Hong Kong’s Hang Seng index rose 0.55% to close at 23,788.93, reversing earlier losses. Shares of Razer in the city, however, dropped 7.87% on the day. The company said a consortium has offered to take …

Kenya’s Inflation Slows to a Six Month Low of 5.8% in November

Kenya’s Inflation Slows to a Six Month Low of 5.8% in November Read More »

Kenyan inflation slowed for the second consecutive month in November, reaching a six-month low as food price growth decelerated. Kenya’s annual inflation rate rose to 5.8% in November, compared to 6.45% recorded in October, Nairobi-based Kenya National Bureau of Statistics said Tuesday in a statement. The median of five economists’ estimates in a survey was …

Oil Prices Edge Higher, as Investors Focus on OPEC+ Decision Oversupply Policy

Oil Prices Edge Higher, as Investors Focus on OPEC+ Decision Oversupply Policy Read More »

Oil prices rose on Thursday, recouping the previous day’s losses, as investors adjusted positions ahead of an OPEC+ decision oversupply policy, but gains were capped amid fears the Omicron coronavirus variant will hurt fuel demand. Brent crude futures rose 85 cents, or 1.2%, to $69.72 by 0402 GMT, having eased 0.5% in the previous session. …

Market Report; 01 December 2021

Market Report; 01 December 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,058,800 shares in 1,078 deals, corresponding to a market value of KES 570,269,030.00, were traded. Compared with the previous NSE trading day (Tuesday, November 30), today’s data shows 43% decline in volume, 50% decline in turnover, and 19% decline in …

Market Report; 30 November 2021

Market Report; 30 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 28,282,200 shares in 1,324 deals, corresponding to a market value of KES 1,138,832,773.00, were traded. Compared with the previous NSE trading day (Monday, November 29), today’s data shows 18% improvement in volume, 76% improvement in turnover, and 12% improvement in …

Asia-Pacific Stocks Fall Amid Renewed Covid Uncertainty; Oil Drops 3%

Asia-Pacific Stocks Fall Amid Renewed Covid Uncertainty; Oil Drops 3% Read More »

Major Asia-Pacific markets fell in Tuesday trade as investors in the region continued to track developments surrounding the omicron variant. Major markets in the region fell after Moderna CEO Stephane Bancel told the Financial Times that he expects existing vaccines to be less effective against the new variant. Bancel told CNBC on Monday that it could take months to develop …

Electricity Demand Hits New High Backed by Green Energy in the wake of post-COVID-19 Recovery

Electricity Demand Hits New High Backed by Green Energy in the wake of post-COVID-19 Recovery Read More »

The demand for electricity in Kenya hit a new record this week rising to a peak of 2,036MW, the highest ever recorded in history, marking a significant resurgence in demand since the onset of the COVID-19 pandemic in March 2020. At the same time, the country recorded a new energy gross demand peak of 36,381MWh …

Oil Prices Fall More than 2% after a Report Causes Doubt on the Effectiveness of Vaccines

Oil Prices Fall More than 2% after a Report Causes Doubt on the Effectiveness of Vaccines Read More »

Oil prices gave up gains on Tuesday, falling more than 2% along with broader financial markets after a media report cast doubt on the efficacy of COVID-19 vaccines against the Omicron coronavirus variant. The head of drugmaker Moderna told the Financial Times that COVID-19 vaccines are unlikely to be as effective against the Omicron variant …

Market Report; 29 November 2021

Market Report; 29 November 2021 Read More »

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 23,949,600 shares in 1,181 deals, corresponding to a market value of KES 645,628,212.00, were traded. Compared with the previous NSE trading day (Friday, November 26), today’s data shows 65% decline in volume, 74% decline in turnover, and 3% …

Asian Markets Mostly Fall, Investors Watch Out for the Omicron Variant

Asian Markets Mostly Fall, Investors Watch Out for the Omicron Variant Read More »

Major markets in Asia-Pacific largely fell on Monday as investors continue to monitor developments surrounding the recently discovered omicron Covid variant. Hong Kong’s Hang Seng index slipped 0.95% to close at 23,852.24. Hong Kong-listed shares of Chinese tech giant Meituan lost 7% after the firm on Friday posted a loss of about 10 billion Chinese yuan ($1.56 billion) for …

Nairobi Securities Exchange Board Declares Special Dividend

Nairobi Securities Exchange Board Declares Special Dividend Read More »

The Board of Directors of the Nairobi Securities Exchange have declared a special dividend of Kes 0.50 per ordinary share at its meeting held on 26th November 2021. The board has fixed 17th December 2021 as the record date for determining the members entitled to receive the special dividend. “The payment is subject to witholding …

HF Group Reports a Net Loss of Kes 569.91 Million in Q3 2021

HF Group Reports a Net Loss of Kes 569.91 Million in Q3 2021 Read More »

Housing Finance (HF Group) has narrowed its net loss by 22 per cent to Kes 569.91 million in the nine months to September, helped by growth in non-interest income and a drop in operating expenses. The Nairobi Securities Exchange-listed firm had posted a net loss of Kes 730.21 million in the same period last year. …

Oil Rebounds on Speculation that OPEC+ May Pause Output Increase

Oil Rebounds on Speculation that OPEC+ May Pause Output Increase Read More »

Oil prices rebounded on Monday as investors looked for bargains after Friday’s slump and on speculation that OPEC+ may pause an output increase in response to the spread of Omicron, but the mood remained cautious with little known about the new variant. Brent crude futures climbed $3.11, or 4.3%, to $75.83 a barrel by 0355 …

Market Report; 26 November 2021

Market Report; 26 November 2021 Read More »

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 68,021,400 shares in 1,213 deals, corresponding to a market value of KES 2,501,308,775.00, were traded. Compared with the previous NSE trading day (Thursday, November 25), today’s data shows 72% improvement in volume, 64% improvement in turnover, but 6% …

Asia-Pacific Markets Slip Amid Renewed Covid Fears as New Variant Emerges

Asia-Pacific Markets Slip Amid Renewed Covid Fears as New Variant Emerges Read More »

Shares in Asia-Pacific dropped on Friday, with stocks in Hong Kong and Japan leading losses regionally as fears of a new Covid variant weighed on investor sentiment. World Health Organization officials said Thursday they are monitoring a new variant with “a large number of mutations.” A special meeting is scheduled for Friday to discuss its implications …

Oil Slumps, on Concerns of Surplus Supply in Q1, New Variant

Oil Slumps, on Concerns of Surplus Supply in Q1, New Variant Read More »

Oil prices slid more than 2% on Friday on concerns that a global supply surplus could swell in the first quarter following a U.S.-led coordinated release of crude reserves among major consumers and as a new COVID-19 variant spooked investors. Brent crude futures extended declines for a third session, falling $1.69, or 2.1%, to $80.53 …

Market Report; 25 November 2021

Market Report; 25 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 39,505,200 shares in 1,284 deals, corresponding to a market value of KES 1,522,818,731.00, were traded. Compared with the previous NSE trading day (Wednesday, November 24), today’s data shows 26% improvement in volume, 59% improvement in turnover, and 31% improvement in …

Crypto currencies Plunge as India Plans to Ban Private Tokens

Cryptocurrencies

Crypto currencies counters in the Indian exchanges plunged sharply after the reports said the government is coming out with a bill that will ban most private tokens. Bitcoin fell as much as 17 per cent, Ethereum was down 14 per cent, Dogecoin over 20 per cent and Polkadot 14 per cent. Even dollar-pegged token Tether …

Crypto currencies Plunge as India Plans to Ban Private Tokens Read More »

Asia-Pacific Stocks Mixed; Bank of Korea Announces Rate Hike

Asia-Pacific Stocks Mixed; Bank of Korea Announces Rate Hike Read More »

Shares in Asia-Pacific were mixed on Thursday as investors reacted to the Bank of Korea’s rate decision. South Korea’s Kospi dipped 0.47% to close at 2,980.27 after the Bank of Korea raised its policy rate by 25 basis points to 1%, a move that was largely expected by analysts in a Reuters poll. Following the decision, the Korean won traded 1,189.89 …

NCBA Profit Doubles to Kes 6.5 Billion in Q3 2021

NCBA Profit Doubles to Kes 6.5 Billion in Q3 2021 Read More »

NCBA Group Plc has posted a 159 % growth in profits for the first nine months of the year ended September 30. According to the lender’s results, net earnings in the group grew to Kes 6.5 billion during the period under review compared to Kes 2.5 billion posted during a similar period last year. NCBA …

Oil Prices Edge Lower, as Investors Wait for OPEC+ Response on U.S-led Crude Release

Oil Prices Edge Lower, as Investors Wait for OPEC+ Response on U.S-led Crude Release Read More »

Oil prices ticked lower on Thursday with investors waiting to see how major producers respond to the emergency crude release by major consuming countries designed to cool the market, even as data pointed to healthy U.S. fuel demand. U.S. West Texas Intermediate (WTI) crude futures fell 9 cents, or 0.1%, to $78.30 a barrel at 0201 …

Market Report; 24 November 2021

Market Report; 24 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 31,376,400 shares in 980 deals, corresponding to a market value of KES 960,661,364.00, were traded. Compared with the previous NSE trading day (Tuesday, November 23), today’s data shows 163% improvement in volume, 145% improvement in turnover, and 6% improvement in …

Asian Markets Mixed, New Zealand Dollar Falls after Central Bank Announces Rate Hike

Asian Markets Mixed, New Zealand Dollar Falls after Central Bank Announces Rate Hike Read More »

Shares in Asia-Pacific were mixed on Wednesday, with Japanese stocks leading losses regionally. The Nikkei 225 in Japan fell 1.58% to close at 29,302.66 while the Topix index declined 1.16% to 2,019.12. Markets in Japan were closed on Tuesday for a holiday. South Korea’s Kospi dipped 0.1% on the day to 2,994.29. Hong Kong’s Hang Seng index rose 0.54% as of …

Jumia Appoints Betty Mwangi as the New Kenyan CEO

Jumia Appoints Betty Mwangi as the New Kenyan CEO Read More »

Jumia, Africa’s leading e-commerce platform, today announced the appointment of one of Africa’s most powerful and influential women in Kenya, Betty Mwangi, as Kenya’s new Chief Executive Officer. She takes over the leadership mantle from former CEO Sam Chappatte. Betty Mwangi is set to focus on accelerating corporate growth as the company continues to expand …

Market Report; 23 November 2021

Market Report; 23 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 11,929,500 shares in 923 deals, corresponding to a market value of KES 391,616,835.00, were traded. Compared with the previous NSE trading day (Monday, November 22), today’s data shows 36% decline in volume, 33% decline in turnover, and 8% decline in …

Asian Markets Mixed, as Tech Shares Drop

Asian Markets Mixed, as Tech Shares Drop Read More »

Shares in Asia-Pacific were mixed on Tuesday as investors watched for market reaction to U.S. President Joe Biden picking Jerome Powell for a second term as Federal Reserve chair. Hong Kong’s Hang Seng index declined more than 1% as of its final hour of trading. Mainland Chinese stocks closed mixed, with the Shanghai composite up 0.2% to 3,589.09 while the Shenzhen component slipped 0.371% to 14,905.13. …

Absa Kenya Records a 328% Jump in Net Profit to Kes 8.2 billion

Absa Kenya Records a 328% Jump in Net Profit to Kes 8.2 billion Read More »

Absa Bank Kenya’s net profit increased sharply to Kes 8.2 billion in the nine months ended September as provision for bad debt fell sharply. The lender’s net income rose 328.2 per cent from Kes 1.9 billion a year earlier attributed to the decline in provision for defaults by 55.2 % to Kes 3.4 billion. The …

Oil Prices Lower, on Expected Deal to Tap Emergency Crude Reserves

Oil Prices Lower, on Expected Deal to Tap Emergency Crude Reserves Read More »

Oil prices dropped on Tuesday, reversing gains in the previous session, on growing talk the United States, Japan and India will release crude reserves to tame prices despite the threat of demand faltering as Covid-19 cases flare-up in Europe. The U.S. Department of Energy is expected to announce a loan of oil from the Strategic …

Market Report; 22 November 2021

Market Report; 22 November 2021 Read More »

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 18,614,400 shares in 1,004 deals, corresponding to a market value of KES 585,806,644.00, were traded. Compared with the previous NSE trading day (Friday, November 19), today’s data shows 35% decline in volume, 31% decline in turnover, and 22% …

HF Group Appoints Peter Mugeni as Managing Director

HF Group Appoints Peter Mugeni as Managing Director Read More »

Mortgage lender Housing Finance (HF Group) has appointed its credit director Peter Mugeni Oduori as the managing director, effective November 17, 2021. Peter Mugeni is a seasoned banker, with 20 years of experience in leadership, credit risk management and operations, as well as leading large teams both regionally and across Africa. “Through his experience, he …

Asia-Pacific Stocks Mixed; JD.com, Netease Shares in Hong Kong Jump

Asia-Pacific Stocks Mixed; JD.com, Netease Shares in Hong Kong Jump Read More »

Shares in Asia-Pacific were mixed on Monday as China kept its benchmark lending rate unchanged. The Hang Seng index in Hong Kong dipped 0.39%, closing at 24,951.34. Hong Kong-listed shares of JD.com and NetEase gained 1.93% and 3.02%, respectively, following a Friday announcement that the two stocks are set to be included in the benchmark Hang Seng index from Dec. 6. In mainland …

IMF Grants Tanzania a $372.4 million Zero Rated Loan

East Africa

The International Monetary Fund (IMF) has approved a zero-rated $372.4 million loan for Tanzania, aimed at supporting the country’s COVID-19 pandemic relief measures. President Suluhu this week hosted the World Bank’s Managing Director for Development Policy and Partnerships Mari Pangestu at State House in Dar es Salaam, in what officials described as a follow-up to …

IMF Grants Tanzania a $372.4 million Zero Rated Loan Read More »

Market Report; 19 November 2021

Market Report; 19 November 2021 Read More »

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 28,570,100 shares in 1,289 deals, corresponding to a market value of KES 849,668,934.00, were traded. Compared with the previous NSE trading day (Thursday, November 18), today’s data shows 193% improvement in volume, 150% improvement in turnover, and 41% …

Asian Markets Edge Lower, Hong Kong Shares Extend Losses

Asian Markets Edge Lower, Hong Kong Shares Extend Losses Read More »

Asian markets were mainly lower on Friday as Hong Kong shares slumped, extending losses from the previous session as some of China’s biggest tech names remained under pressure. The benchmark Hang Seng index declined 1.07% to 25,049.97 while the tech-focused Hang Seng tech index dropped 0.26% to 6,457.97. Alibaba shares listed in Hong Kong dropped more than 10% …

Kapchorua Tea Reports Half Year Net Earnings of Kes 25.7 Million

Kapchorua Tea Reports Half Year Net Earnings of Kes 25.7 Million Read More »

Kapchorua Tea Kenya, a listed firm engaged in the cultivation, manufacture and sale of tea, leapt from a loss-making territory to net earnings of Kes 25.7 Million at the close of its half-year ended 30th September 2021. This is compared to a net loss of Kes 12.7 Million over a similar period last year. The …

Oil Rises as Investors Look Past Possible Reserve Releases

Oil Rises as Investors Look Past Possible Reserve Releases Read More »

Oil prices rose on Friday, after wild swings the day before, on investor concerns that potential coordinated releases by the world’s major economies of their official crude reserves to try to lower prices may have less of an impact than expected. Brent crude was up 53 cents, or 0.7%, at $81.77 a barrel by 0437 …

Market Report;18 November 2021

Market Report;18 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 9,761,700 shares in 911 deals, corresponding to a market value of KES 339,253,272.00, were traded. Compared with the previous NSE trading day (Wednesday, November 17), today’s data shows 41% decline in volume, 52% decline in turnover, and 14% decline in …

Co-op Bank of Kenya Posts Net Profit of Kes 11.6 Billion in Q3

Co-op Bank of Kenya Posts Net Profit of Kes 11.6 Billion in Q3 Read More »

Co-op Bank of Kenya has posted a Net Profit of Kes 11.6 Billion in the nine months period ending September 30th, 2021 compared to net earnings of Kes 9.8 Billion over a similar period last, an improvement of 18.4%. The lender’s earnings were boosted by an increase in loans to customers as well as an …

Asia-Pacific Markets Mixed as Hong Kong Tech Shares Sell off

Asia-Pacific Markets Mixed as Hong Kong Tech Shares Sell off Read More »

Asia-Pacific markets traded mixed on Thursday, following overnight losses on Wall Street, as shares in Japan, Hong Kong and the Chinese mainland struggled for gains. Hong Kong’s Hang Seng Index fell 1.29% to 25,319.72 while the Nasdaq-style technology board, Hang Seng tech index, sold off nearly 3%. Some of the major tech names listed in Hong Kong declined …

KCB Group Net Earnings Rise 131% to Kes 25.2 Billion in Q3 2021

KCB Group Net Earnings Rise 131% to Kes 25.2 Billion in Q3 2021 Read More »

KCB Group more than doubled its Net Earnings to Kes 25.2 Billion at the end of the nine months period ending September 2021, an increase of 131% from Kes 10.9 Billion over a similar period last year. This makes KCB Group the second most profitable lender in Kenya. The lender attributes this strong financial performance …

Oil Prices Decline as China Readies Release of Crude from Strategic Reserves

Oil Prices Decline as China Readies Release of Crude from Strategic Reserves Read More »

Oil prices fell on Thursday, adding to an overnight plunge as China said it was moving to release reserves following a Reuters report that the United States was asking big crude consumers to consider a coordinated release of stocks to lower prices. The bid by the U.S. administration to shock markets comes as inflationary pressures, …

Market Report; 17 November 2021

Market Report; 17 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 16,502,200 shares in 1,065 deals, corresponding to a market value of KES 701,323,091.00, were traded. Compared with the previous NSE trading day (Tuesday, November 16), today’s data shows 399% improvement in volume, 950% improvement in turnover, and 6% improvement in …

Asia-Pacific Stocks Fall as Shares of Japan’s Automakers Slip

Asia-Pacific Stocks Fall as Shares of Japan’s Automakers Slip Read More »

Declines across Asia-Pacific stocks were seen by Wednesday’s close, with data showing Japan’s exports growth hit an eight-month low. Markets in the U.S., however, were lifted on the back of stronger-than-expected retail sales data. Australia and South Korea led losses in the region. In Australia, the S&P/ASX 200 fell 0.68% to close at 7,369.90. Financial stocks were …

The Kenya Shilling Weakens as its External Debt Repayment Burden Weighs in

The Kenya Shilling Weakens as its External Debt Repayment Burden Weighs in Read More »

Kenya’s debt service costs, which are expected to surge by 22% this fiscal year, are set to rise even further as the Kenya Shilling sank to all-time lows of Kes 112.100 against the US Dollar, reports by Bloomberg Africa indicate. The latest Central Bank of Kenya (CBK) weekly bulletin shows that the Kenya Shilling exchanged …

Market Report; 16 November 2021

Market Report; 16 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 3,306,600 shares in 1,009 deals, corresponding to a market value of KES 66,769,468.00, were traded. Compared with the previous NSE trading day (Monday, November 15), today’s data shows 74% decline in volume, 88% decline in turnover, and 8% decline in …

Bitcoin Drops Towards $60K as Major Crypto currencies Lose Ground

Cryptocurrencies

Bitcoin and other cryptocurrencies fell sharply on Tuesday retreating from near-record highs. The world’s largest digital coin fell toward $60,000 during late morning trade Singapore time. It recovered some of those losses and was trading at around $60,542 at 9:26 a.m. London time (4:26 a.m. ET), according to Coin Metrics data, is down 5% from 24 …

Bitcoin Drops Towards $60K as Major Crypto currencies Lose Ground Read More »

Asian Markets Mixed, Investors React to Biden-Xi Talks

Asian Markets Mixed, Investors React to Biden-Xi Talks Read More »

Shares in Asia-Pacific were mixed on Tuesday as investors reacted to a virtual meeting between U.S. President Joe Biden and Chinese President Xi Jinping. Hong Kong’s Hang Seng index closed 1.27% higher at 25,713.78. Shares of gaming hardware firm Razer in Hong Kong surged 11.46% after Reuters reported, citing sources, that executives at the firm are leading a consortium plan to value the company at …

Oil Prices Edge Higher, on Tight Inventories

Oil Prices Edge Higher, on Tight Inventories Read More »

Oil rebounded from a weak start on Tuesday as worries over tight inventories underpinned prices, although optimism was limited by fears over demand following a pickup in COVID-19 cases in Europe. Brent futures added 96 cents, or 1.2%, to $83.01 a barrel, as of 0712 GMT. while U.S. West Texas Intermediate (WTI) crude climbed 80 …

Market Report; 15 November 2021

Market Report; 15 November 2021 Read More »

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 12,740,300 shares in 1,097 deals, corresponding to a market value of KES 540,820,127.00, were traded. Compared with the previous NSE trading day (Friday, November 12), today’s data shows 16% decline in volume, 18% improvement in turnover, and 3% …

Nearly 20 Kenyan Firms Blacklisted by the World Bank and AFDB Over Fraud

Nearly 20 Kenyan Firms Blacklisted by the World Bank and AFDB Over Fraud Read More »

Nearly 20 Kenya-based companies have been blacklisted by the World Bank and the African Development Bank (AfDB), in less than two years, over fraud and quality concerns in projects funded by the multilateral lenders. Recently, the World Bank blacklisted Africa Development Professional Group (ADP), a Kenyan consultancy firm that has undertaken several multimillion shilling projects …

Asia Pacific Socks Mixed, China Shares Trade Lower Despite economic Data Exceeding Expectations

Asia Pacific Socks Mixed, China Shares Trade Lower Despite economic Data Exceeding Expectations Read More »

Shares in Asia-Pacific were mixed on Monday as investors reacted to the latest Chinese economic data for October. Mainland Chinese stocks closed lower, with the Shanghai composite slipping 0.16% to 3,533.30 while the Shenzhen component dipped 0.469% to 14,636.39. Hong Kong’s Hang Seng index sat little changed, as of its final hour of trading. The losses in mainland China came …

Oil Prices Slide as Supply Boost, Weaker Demand Fears Weigh

Oil Prices Slide as Supply Boost, Weaker Demand Fears Weigh Read More »

Crude oil prices skidded on Monday, under pressure from expectations of higher supplies and weakening demand. Brent crude futures fell 58 cents, or 0.7%, to $81.59 a barrel, as of 0151 GMT. U.S. West Texas Intermediate (WTI) crude lost 58 cents, or 0.7%, to $80.21 a barrel. Both markets have dropped for the last three weeks, hit by a …

Market Report; 12 November 2021

Market Report; 12 November 2021 Read More »

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 15,209,900 shares in 1,063 deals, corresponding to a market value of KES 456,959,378.00, were traded. Compared with the previous NSE trading day (Thursday, November 11), today’s data shows 48% decline in volume, 61% decline in turnover, and 38% …

Asia-Pacific Stocks Rise; JD.com Shares in Hong Kong Surge

Asia-Pacific Stocks Rise; JD.com Shares in Hong Kong Surge Read More »

Shares in Asia-Pacific advanced on Friday as technology shares mostly rose, following overnight gains for their counterparts on Wall Street. Hong Kong-listed shares of JD.com soared nearly 5% following the Singles Day online shopping event, while Alibaba dropped 0.67%. Both companies set new sales records across their platforms on Singles Day. Meanwhile, Hong Kong-listed shares of Chinese chip maker Semiconductor …

HF Group Begins Search for Strategic Investor

HF Group Begins Search for Strategic Investor Read More »

Mortgage lender HF Group has formally started the hunt for a strategic investor after it invited suitors to place their bids. HF Group chief executive Robert Kibaara said Thursday the Nairobi Securities Exchange (NSE) listed financier had launched the search for a strategic investor in a regulatory filing to shareholders. “HF Group Plc has commenced …

Oil Prices Edge Lower Backed by Higher Dollar in Volatile Week

Oil Prices Edge Lower Backed by Higher Dollar in Volatile Week Read More »

Oil prices slipped on Friday, wiping out gains from the previous session, as the dollar continued to rise on bets the U.S. central bank will bring forward plans to raise rates to tame inflation. U.S. West Texas Intermediate (WTI) crude futures fell 58 cents, or 0.7%, to $81.01 a barrel at 0509 GMT, reversing Thursday’s …

Market Report; 11 November 2021

Market Report; 11 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 29,285,100 shares in 1,722 deals, corresponding to a market value of KES 1,182,002,888.00, were traded. Compared with the previous NSE trading day (Wednesday, November 10), today’s data shows 47% improvement in volume, 63% improvement in turnover, and 61% improvement in …

KenGen Drills Ethiopia’s Deepest Geothermal Well

KenGen Drills Ethiopia’s Deepest Geothermal Well Read More »

Kenya Electricity Generating Company PLC (KenGen) has completed drilling the deepest geothermal well in Ethiopia reaching a depth of 3,000 meters, surpassing a target of 2,750 meters. This marks the second of eight geothermal wells KenGen has been contracted to drill for the state-owned electricity producer, Ethiopia Electric Power Company which was delivered successfully amid …

Asian Markets Mixed, Evergrande Group shares surge

Asian Markets Mixed, Evergrande Group shares surge Read More »

Asia-Pacific stocks were mixed on Thursday after data released overnight showed U.S. consumer inflation spiked in October. Shares of China Evergrande Group listed in Hong Kong surged 6.75%, following a report from Chinese media outlet Cailianshe that several bondholders received coupon payments from the debt-ridden developer. Other real estate stocks in Hong Kong also rose, with China …

Kenya Explores Central Bank Digital Currency

Kenya Explores Central Bank Digital Currency Read More »

Kenya is exploring the use of central bank digital currency (CBDC) to settle cross-border payments according to the country’s Central Bank Governor Dr Patrick Njoroge. A Central bank digital currency (CBDC) is money that exists solely in electronic form, issued and regulated by the nation’s monetary authority and backed by the government. Speaking on the sidelines of …

Oil Prices Edge Lower, Fueled by Inflation Fears

Oil Prices Edge Lower, Fueled by Inflation Fears Read More »

Oil prices slumped on Thursday, hit by a surge in the dollar after U.S. President Joe Biden said his administration was looking for ways to reduce energy costs amid a broader surge in inflation. Brent and U.S. crude futures dropped sharply at the end of the session as traders sold out of riskier assets, including …

Market Report; 10 November 2021

Market Report; 10 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 19,915,500 shares in 1,072 deals, corresponding to a market value of KES 727,255,839.00, were traded. Compared with the previous NSE trading day (Tuesday, November 9), today’s data shows 34% decline in volume, 25% decline in turnover, and 16% decline in …

Safaricom Half-Year Net Profit Up 12.1% to Kes 37 Billion

Safaricom Half-Year Net Profit Up 12.1% to Kes 37 Billion Read More »

Safaricom Plc on Wednesday released its unaudited results for the six months ended 30 September 2021 with net profit for the period rising by 12.1% to Kes 37.056 Billion compared to Kes 33.07 Billion posted in a similar period a year ago. Profit before tax was up by 22.1% to Kes 77.4 Billion compared to …

Oil Climbs on Surprise U.S. Crude Stocks Decline

Oil Climbs on Surprise U.S. Crude Stocks Decline Read More »

Oil prices rose on Wednesday, extending strong gains in the previous session, after industry data showed U.S. crude stocks unexpectedly fell last week just as near term travel demand picked up with pandemic curbs easing. U.S. West Texas Intermediate (WTI) crude futures rose 23 cents, or 0.3%, to $84.38 a barrel at 0132 GMT, adding to a …

Market Report; 09 November 2021

Market Report; 09 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 30,271,500 shares in 1,272 deals, corresponding to a market value of KES 974,892,582.00, were traded. Compared with the previous NSE trading day (Monday, November 8), today’s data shows 347% improvement in volume, 531% improvement in turnover, and 2% improvement in …

Market Report; 08 November 2021

Market Report; 08 November 2021 Read More »

At the end of the first weekday of trading on the Nairobi Securities Exchange A total of 6,768,200 shares in 1,244 deals, corresponding to a market value of KES 154,413,926.00, were traded. Compared with the previous NSE trading day (Friday, November 5), today’s data shows 13% decline in volume, 46% decline in turnover, but 26% …

Equity Group’s Records a 79% Rise in Profit to Kes 26.9 Billion in Q3 2021

Equity Group’s Records a 79% Rise in Profit to Kes 26.9 Billion in Q3 2021 Read More »

Equity Group Holdings Plc has posted an increase of 85% in Pre-tax profit to Kes 36.6 Billion in the third quarter period ended 30th September 2021. This is compared to a Pre-tax profit of Kes 19.7 Billion in the same period in 2020. The lender saw its net earnings increase 79% from Kes 15.0 Billion …

Asian Pacific Stocks Mixed, Investors React to China’s Trade Data

Asian Pacific Stocks Mixed, Investors React to China’s Trade Data Read More »

Shares in Asia-Pacific were mixed on Monday as investors reacted to China’s trade data released over the weekend. Mainland Chinese stocks recovered from earlier losses to close higher, with the Shanghai composite up 0.2% to 3,498.63 while the Shenzhen component climbed 0.32% to 14,508.86. Hong Kong’s Hang Seng index dipped around 0.4% as of its final hour of trading. …

Kenya Shilling hits losing Streak Against the U.S Dollar on Strong USD Demand

Kenya Shilling hits losing Streak Against the U.S Dollar on Strong USD Demand Read More »

The Kenya Shilling has been on a losing streak against the U.S Dollar in what analysts and forex traders attribute to strong dollar demand especially from oil importers and weak inflows. Figures from the Central Bank of Kenya (CBK) shows that when trading at the forex markets opened on Friday, 5th November 2021, the Kenya …

KRA Collects Kes 154 Billion Taxes in Q2 2021/22, a 23.2% Growth

KRA Collects Kes 154 Billion Taxes in Q2 2021/22, a 23.2% Growth Read More »

Kenya Revenue Authority(KRA) collected Kes 154.383 Billion in Q2, 2021/22 financial year, a performance rate of 108.5% and a growth of 23.2% from a Kes 142.285 Billion target. KRA began the 2021/22 financial year on a positive note, surpassing its July-September 2021 target of Kes 461.653 Billion by Kes 15.053 Billion, a growth of 30%. …

Oil Prices Rise More than 1% after Aramco Raises Crude Selling Price

Oil Prices Rise More than 1% after Aramco Raises Crude Selling Price Read More »

Oil prices rose on Monday after Saudi Arabia’s state-owned oil producer Aramco raised the official selling price for its crude, suggesting demand remains strong at a time of tighter supplies. Brent crude was up by 90 cents or 1.1% at $83.64 a barrel, after dropping nearly 2% last week. U.S. oil gained 87 cents or …

Market Report; 05 November 2021

Market Report; 05 November 2021 Read More »

At the end of the last weekday of trading on the Nairobi Securities Exchange A total of 7,770,400 shares in 986 deals, corresponding to a market value of KES 284,370,488.00, were traded. Compared with the previous NSE trading day (Thursday, November 4), today’s data shows 32% decline in volume and 29% decline in turnover. The …

Asian Markets Mixed, Hong Kong Markets Decline 1.41% Leading Losses

Asian Markets Mixed, Hong Kong Markets Decline 1.41% Leading Losses Read More »

Stocks in Asia-Pacific were mixed on Friday as shares in Hong Kong led to losses among the region’s major markets. Hong Kong’s Hang Seng index slipped 1.41% to finish the trading day at 24,870.51. Mainland Chinese stocks closed lower, with the Shanghai Composite down 1% to 3,491.57 while the Shenzhen component shed 0.637% to 14,462.62. Shares of Chinese property developers …

Bank of Kigali (BK Group) Records a 33% Increase in Net Income to Kes 4.1 Billion

Bank of Kigali (BK Group) Records a 33% Increase in Net Income to Kes 4.1 Billion Read More »

Bank of Kigali (BK Group Plc) has reported a Net Income of Kes 4.1 billion (US$ 36.6 million) an increase of 33.0% year on year with a return on average total assets and return on average total equities reaching 3.4% and 18.2% respectively for the period ended September 30th, 2021. In its Audited financial results, …

Oil Gains Around 1% after OPEC+ Maintained Gradual Supply Plans

Oil Gains Around 1% after OPEC+ Maintained Gradual Supply Plans Read More »

Oil prices rose around 1% on Friday, staging a partial recovery after OPEC+ producers rebuffed a U.S. call to raise supply and instead maintained plans for a gradual return of output halted by the pandemic. Brent crude rose 72 cents or 0.9% to $81.26 a barrel by around 0452 GMT, after falling nearly 2% on …

Market Report; 04 November 2021

Market Report; 04 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange A total of 11,480,200 shares in 977 deals, corresponding to a market value of KES 397,929,946.00, were traded. Compared with the previous NSE trading day (Wednesday, November 3), today’s data shows 7% decline in volume, 5% decline in turnover, but 2% improvement in …

CMA Grants MTN Uganda Consent to Market its IPO to Kenyan Investors

East Africa

Capital Markets Authority (CMA) has granted MTN Uganda permission for its Initial Public Offering (IPO) to be marketed in Kenya, allowing the marketing of the shares to both Professional Investors and Retail Investors following the opening of the offer in Uganda on 11th October 2021. The marketing in Kenya is spearheaded by SBG Securities, and Dyer …

CMA Grants MTN Uganda Consent to Market its IPO to Kenyan Investors Read More »

Asian Markets Rise Following Fed’s Decision to Start Tapering Pace of Bond Purchases

Asian Markets Rise Following Fed’s Decision to Start Tapering Pace of Bond Purchases Read More »

Shares in Asia-Pacific rose on Thursday following the U.S. Federal Reserve’s announcement that it will start tapering the pace of its bond purchases later in November. The Nikkei 225 in Japan closed 0.93% higher at 29,794.37 while the Topix index advanced 1.18% to 2,055.56. South Korea’s Kospi also climbed 0.25% on the day to 2,983.22. In mainland China, the Shanghai composite finished the trading …

MTN Seeking to Raise $244 Million from Sale of Nigeria Shares

Africa

MTN Group has announced plans to proceed with a public offer to sell up to 575 million shares in its Nigeria business, worth about $244 million. This continues its plan to sell assets and pay down debt. The move is part of a broader plan to sell about 14% of the parent company’s holding in its …

MTN Seeking to Raise $244 Million from Sale of Nigeria Shares Read More »

Oil Declines as Iran Nuclear Talks Set to Resume

Oil Declines as Iran Nuclear Talks Set to Resume Read More »

Oil prices extended declines on Thursday after Iran and world powers agreed to resume nuclear talks this month that could lead to the removal of U.S. sanctions on Iranian oil, increasing global supplies. U.S. West Texas Intermediate crude slid for a third day to $80.18 a barrel by 0551 GMT, down 68 cents, or 0.8% …

Market Report; 03 November 2021

Market Report; 03 November 2021 Read More »

At the end of today’s trading session on the Nairobi Securities Exchange. A total of 12,295,700 shares in 958 deals, corresponding to a market value of KES 418,123,855.00, were traded. Compared with the previous NSE trading day (Tuesday, November 2), today’s data shows 16% decline in volume, 14% decline in turnover, and 33% decline in …

KPLC Net Earnings rise 16.1% to Kes 1.5 Billion

KPLC Net Earnings rise 16.1% to Kes 1.5 Billion Read More »

Kenya Power and Lighting Company (KPLC) emerged from a loss-making territory or Net Loss of Kes 939 Million in 2020 to Net Profit of Kes 1.490 Billion for the financial year ended 30th June 2021, an increase of 16.08%. According to its audited financial results for the year ended 30th June 2021, the state-owned electricity distributor …

Asian Pacific Stocks Mixed, Shares of Kakao Pay surge in South Korea debut

Asian Pacific Stocks Mixed, Shares of Kakao Pay surge in South Korea debut Read More »

Shares in Asia-Pacific were mixed on Wednesday as investors looked ahead to the end of the U.S. Federal Reserve’s two-day meeting for clues on tapering. In South Korea, the Kospi declined 1.25% to finish the trading day at 2,975.71. Shares of Kakao Pay surged in their Wednesday debut as they more than doubled from their issue price of 90,000 Korean …

Ether Hits an all time High at $ 4,600 Following Bitcoin’s Trail

Cryptocurrencies

Ether, the world’s second-largest cryptocurrency, hit an all-time high on Wednesday, catching up with bitcoin’s rally and riding on news of wider blockchain adoption. The ethereum token, which underpins the ethereum blockchain network, rose to as high as $4,643 in Asian hours, breaching the previous day’s $4,600 and taking the week’s gains to more than …

Ether Hits an all time High at $ 4,600 Following Bitcoin’s Trail Read More »

DFC Delays Kes 54 Billion Loan to Safaricom-led Consortium in Ethiopia