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Wall Street Drops as Fed, Omicron Causes Worry on Investors.

Wall Street’s major indexes closed lower on Friday, with the Nasdaq leading the declines as investors bet that a strong jobs report would not slow the Federal Reserve’s withdrawal of support all while they grappled with uncertainty around the Omicron coronavirus variant. After opening higher, Wall Street spent the rest of the session in the doldrums and an elevated volatility index highlighted investor anxiety. The Labor Department’s report, ahead of the session’s open, showed that...

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

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

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

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

Wall Street Rebounds 1% Backed by Wednesday’s Fed Stance on Tapering

U.S. stocks on wall Street gained more than 1% on Thursday as investors appeared relieved about the Federal Reserve’s stance on tapering stimulus and raising interest rates. Upbeat outlooks from Accenture and Salesforce helped to bolster the market, while the U.S. Food and Drug Administration late Wednesday authorized a booster dose of the Pfizer-BioNTech COVID-19 vaccine for those 65 and older. Also helping sentiment, concern about a ripple effect from China Evergrande continued to ease....

Wall Street Mixed as Investors Uneasy Over Slow Economic Rebound in 2021.

Benchmark index of wall street, the S&P 500 closed lower on Tuesday while the Nasdaq edged up to a record high, as investors balanced worries about the slowing pace of economic recovery with expectations that the Federal Reserve will maintain its accommodative monetary policy. Amgen Inc fell 2.1% during trading on wall street and Merck & Co lost 1.6% after Investment firm Morgan Stanley cut its rating on the stocks to “equal-weight” from “overweight.” The...

Earnings: Britam, The Not so Amazing SCAN, Apples and our Weekly Cowries.

It has been a great run and as the Hisa App team, here’s the latest on what topped our analysts this week, some of these were earnings releases coupled with various global economic data. Britam Holdings Plc The insurance company Britam seemed to provide towering results, coming from the abyss of losses that many companies globally had dived into. Britam posted a profit before tax of Kes 647 Million for the half-year period ended 30th...

Global Markets Weekly Review: Week 35, 2021

Global Markets were mixed this week as data from various fronts; from the U.S jobs data which was released on Friday and the growing anxiety over the shifting Fed policy adding new wrinkles to various analysts across various global markets. United States The benchmark indexes for the top global market ended the week mixed after the S&P MidCap 400 Index joined the S&P 500 and Nasdaq Composite indexes in reaching new intraday highs on Thursday....

Wall Street Posts Gains, Energy Stocks Lead with a 2.5% Jump & Job Claims Data Released

Wall Street benchmarks, the S&P 500 and Nasdaq eked out record finishes on Thursday, while the Dow also posted a modest gain, as higher commodity prices helped energy names recover ground and the latest jobs data left investors unfazed about existing positions. The energy sector rose 2.5%, reversing much of the loss suffered during the first three days of the week. Thursday’s performance was fueled by U.S. crude prices jumping 2% on a sharp decline...

Global Markets Weekly Review: Week 34, 2021

Global market headlines swung squarely to Fed policy and geopolitical uncertainties last week, while swings in the stock market remained narrow, continuing August’s tranquil trend. United States Stocks gained as full Food and Drug Administration (FDA) approval of the Pfizer-BioNTech COVID-19 vaccine supported sentiment toward an ongoing economic recovery. The tech-heavy Nasdaq Composite index outperformed the broad market S&P 500 Index and the large-cap Dow Jones Industrial Average. The Russell 2000 Index of small-cap stocks...

Wall Street’s S&P 500, Nasdaq Nab All-time Closing Highs as Powell Soothes Taper Fears

Wall Street rallied on Friday, pushing the S&P and the Nasdaq to record closing highs for the fourth time this week, as U.S. Federal Reserve Chairman Jerome Powell’s remarks at the Jackson Hole Symposium calmed fears over the tapering timetable and sent investors into the weekend in a buying mood. All three indexes posted weekly gains. “I see two things happening,” said Mike Zigmont, head of research and trading at Harvest Volatility Management in New...

Wall Street Rallies as S&P 500, Nasdaq Record Closing Highs

Wall Street gained ground again on Wednesday, with chipmakers and financials helping to push the S&P 500 and the Nasdaq to record closing highs as investors look to the upcoming Jackson Hole Symposium for assurances that Federal Reserve’s timeline for policy tightening remains intact. With few negative catalysts to sour the risk-on sentiment, all three major U.S. indexes ended the session modestly higher. “Positive news on vaccination approvals, and expectations that the Fed won’t shock...

Oil Reverse Gains but Stays Stable with WTI, Brent Shedding 0.4%

Oil prices fell on Wednesday, taking a breather after a strong rally this week spurred by the loss of a quarter of Mexico’s production and signs that China, the world’s biggest importer, has curbed a recent coronavirus outbreak. U.S. West Texas Intermediate (WTI) crude futures fell 25 cents, or 0.4%, to $67.29 a barrel by 0151 GMT, while Brent crude futures dropped 22 cents, or 0.3%, to $70.85. Both benchmark contracts rose by about 8% over the previous two...

Asian Markets Gain Following Pfizer/BioNTech’s Covid-19 vaccine FDA Approval

Shares in Asia-Pacific rose in Tuesday trade, with Hong Kong stocks leading gains among the region’s major markets. That came after the tech-heavy Nasdaq Composite jumped to a record closing high overnight following the U.S. Food and Drug Administration’s full approval of Pfizer and BioNTech’s Covid-19 vaccine. Hong Kong’s Hang Seng index closed 2.46% higher at 25,727.92, with shares of Chinese tech firms listed in the city jumping: internet titan Tencent rose 8.81% while Meituan soared 13.51% and Alibaba advanced 9.47%. The Hang Seng...

Market Report; 23 August 2021

At the end of the first weekday of trading on the Nairobi Securities Exchange (NSE) this week. A total of 20,527,400 shares in 1,198 deals, corresponding to a market value of KES 659,258,072.00, were traded. Compared with the previous NSE trading day (Friday, August 20), today’s data shows a 37% improvement in volume, 19% improvement in turnover, and 10% improvement in deals. The current market capitalization of the Nairobi Securities Exchange is KES 2.86 trillion....

Gold Prices Extend Decline by 0.1% as Dollar Gains to 9-Month High

Gold prices inched lower on Monday as the dollar held near recent highs, although the losses were limited by growing concerns over the economic fallout from the spread of the delta coronavirus variant. Spot gold fell 0.1% to $1,779.12 per ounce by 0057 GMT, while U.S. futures for the yellow metal were down 0.2% to $1,780.40. The dollar traded near the 9-1/2-month high hit last week, denting gold’s allure for holders of other currencies. Dallas...

Oil Prices Flat Despite Rising Demand Concerns, West Texas Intermediate & Brent up 0.5%

Oil prices came off three-month lows on Friday but were on track for a weekly decline of around 6% as new lockdowns in countries with low vaccination rates facing surging cases of the delta variant dimmed the outlook for fuel demand. Broader investor risk aversion also weighed on oil with the U.S. dollar jumping to a nine-month high on signs the U.S. Federal Reserve is considering reducing stimulus this year. U.S. West Texas Intermediate (WTI) crude...

IMF Halts Afghanistan from Access to Funds, Loans After Taliban’s Weekend Takeover

The International Monetary Fund (IMF) has said Afghanistan will no longer be able to access the lender’s resources, following the Taliban’s takeover of the country last weekend. An IMF spokesperson said it was due to “lack of clarity within the international community” over recognising a government in Afghanistan. Resources of over $370m (£268m) from the IMF had been set to arrive on 23 August as part of a global IMF response to the global economic...

Wall Street Sheds: S&P 500, Dow Hit Record Highs as Defensive Shares Rally

The benchmark S&P 500 and the Dow industrials hit record highs on Monday as investors moved into defensive sectors and stocks recovered from losses earlier in the session, shaking off glum economic data out of China. Economically sensitive groups such as energy, materials and financials were weaker after China’s factory output and retail sales growth slowed sharply and missed expectations in July, as new COVID-19 outbreaks and floods disrupted business operations. But healthcare gained 1.1%,...

Global Markets Weekly Review: Week 32, 2021

  Global markets were mixed for a second week running, with data indicating that markets from the west were trading higher while markets in Asia whipsawed through days of decline as Chinese traders remained cautious on concerns of a crackdown on various sectors by the regulators of the world’s largest economy. Apart from this, there were concerns over the rising numbers of coronavirus infections in the global zones, with china hitting past the 131 infections...

Disney Rallies 1% to Push Dow, S&P 500 to Close at Record Levels Despite Delta Concerns

The Dow Industrial and S&P 500 edged up to closing records on Friday and notched a second straight week of gains, buoyed by a climb in Walt Disney shares, but a sharp drop in consumer sentiment kept gains in check. Walt Disney rose 1.00% as one of the biggest boosts to both the Dow and benchmark S&P index after its profit topped market expectations as its streaming services added more customers than expected and its...

Oil Extends Gain as Demand Outlook turns Positive; Brent stable at $70

Oil prices on Wednesday consolidated strong overnight gains as a bullish outlook for U.S. fuel demand outweighed concerns about mobility curbs in Asia with the spread of the highly infectious COVID-19 Delta variant. Industry data showed U.S. crude oil and gasoline inventories fell last week, while the U.S. Energy Information Administration raised its forecast for fuel demand in 2021 and said consumption in May through July was higher than expected. U.S. West Texas Intermediate (WTI) crude futures rose...

Oil Gains 0.4% after Hitting Three Week Low Amidst Rising Concerns of Spread of COVID-19 in Asia.

Oil prices rose on Tuesday, edging up from a three-week low in the previous session, but gains are likely to be limited on worries that rising Covid-19 cases and restrictions in China will dent fuel demand. Brent crude was up by 30 cents, or 0.4%, at $69.34 a barrel by 0106 GMT, after falling 2.3% on Monday. U.S. oil was up by 43 cents, or 0.7, at $66.91 a barrel, having fallen by 2.6% in the previous session. China on...

Wall Street Sinks as S&P 500 Dragged by Energy Sector on Oil Demand Concerns

Wall Street’s benchmark, the S&P 500 dipped on Monday, as fuel demand worries during a resurgent pandemic sent energy stocks lower but rising U.S. Treasury yields lifted financial stocks, keeping Wall Street’s benchmark index near record levels. Energy shares were the worst-performing of the 11 major S&P sectors on wall street, down 1.48% along with crude prices as mounting coronavirus cases and the potential for restrictions, particularly in China, raised worries about the fuel demand...

Asian Markets Mostly Flat; Shanghai Composite Gains 1.05%

Asia-Pacific markets broadly struggled for gains on Monday as investors kept an eye on the Covid-19 situation across the region while oil prices tumbled 3%. Australia’s benchmark ASX 200 was unable to hold on to modest gains and finished flat at 7,538.40. The Australian dollar changed hands at $0.7354 against the greenback, climbing from an earlier level of around $0.7326. The Aussie fell from levels above $0.7400 following a resurgent dollar Friday on the back...

Global Markets Weekly Review: Week 31, 2021

Global Markets touched new highs again last week, with the latest jobs report reflecting the broadly favourable fundamental backdrop. We think the music will play on for this bull market, but the experiences of 1994 and 2010 highlight the potential for the record to skip. Given the parallels, here are a few lessons for investors to consider: United States Stocks recorded gains for the week, helping the large-cap benchmarks and the technology-heavy Nasdaq Composite Index...

CMA Stops Cytonn Asset Managers Limited From Recruiting New Clients

The Capital Markets Authority (CMA) has directed Cytonn Asset Managers Limited, a licensed fund manager, to stop signing new clients immediately. This is until it changes the names of its business and related products. The regulator says the move seeks to enhance investor protection and confidence in the integrity of the capital markets. The Authority said the change of name of the licensed fund manager and the regulated products it offers to the public will...

S&P 500, Dow close at Record Highs as Solid Jobs Data Boosts Cyclicals

The Dow and the S&P 500 indexes closed at record highs on Friday following a stronger-than-expected jobs report, while investors shrugged off concerns over the Delta variant impacting a nascent economic recovery. Nonfarm payrolls increased by 943,000 jobs last month, a Labor Department report showed. Economists polled by Reuters had forecast payrolls would increase by 870,000 jobs. The Labor Department’s closely watched employment report also showed strong wage gains, as employers competed for scarce workers,...

Asian Markets Mixed as Investors await U.S. Jobs Report

Shares in Asia-Pacific were mixed on Friday as investors awaited the release of a closely watched U.S. jobs report. Shares of South Korea’s Kakao Bank surged in their Friday debut, rising nearly 80% from the issue price. South Korea’s broader Kospi slipped 0.18% to close at 3,270.36. Mainland Chinese stocks fell on the day, with the Shanghai Composite down 0.24% to 3,458.23 while the Shenzhen component dipped 0.301% to 14,827.41. Hong Kong’s Hang Seng index was around...

Asian Markets Mixed as Chinese Online Gaming Stocks come Under Pressure Again

Shares in Asia-Pacific were mixed on Thursday. Investors also monitored Hong Kong-listed shares of firms related to the Chinese video game sector after China’s state media once again took aim at the industry. By Thursday’s market close in Asia, Hong Kong, shares of Tencent in the city slipped 3.9% while Netease dropped 3.76%. The Hang Seng Tech index declined 2.1% to 6,715.33. The Securities Times, a publication under the Chinese Communist Party’s official newspaper People’s...

Wall Street Closes Lower as S&P 500 Slips on Lower Jobs Data

Wall Street’s main indexes closed mostly lower on Wednesday, with the S&P 500 falling from a record high hit a day earlier as data signalled a sharp slowdown in jobs growth in July, while General Motors tracked its worst day in more than a year despite a record pre-tax profit. Nine of the 11 S&P indexes were lower, with industrials and energy both slipping, as data showed U.S. private payrolls increased far less than expected...

Asian Markets Gain as Data shows China’s Service Industry Grew by 3.6 points

Shares in major Asia-Pacific markets rose on Wednesday, as a private survey showed accelerating Chinese services activity growth in July. Mainland Chinese stocks closed higher, with the Shenzhen component advancing 1.72% to 14,990.11 while the Shanghai composite gaining 0.85% to 3,477.22. Hong Kong’s Hang Seng index closed 0.88% higher at 26,426.55, with shares of Chinese tech giant Tencent jumping 2.42% after seeing heavy losses yesterday. The Caixin/Markit services Purchasing Managers’ Index for July came in at 54.9 on Wednesday,...

Wall Street Rallies to Record High backed by Apple’s 1.26% Gain & Healthcare Stocks

The S&P 500 index on the wall street closed at record high on Tuesday on gains in Apple and healthcare stocks, despite concerns over a surge in the Delta variant of the coronavirus taking some shine off an upbeat corporate earnings season. Ten of the 11 S&P indexes on wall street traded higher, with energy stocks rebounding after getting hit by a dip in oil prices. “Even though the pandemic is still with us in...

Asian Markets Mixed as China Regulator Eyes the Online Gaming Markets

Stocks in Asia-Pacific were mixed on Tuesday, with Hong Kong-listed shares of firms in the Chinese online gaming market plummeting after the activity was described as a type of “opium” by Chinese state media. By the Tuesday market close in Hong Kong, shares of Tencent in the city plunged 6.11% while Netease and Bilibili dropped 7.77% and 3.44%, respectively. The Hang Seng Tech index declined 1.47% to 6,696.66. The losses came after the Economic Information Daily,...

Oil Slips, Brent & WTI Down 0.1% Amidst Growing Concerns over Delta Variant

Crude oil prices reversed course after an early bounce on Tuesday, as concerns over coronavirus curbs combined with slowing factory activity in key markets weighed on sentiment. Brent crude oil futures shed 5 cents, or 0.1%, to $72.84 a barrel, as of 0309 GMT. U.S. West Texas Intermediate (WTI) crude was down 8 cents, or 0.1%, at $71.18 a barrel. Futures in New York declined 3.6% on Monday. The virus is clouding the outlook for consumption as China...

Wall Street Declines, S&P 500 Drops on Coronavirus Concerns

Wall street’s benchmark, the S&P 500 Index, closed slightly lower on Monday after erasing early gains as worries about the Delta variant of the coronavirus and a slowing U.S. economy overshadowed optimism around more fiscal stimulus and a strong second-quarter earnings season. Federal Reserve Governor Christopher Waller said on CNBC late in the session that the Fed could start to reduce its support for the economy by October if the next two monthly jobs report...

NSE Weekly Market Review – Week 30, 2021

Market activity on the Nairobi Securities Exchange (NSE) extended a decline during the week as investors turned to the primary issue on the bond market. This came in during the week as investors waited on companies releasing their financial results and the final books closure for dividend consideration on Safaricom Plc. The benchmark All-share Index of the Nairobi Securities Exchange (NASI) ended the week on a decline, shedding 1.46 points or 0.82% week on week...

Global Markets Weekly Review: Week 30, 2021

Global markets were on the mixed this week. A slew of corporate earnings reports, economic data, a Fed meeting, and the regulatory-induced sell-off in Chinese equities made the last week of July the busiest one this summer. There was a lot of push and pull, with equities finishing slightly lower to where they started the week, but still near all-time highs. We think the fresh data points reveal the following about the health of the...

Home Afrika Cuts Net Losses by 62% to Kes 340.3 Million

Home Afrika Group reported a 62% decrease in Loss After Tax of Kes 340.3 Million for the period ended 31st December in 2020, down from a Net Loss of Kes Kes 888.8 Million in 2019. The Group reported a 1,3445 increase in its gross profit for the year ending 31st December 2020 compared to the same period in 2019, from Kes 3.6 Million to Kes 52.4 Million. Home Afrika financials Home Afrika Group operating loss reduced...

Wall Street falls with Amazon; S&P 500 Posts Sixth Straight Month of Gains

Stocks on wall street fell on Friday and registered losses for the week as Amazon.com shares dropped after the company forecast lower sales growth, but the S&P 500 still notched a sixth straight month of gains. Amazon.com Inc  shares sank 7.6% on wall street – their biggest daily percentage drop since May 2020 – after the company reported late on Thursday revenue for the second quarter that was shy of analysts’ average estimate and said...

US dollar, Stocks Dip as Fed keep Taper Timing Close to Chest

US stocks and the dollar slipped on Wednesday in listless trade after the Federal Reserve gave no clue about when it might start reducing its purchases of government bonds, even as it said the economic recovery is on track. The Fed said after its latest policy meeting ended on Wednesday that the economy has been strengthening despite a rise in coronavirus infections, and that accelerating inflation remained the result of ”transitory factors.” At a news...

Wall Street Slips as Caution Grows on Tech-Earnings and Fed Statement

U.S. stocks on wall street fell on Tuesday, ending a five-day winning streak in the three major indexes, as investors were cautious before results from top tech and internet names and Wednesday’s Federal Reserve announcement. The Nasdaq led the day’s declines, registering its biggest daily percentage drop since May 12, but the three indexes pared losses heading into the close and ended well off the lows of the session. Shares of Apple Inc, Microsoft Corp...

NSE Weekly Market Review – Week 29, 2021

Activity on the Nairobi Securities Exchange (NSE) was fairly flat as investors focus remained on some of the top counters (blue-chip) for a second week running. Activity was flat as well, looking in from turnovers and also on the major stocks which moved the week. Equity turnover on the exchange was at 1.84 billion, a 0.36% rise from the Kes 1.83 billion traded from the preceding week with foreign investors accounting for 61.52% of the...

Global Markets Weekly Review: Week 29, 2021

Global markets were mixed but mostly higher with most markets experiencing pullbacks, which have been infrequent and short-lived as strong economic growth, positive investor sentiment, and extreme amounts of Fed liquidity have combined to produce elevated gains with limited drawdowns along the way United States Stocks ended the week higher, rebounding from a sell-off on Monday. The advance was somewhat narrow, however, with much of the gains concentrated in technology and internet-related giants—the so-called FANG+...

Wall Street Rallies to Record-Breaking end of Turbulent Week

Stocks rallied to records on Wall Street Friday, and the Dow Jones Industrial Average closed above the 35,000 level for the first time, as the market continued to roar back from its short-lived swoon at the start of the week. The S&P 500 index climbed 44.31, or 1%, to 4,411.79 to top its prior all-time high, set early last week. The Dow rose 238.20, or 0.7%, to 35,061.55, and the Nasdaq composite gained 152.39, or...

Wall Street Ends Higher Higher, Treasury Yields Rebound Despite COVID Variant Fears

Wall Street notched a comeback on Tuesday with all the major indexes closing higher, and yields on safe-haven U.S. Treasuries bouncing off lows as investors sought riskier assets even as worries remained about a resurgence in COVID-19. Wall Street’s main indexes all rose by more than 1.5%, with the Dow ahead of the others. Yields on U.S. 10-year Treasuries came off a new five-month low. Wall Street closes higher, Treasury yields rebound despite COVID variant...

Wall Street Extends Losses as Tech Stocks Drop; Delta Variant Spreads

Wall Street ended lower on Friday, weighed down by declines in Amazon, Apple and other heavyweight technology stocks, while investors worried about a rise in coronavirus cases tied to the highly contagious Delta variant. On Thursday, Los Angeles County said it would reimpose its mask mandate this weekend. On Friday, public health officials said U.S. coronavirus cases were up 70% over the previous week, with deaths up 26%. Cruise lines Carnival Corp and Norwegian Cruise...

Wall Street Closes Higher on Powell Statement, Apple Jumps 2.4%

Wall Street’s benchmark, the S&P 500 ended with a gain after briefly hitting an intra-day record in a choppy session on Wednesday, as investors balanced worries about inflation with reassuring comments from Fed Chair Jerome Powell. Of the 11 S&P 500 sector indexes, utilities, real estate and consumer staples were among the strongest, each up about 0.9%, while energy sank about 3%. U.S. monetary policy will offer “powerful support” to the economy “until the recovery...

Wall Street Drops as Ten Major S&P 500 Sector Indices Close Lower

Wall Street benchmark indices, the S&P 500 and Nasdaq, ended lower on Tuesday after hitting record highs earlier in the session, with investors digesting a jump in consumer prices in June and earnings from JPMorgan and Goldman Sachs that kicked off the quarterly reporting season. The S&P 500 and Nasdaq reached fresh record highs but quickly fell into negative territory after an auction of 30-year Treasuries showed less demand than some investors expected and pushed...

NSE Weekly Market Review – Week 27, 2021

The market capitalization of the Nairobi Securities Exchange (NSE) posted a 1% rise this week to Kes 2.73 Trillion from the Kes 2.70 Trillion recorded in the previous week. The market saw a stable rise in major counters with a decline in level of share price decline on the losers side. Activity of the Nairobi Securities Exchange (NSE) rose during the week as foreign investors continued dominating trading on the exchange, accounting for 57.99% of the...

Finance Stocks Rebound, Pushing Wall Street to Record Closing Highs

The three major wall street indexes rallied to record closing highs on Friday as financials and other economically focused sectors rebounded from a selloff sparked by growth worries earlier in the week. The rally allowed the indexes to notch slight gains for the week, which also saw a sharp rally in U.S. Treasuries as investors worried the U.S. economic recovery might be losing steam as the Delta variant of the coronavirus spread globally. U.S. 10-year...

Asian Stocks Extends Decline as Chinese Tech Regulatory Concerns Sends Pressure on Markets

Shares in Asia-Pacific mostly declined on Thursday, as Chinese tech stocks in Hong Kong came under pressure after regulatory fears resurfaced. In Thursday afternoon trade in Hong Kong, shares of Tencent dropped 3.74% while Alibaba declined 4.13% and Meituan plunged 6.43%. The Hang Seng Tech index declined 3.71% to 7,321.98. Beijing recently announced a stepping up in oversight on Chinese listings in the U.S., many of whom are tech companies. That came after a recent crackdown on ride-hailing giant Didi and other...

Wall Street Edges Higher as FOMC Minutes Showed Feds not Ready to Tighten Policy

Stocks on wall street ended higher on Wednesday and the S&P 500 and Nasdaq notched record closing highs after minutes from the last Federal Reserve meeting indicated officials may not be ready yet to move on tightening policy. According to the minutes of the U.S. central bank’s June policy meeting, Fed officials felt substantial further progress on the economic recovery “was generally seen as not having yet been met,” but agreed they should be poised...

Tech Shares Lead Asian Stocks Decline as Didi Suspension Resurfaces China’s Regulatory Concerns

Shares in Asia-Pacific were mixed on Monday as Brent crude futures hovered around $76 while investors watched for developments from a meeting of OPEC and its allies. Shares of Chinese tech firms in Hong Kong fell on Monday trade as regulatory fears resurfaced. Tencent shares fell 3.57% while Alibaba dropped 2.83% and Meituan slipped 5.59%. The broader Hang Seng TECH index in Hong Kong also declined 2.28% to 7,712.19. Elsewhere, shares of Japanese conglomerate SoftBank Group also...

TPS Eastern Africa to Offer 200 Million New Ordinary Shares in Rights Issue

TPS Eastern Africa, the owner of Serena Hotels plans to issue 200 million new ordinary shares through a rights issue after its shareholders passed a special resolution during the company’s Annual General Meeting (AGM) on Monday 28th June. According to the minutes of the company’s 49th AGM, investors passed the resolution to increase the authorized share capital from the current KSh200 million to Kes 400 million through the creation of an additional 200 million ordinary shares with...

Google Launches $6 Million Program Funding to African Startups

Google has rolled out three programs worth Kes. 642 million ($6 million) which are expected to support women and young entrepreneurs and innovators in at least 13 African countries. Under the first program, Google.org will grant Kes. 321 million ($3 million) to the Tony Elumelu Foundation to support women-owned startups in the continent to upscale their ideas. The tech giant says the fund will help in providing entrepreneurship training, mentorship and coaching to at least...

Nasdaq Closes at All Time High Fueled by Tesla’s 4.3% Rally, Factory Data

The Nasdaq hovered near its all-time high on Wednesday, helped by a boost from Tesla shares, with investors cheering data that showed a record peak for U.S. factory activity in June. Data firm IHS Markit said its flash U.S. manufacturing Purchasing Managers’ Index rose to a reading of 62.6 this month, beating estimates of 61.5, but manufacturers are still struggling to secure raw materials and qualified workers, substantially raising prices. The “high level of today’s...

Wall Street Rebounds, Fueled by Jerome Powell Statement on Rates

Wall Street rebounded Tuesday as Federal Reserve Chairman Jerome Powell vowed not to raise rates too quickly as the dollar and oil gave up earlier gains. Led by the tech-heavy Nasdaq Composite, Wall Street closed Tuesday higher, bouncing back from a sell-off set off last week by a Fed policy update that suggested officials believed rates would rise more quickly to counter rising inflation. The Nasdaq closed at another record high, as top-shelf tech companies...

Dow Jumps 1.76% on Wall Street as U.S Stocks Reverse Post Fed Losses

Wall Street rallied on Monday, with the Dow completing its strongest session in over three months as investors piled back in to energy and other sectors expected to outperform as the economy rebounds from the pandemic. The small-cap Russell 2000 and the Dow Jones Transports Average, considered a barometer of economic health, both jumped about 2%. The S&P 500 value index, which includes banks, energy and other economically sensitive sectors and has led gains in...

NSE Weekly Market Review – Week 24, 2021

Backed by stability in various stock prices, the market capitalization of the Nairobi Securities Exchange (NSE) was flat this week to Kes 2.684 Trillion from the Kes 2.683 Trillion recorded in the previous week. The market saw a stable rise in major counters with a decline in level of share price decline on the losers side. The overall market activity declined, with the equity turnover posting a 50.96% to Kes.2.37 billion from the Kes.4.82  billion...

Global Markets Weekly Review: Week 24, 2021

Global markets were on the low as a surprisingly hawkish outcome from the Federal Reserve’s June 15–16 policy meeting and late-week comments from a Fed official about potentially earlier-than-expected rate hikes dragging markets globally reverse some of their post-pandemic gains. United States The Dow includes many cyclical companies—those most reliant on global economic growth. On the other hand, the tech-heavy Nasdaq Composite index posted a much more modest loss. The broad market S&P 500 Index...

Wall Street Ends Week Sharply After Hawkish Fed Spooks Investors

Stocks on Wall Street ended sharply lower on Friday, with the Dow and S&P 500 posting their worst weekly performances in months, after comments from Federal Reserve official James Bullard that the U.S. central bank might raise interest rates sooner than previously expected spooked investors. The blue-chip Dow and the benchmark S&P 500 started the week at record closing levels, but ultimately fell by their most in any week since late October and late February,...

Wall Street Mixed as Nasdaq Gains on Tech Rebound, S&P 500 Slides

Technology shares on wall street jumped on Thursday on optimism around a speedy economic recovery, although the Federal Reserve’s unexpectedly hawkish message on monetary policy kept the S&P 500 subdued. Five of the 11 S&P indexes were down in late morning trade, while information technology rose the most among gainers. Chipmaker Nvidia Corp jumped 5.5%, leading the charge among technology behemoths after Jefferies raised its price target on the stock. Technology shares, which generally perform...

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