MTN Group Terminates Talks to Buy South Africa’s Telkom
The combination of MTN and Telkom would have overtaken rival Vodacom Group Ltd. in having the most subscribers in South Africa.
Business News
KCB Group Sign up to African Coalition to Bolster Climate Action
KCB Group Plc has also significantly cut its carbon footprint by 11.25% in its premises across the six countries it operates in, on a deliberate push to reduce carbon emissions from its operations.
Kakuzi Set on Second Avocado Shipment to China Amidst Souring Demand.
Kakuzi will be shipping several 20-foot container loads to China by sea before the end of this week as demand for quality Kenyan avocado fresh fruits continues to grow.
Kenya Airways Signs Agreement with Zenz Technologies to Improve Revenue Management
Zenz Technologies will be in charge of implementing a revenue management system for Kenya Airways as the airline maintains optimal operations as markets reopen following the pandemic.
Oil Falls to 7-Month Low on Renewed Demand Fears, Rate Hike Expectations
Crude oil inventories in the U.S. Strategic Petroleum Reserve (SPR) fell 7.5 million barrels in the week to Sept. 2 to 442.5 million barrels, their lowest since November 1984, according to data from the Department of Energy.
Centum Securities Returns Gain to 14% Despite Company’s Cut in Equities Exposure
According to Centum’s annual report, the MSP portfolio of cash securities, which is managed by Centum’s asset management subsidiary Nabo Capital, returned 14% during the period, up from 13.1% in 2021.
NCBA invests Kes 2 billion in its Tanzania subsidiary
NCBA Bank Tanzania is now shifting its focus to serving large corporations while closing excess branches in specific locations.
Kenya Airways Obtains new Kes 11 Billion in Short-Term Loans.
Kenya Airways’ negative equity increased to Kes 98.3 billion at the end of June, up from Kes 83.3 billion in December, a Kes 15 billion increase in six months.
Oil Prices Rise on Potential OPEC+ Supply Cuts; BP Shuts US Refinery Units
SINGAPORE: Oil prices rose on Thursday on mounting supply tightness concerns amid disruptions to Russian exports, the potential for major producers to cut output, and the partial shutdown of a U.S. refinery. Brent crude rose 45 cents, or 0.4per cent, to US$101.67 a barrel by 0630 GMT. U.S. West Texas Intermediate crude was up 32 cents, …
Oil Prices Rise on Potential OPEC+ Supply Cuts; BP Shuts US Refinery Units Read More »
South Africa’s Inflation Rate Rise for Third Consecutive Month to 7.8%.
The headline consumer-price index increased 7.8% year on year, compared to 7.4% in June, according to a statement posted on Statistics South Africa’s website on Wednesday
Kenya Airways Narrow its Loss to Kes 9.88 Billion for 1H2022
Kenya airways reported a Kes 9.88 billion half-year loss, which was less than the Sh11.48 billion loss reported in the same period last year.
Oil Prices Fall as Fear of Impending OPEC+ Output Cut Fade
U.S. oil prices shot above $10 for the first time in about 14 years due to a surge in prices in Europe, where tight supplies persist.
Kenya to supply Uganda with power after floods shut the key plant.
Uganda will make an emergency purchase of power from neighboring Kenya to stabilize supply after floods forced the shutdown of its 183-megawatt Isimba plant last week. Energy Minister Ruth Nankabirwa Ssentamu said “Uganda will purchase 60 megawatts from Kenya and will restart an idled 50-megawatt thermal plant in Kampala. An additional 20 megawatts will be …
Kenya to supply Uganda with power after floods shut the key plant. Read More »
Joanne Mwangi-Yelbert Appointed New Chairperson of the Kenya Tourism Board
Joanne Mwangi-Yelbert has been appointed as the new Chairperson of the Kenya Tourism Board (KTB) for a three-year term, replacing Jimi Kariuki. The appointment announced through a gazette notice dated July 5, 2022 makes Mwangi-Yelbert the first female to serve as board chair since the inception of KTB. “I want to thank President Uhuru Kenyatta …
Joanne Mwangi-Yelbert Appointed New Chairperson of the Kenya Tourism Board Read More »
Asian Markets Mixed as China’s Industrial Output Misses Expectations
Shares in the Asia-Pacific were mostly higher on Monday as investors monitored market reaction to Chinese economic data. Mainland China markets were mixed. The Shanghai Composite fell slightly to end the day at 3,276.09 and the Shenzhen Component was up 0.33% at 12,460.22. Hong Kong’s Hang Seng index was 0.72% lower in the final hour …
Asian Markets Mixed as China’s Industrial Output Misses Expectations Read More »
PwC & KBA Launch the Kenya Banking Sector 2021 Total Tax Contribution Report Launch
The study offers an opportunity for the tax contribution of the Kenya banking sector to be quantified and analyzed so that policymakers can assess whether the operating environment is supportive of the sector.
Oil Prices Drop to $99.60 Ahead of OPEC+ Meeting
A stronger dollar also weighed on oil prices as a firmer greenback makes oil more expensive for holders of other currencies.
KCB Group Plc to Acquire 85% Stake in DRC-Based Lender Trust Merchant Bank (TMB)
Once completed, this acquisition will complement KCB Group’s regional footprint with an asset base of Kes. 1.5 Trillion (USD 12.6 billion) and is expected to strengthen the Group’s Retail and Corporate banking franchises.
Flutterwave Hits Back at CBK as Company Says it Been Waiting for License Since 2019
The Assets Recovery Authority is conducting a complex money-laundering investigation into Flutterwave. Until now, it was unclear whether the company had regulatory approval to operate in Kenya.
John Ngumi Appointed as Safaricom’s Board Chair Effective August 1st.
John Ngumi is currently the Board Chair of the Industrial and Commercial Development Corporation (ICDC), a position he has served since August 7, 2020.
Court Halts Operations of Mumias Sugar, Days after Successful Cane Crushing Test.
The Officer Commanding Mumias Police Station be and is hereby ordered to facilitate the safe return of all vandalized and looted assets of Mumias Sugar Company in accordance with these orders
Oil Prices Gain 1% as Traders Turn Focus on OPEC Meeting Next Week.
Oil prices typically rise when the dollar falls as a weaker dollar makes crude cheaper for buyers holding other currencies.
EABL’s Profit Rises 124% to Kes 15.6 Billion for the Full Year Ended 30 June 2022
EABL delivered a strong beer performance, up 27 percent, aided by the beer recovery in Kenya. The Group’s spirits category was up 26 percent, boosted by a 27 percent growth in mainstream spirits.
Gold Prices Gain to Two-Week High at $1,737.44 as Fed Hikes Rates by 0.75%
A sharp fall in purchases by investors pulled global gold demand down 8% in the second quarter compared to the same period in 2021, the World Gold Council said.
Oil Prices Edge Higher as Russia Cuts Gas Supply via Nord Stream 1.
Oil Prices also found support as the Group of Seven richest economies aims to have a price-capping mechanism on Russian oil exports in place by Dec. 5.
Former CDSC CEO Joins Airtel Money Board as Chairperson
Rose Mambo, the former CEO at Central Depository & Settlement Corporation (CDSC) has been appointed by the board of directors Airtel money the chairperson of the board of directors.
Kodris Launches M-PESA Mini-App to Deepen Coding Skills in Kenya
Kodris Africa CEO Mugumo Munene said that the partnership with Safaricom would go a long way in initiating the subject in the education system in Kenya.
Safaricom Partners with Technology Partners to Launch Digital Talent Program
It will be delivered through a hybrid approach including classroom learning, mentorship, and internships for the experiential part of the learning from Safaricom and its partners in the program.
Lufthansa Cancels over 1,000 Flights Over Ground Staff Pay Dispute
Marvin Reschinsky of Verdi stated that ‘if at all Lufthansa becomes stubborn in the coming week and do not better their offer, they would consider further industrial actions.
KCB Bank Reviews Annual Rates Upwards for its Savings Account to 7.5%.
KCB Bank’s new interest rates are currently the highest compared to the average industry interest rates on fixed deposit accounts that now stand at 6.61 percent with savings accounts that have declined to 2.56 percent from 3.37 percent in 2021.
Oil Prices Gain to $95.65 on Declined U.S Crude Stockpiles
Oil prices rose in early Asian trade on Wednesday as industry data showed a larger-than-expected drawdown in U.S. crude stockpiles.
The United States Takes Lead as LNG Exporter in the First Half of 2022
U.S. LNG total base load export capacity increased from less than 1 billion cubic feet per day (Bcf/d) in 2015 to about 10.78 Bcf/d at the end of 2021.
Gold Prices Up at $1,718.97 Amidst Growing Global Economic Concerns
Spot gold firmed 0.1% to $1,718.97 per ounce, by 0041 GMT, while U.S. gold futures dipped 0.1% to $1,716.70.
South Africa Turns to Private Sector in Bid to End 14 Years of Blackouts
The energy plan is potentially effective and if it is implemented then South Africa will be a step closer to energy independence.
NSE Turnover for Tuesday Rises 22% to Kes 113 Million
The Derivatives market of the NSE had a total of 26 contracts traded valued at Kes 304,000. The bond market had bonds worth Kes 6.1 Billion transacted compared to Kes 2.3 Billion
Centum Shares Tumble even as Company Declares 77% increase in Dividend Payout
Centum Investment Company Plc shareholders are set for a Kes 391 million dividend payout, marking a 77% increase in dividend payout compared to the Kes 219 million paid in the previous year.
Kenya Breweries Partners With SightSavers for the inclusion of Persons with Disabilities
John Musunga, Managing Director for Kenya Breweries Limited affirmed the company’s commitment to helping the government reach and surpass its target.
Bank of Ghana Halts Interest-Rate Hikes on Growth Concerns
The Bank of Ghana announced to yield a record of 21.86% having it being the cedi-Africa’s worst-performing currency this year, according to data compiled by Bloomberg
Oil Prices Fall at $102.72 as Investors Anticipate Fed Rates Hike.
Brent crude futures for September settlement dropped 48 cents, or 0.5%, to $102.72 a barrel at 0205 GMT, down for a fourth day in declining global oil prices.
Reserve Bank of Zimbabwe Reveals “Gold Coin” in Renewed Attempts to Curb Inflation.
The Reserve Bank of Zimbabwe indicated that the inflationary pressure in the country has weakened the local currency.
Safaricom Foundation Allocates Kes 100 Million For ‘Ndoto Zetu’ Initiative.
The Ndoto Zetu Initiative by Safaricom Foundation has reached close to 3 million Kenyans since its inception in 2019.
Equity Bank Inks Deal With NALA to Enable Kenyans in UK and USA Send Money Back Home.
NALA and Equity Bank are changing the paradigm of financial tools across the region by providing fair and transparent services to empower people with control over their finances.
South African Reserve Bank Raises Repurchase rate by 75 BPS.
The decision by the South African Reserve Bank comes shortly after the European market was issued with a notice of an expected hike in rates in response to the inflationary pressure.
NSE Turnover Drops Marginally to Kes 407 Million on Thursday.
The Derivatives market on the NSE had a total of 22 contracts traded valued at Kes 266,000 transacted.
Tesla Liquidates 75% of its Bitcoin Holding as Production Challenges Impact Earnings
Tesla’s second-quarter profit fell 32% from record levels in the first quarter, with the company reporting a $2.26bn net profit on Wednesday.
BAT Kenya Posts 7.4% Growth in Half Year Earnings to Kes. 2.9 Billion
BAT Kenya’s gross revenue increased by 8 percent to Kes 21.9 billion serving as a buffer to the increased operational costs and higher taxes during the period.
Kenya Airways Signs Codeshare Agreement with South African Airways.
Kenya Airways, South African Airways’ valued clientele will gain new travel choices to markets across East Africa via Kenya’s extensive network and hub in Nairobi, providing for seamless travel and status recognition.
Review of Safaricom’s Inagural Engineering Summit, Decode.
Safaricom PLC launched the Safaricom Engineering Community in a two-day inaugural summit dubbed Decode last week.
AfDB Extends Kes. 7.3 Billion Fertilizer Subsidy to Kenya.
According to the AfDB, the loan will help Kenya significantly boost cereal and oil seeds production over the next two years.
Safaricom Launches Second Phase of Mobile Merchants Interoperability.
Airtel and Telkom customers can now pay into Safaricom’s MPESA pay bill numbers after the successful launch of the second phase of mobile merchants’ interoperability. The service that was launched today will allow customers on any of the three networks to make mobile money payments to an M-PESA Pay Bill Number from any network. The …
Safaricom Launches Second Phase of Mobile Merchants Interoperability. Read More »
Sanlam Kenya and mTek Launch Flexi Hela to enhance Insurance Penetration
Local non-bank financial services provider Sanlam Kenya has launched Flexi Hela, an innovative, flexible savings solution with a guaranteed return.
Oil Prices Slips to $98.81 on Anticipated U.S. inventory build amid Demand Concerns
Oil is generally priced in U.S. dollars, so a stronger greenback makes the commodity more expensive to holders of other currencies. Investors also tend to view the dollar as a safe haven during market volatility.
Market Report, 16th June, 2022
At the end of today’s trading session on the Nairobi Securities Exchange (NSE), A total of 13,643,000 shares in 1,064 deals, corresponding to a market value of KES 315,565,099.00, were traded. Compared with the previous NSE trading day (Wednesday, June 15), today’s data shows 32% decline in volume, 38% decline in turnover, and 15% decline …
Oil Prices Rally Above $120 as Saudi Arabia Increases Crude Prices for July.
The OPEC+ move to bring forward crude oil output hikes is widely seen as unlikely to meet demand as the increased allocation is spread across all members, including Russia which is facing sanctions.
AfDB Launches Initiative to Build Financial Acumen of African Cities.
The program by The African Development Bank (AfDB) will get underway in September 2022; 10 municipalities will participate.
Market Report: June 03, 2022
Trading on the secondary bond market on the NSE posted a decline in activity as compared to Thursday’s trading, with bonds valued at Kes 1.79 billion transacted in 98 deals compared.
KCB Group Shareholders Approve Kes. 9.64B Dividend Payout for FY2021.
At the 51st Annual General Meeting held earlier today via electronic means; KCB Group shareholders approved a final dividend of Kes 2.00 per share as recommended by the Board
Oil Prices Steady at $117.68 a Barrel Despite OPEC+ Call to Increase Supply.
Brent crude oil futures were on track to fall for the week, and WTI was on course for a 1.6% weekly gain as U.S. supply remained very tight, prompting talk of fuel export curbs or a windfall profits tax on oil and gas producers.
Safaricom and Visa Launch First M-Pesa GlobalPay Visa Virtual card.
The launch of Safaricom’s M-Pesa Visa virtual card opens global shopping for Kenyan consumers, allowing secure cashless payments at merchant locations in over 200 countries through Visa’s global network.
Ogilvy Africa Appoints Delna Sethna as Chief Creative Officer
Delna Sethna has more than 20 years of experience in the creative and marketing space. She comes to Ogilvy from Red Fuse Communications, also part of the WPP group.
Market Report: June 02, 2022
The derivatives exchange the NSE (NEXT) had 6 single stock futures valued at Kes 114,700 transacted during Thursday’s trading session.
Crude Oil Prices Drop by 3% with Saudi Arabian Supply Set to Hit Markets.
International crude oil benchmark Brent crude futures were last down 1.68% at $114.34 per barrel. U.S. crude futures dropped 1.87% to $113.10 per barrel.
SWVL Indefinitely Halts Key Services in Kenya Amidst Global Layoff.
In a sudden turn of events, SWVL is pausing all their daily and city-to-city rides in Nairobi.
Market Report: May 31, 2022
Trading on the secondary bond market on the NSE posted a decline in activity as compared to Monday’s trading, with bonds valued at Kes 1.91 billion transacted in 98 deals
BK Group Posts 40% Growth in Net Income at FRw 15.6 Billion.
BK Group’s net interest income rose by 4.3% year-on-year to FRw 33.3 billion supported by higher income from loans and advances, which grew by 8.8% from Q1 2021 to FRw 1.1 trillion.
Market Report: May 30, 2022.
Compared with the previous NSE trading day, today’s data shows a 64% decline in volume, 62% decline in turnover, and 8% decline in deals.
KCB Group names Paul Russo as the new CEO to succeed Joshua Oigara.
KCB Group Plc has announced the appointment of Paul Russo as the new Chief Executive Officer effective today, May 25, 2022. Paul Russo who is the current National Bank of Kenya (NBK) CEO and KCB Group Regional Business Director takes over leadership of the giant lender from Joshua Oigara whose term has ended after nine …
KCB Group names Paul Russo as the new CEO to succeed Joshua Oigara. Read More »
CMA Gives Approval for Transcentury Rights Issue
The Capital Markets Authority (CMA) has granted approval to TransCentury Plc (“TC”) to undertake a rights issue The rights will be issued on the basis of five (5) new ordinary shares for every one (1) existing share as approved in the last shareholder meeting. Funds from the Rights Issue will go towards supporting the last …
CMA Gives Approval for Transcentury Rights Issue Read More »
Oil Prices Hold Near $104 as China, japan Post Weaker Economic Data.
Oil prices eased on Wednesday, giving up earlier gains, after China and Japan reported weak economic data, fueling concerns about growth and oil demand in the world’s top consumers.
Equity Group announces a total $1.6Billion DRC investment commitments by 26 Kenyan Companies
26 Kenyan companies have committed trade investments worth $1.6Billion in the Democratic Republic of Congo. The 26 traders are part of the Kenya delegation that participated in last year’s Kenya-DRC Trade Mission organized by the Government of Kenya and the Government of the Democratic Republic of Congo (DRC) in partnership with Equity Group. Some of …
Oil Prices Hold at $100 as OPEC Warns of Supply Crunch even as China Relaxes Restrictions
The partial easing of Shanghai lockdowns lifted some of the downward pressure that was starting to be felt on worries about Chinese oil demand, she said.
Market Report; April 11, 2022
At the end of the first weekday of trading on the Nairobi Securities Exchange (NSE) A total of 3,822,200 shares in 781 deals, corresponding to a market value of KES 104,046,357.00, were traded. Compared with the previous NSE trading day (Friday, April 8), today’s data shows a 38% decline in volume, a 36% decline in …
Oil Prices Down 2.9% Amidst China’s Renewed Coronavirus Lockdowns.
Demand for oil will be affected in China – the world’s biggest oil importer – by pandemic-driven mobility restrictions and in Russia by international sanctions.
Elon Musk Will Not Join Twitter board, Paraga Confirms.
Elon Musk has decided not to join the board of Twitter, the company’s chief executive Parag Agrawal says. Elon Musk’s appointment was due to become effective on Saturday after revealing last week that he had bought a 9.2% stake in the social media platform. However, Mr. Agrawal tweeted: “Elon shared that same morning that he …
Elon Musk Will Not Join Twitter board, Paraga Confirms. Read More »
Oil mixed at $106.75 as new Russia sanctions offset demand worries
Proposed EU sanctions, which the bloc’s 27 member states must approve, would ban buying Russian coal and prevent Russian ships from entering EU ports. Britain also urged G7 and NATO nations to agree a timetable to phase out oil and gas imports from Russia.
KCB GROUP PLC POSTS KSHS.34.2B IN FULL-YEAR 2021 PROFIT AFTER TAX
Growth in total income and reduction in loan loss provision charge pushed performance by 74% in steady post-COVID-19 recovery KCB Group Plc recorded a historic 74% rise in profit after tax for the full year ending December 2021, riding on an economic recovery across markets. Net profit grew to KShs.34.2 billion compared to KShs.19.6 …
KCB GROUP PLC POSTS KSHS.34.2B IN FULL-YEAR 2021 PROFIT AFTER TAX Read More »
Oil Prices Jump 1.9% as EIA Raises Concerns on Supply.
Oil prices climbed on Thursday after the International Energy Agency (IEA) said markets could lose three million barrels per day (BPD) of Russian crude and refined products from April. The supply loss would be far greater than an expected one million BPD per day drop-in demand triggered by higher fuel prices, the IEA said in …
Oil Prices Jump 1.9% as EIA Raises Concerns on Supply. Read More »
Oil Prices Steady at $109 Amidst U.S Russian Oil Ban.
Oil prices stabilized on Friday and were on track for their biggest weekly drops since November after see-sawing on fears of escalating bans on Russian oil versus efforts to bring more supply to market from other major producers. Brent crude oil futures inched down 16 cents, or 0.15% to $109.17 a barrel at 0434 GMT …
Oil Prices Steady at $109 Amidst U.S Russian Oil Ban. Read More »
Oil prices rise to $98.32 as Russia declares war on ukraine
Oil prices gained on reports of cyberattacks on several Ukrainian state websites added to fears about escalating tensions with Russia.
Global Markets Weekly Review: Week 06, 2022
Chinese stocks rose in line with global markets amid supportive official comments and a perception that the country’s regulatory crackdown cycle had peaked.
Oil Prices Down 0.3% as Concerns over The Fed’s Aggressive Interest Rate Hikes
Tight supply was seen in U.S. crude oil stockpiles, which unexpectedly fell 4.8 million barrels in the week to Feb. 4 to 410.4 million barrels as overall refined product demand reached an all-time record.
Wall Street Lower on Fears of Aggressive Fed Rate Hikes
Wall Street ended sharply lower on Thursday after U.S. consumer prices data came in hotter than expected and subsequent comments from a Federal Reserve official raised fears the U.S. central bank will hike rates aggressively to fight inflation. U.S. Labor Department data showed consumer prices surged 7.5% last month on a year-over-year basis, topping economists’ …
Wall Street Lower on Fears of Aggressive Fed Rate Hikes Read More »
Market Report; February 07, 2022
Trading on the secondary bond market on the Nairobi Securities Exchange (NSE) posted gains, compared to Friday’s trading, with bonds valued at Kes 6.05 billion transacted in 91 deals
Savings Startup Cashlet Prepares to Launch in Kenya
Sycamore Capital’s mobile-based unit trust app Cashlet is gearing for launch in the Kenyan market to bridge the low savings culture in the country
Moody’s to Acquire 51% Stake in GCR Ratings, Expanding Presence in Africa
In South Africa, Moody’s and Global Credit Rating (GCR) intend to advance corporate social responsibility initiatives, including social enterprises that provide education and support to female-owned businesses and entrepreneurs.
Oil Prices Extend Gains at $89.52 as Growing Geopolitical Tensions Dampens Supply Outlook.
Sources said an OPEC+ technical panel meeting on Tuesday did not discuss a hike of more than the expected 40,000 barrels of crude oil per day from March.
Wall Street Advances, AT&T Shares Plunges 4.2% as Dividend is Cut by 50%
Google parent Alphabet Inc rose 1.7% on wall street ahead of quarterly results published after the bell. Amazon Inc and Meta Platforms Inc are also on deck later this week.
Market Report; February 01, 2022
Car and General Plc saw its shares decline by 8.89% during Tuesday’s trading session on the Nairobi Securities Exchange (NSE). Volumes on the stock however remained low, with only 600 shares traded on the counter.
Oil Prices Extend Gains at $89.40 as Traders Bet on Recovery in Fuel Demand.
The risk of geopolitical disruptions to oil supply at a time of already tight inventories due to the strong post-pandemic recovery has sent the premium commanded by barrels for prompt delivery soaring, suggesting the current price rally has further to run.
Market Report; January 31, 2022
The derivatives of the NSE posted a decline in activity, with 11 futures contracts valued at Kes 321,200 concluded by the close of Monday’s trading session.
Global Markets Weekly Review: Week 04, 2022
Fed Chair Jerome Powell left open the possibility that global markets policymakers would raise rates in 2022 more than the three quarter-point hikes they had signalled after their December meeting
Oil Headed for Sixth Weekly Gain Amid Supply Concerns
Oil prices rose on Friday, set for their sixth weekly gain, amid concerns of tight supplies as major producers continue their policy of limited output increases amid rising fuel demand. Brent crude futures climbed 45 cents, or 0.5%, to $89.79 a barrel at 0429 GMT, after falling 62 cents during the previous day. However, prices …
Oil Headed for Sixth Weekly Gain Amid Supply Concerns Read More »
Market Report; January 27, 2022
Compared with the previous NSE trading day, today’s data shows 2% improvement in volume, 48% improvement in turnover, and 8% improvement in deals.
Oil Prices Fall 1% as U.S. Fed’s Pending Rate Hike Spooks Investors
Crude oil prices surged on Wednesday, with Brent climbing to $90 a barrel for the first time in seven years, amid the tensions between Ukraine and Russia, the world’s second-largest oil producer, that has fanned fears of energy supply disruptions to Europe.
Market Report; January 26, 2022
Trading on the secondary bond market of the NSE posted an increase in activity, compared to Tuesday’s trading, with bonds valued at Kes 3.48 billion transacted in 98 deals.
Market Report; January 25, 2022
A total of 11,591,200 shares in 1,103 deals, corresponding to a market value of KES 413,050,977.00, were traded in today’s session on the NSE.
Oil Prices Reverse Gains at $88.05 Ahead of U.S. Federal Reserve Update
Oil prices hit seven-year highs last week on worries that supplies could tighten due to Ukraine-Russia tensions and worries about the conflict in Yemen.
Gold Prices Flat at $1,840.24 Ahead of Fed Meeting
Spot gold was little changed at $1,840.24 per ounce by 0323 GMT. U.S. gold futures were also steady at $1,840.70.
Oil Prices Rebound at $86.75 Amidst Growing Eastern Europe and Middle East Tension
Lower U.S. oil inventories are also providing support, with crude inventories around the NYMEX WTI delivery point at Cushing in Oklahoma at the lowest for the time of year since 2012.
Market Report; January 24, 2022
The derivatives market of the NSE saw an increase in activity in today’s trading session compared to Friday’s trading with 19 single stock futures valued at Kes 830,670.