HENATES

At the Nairobi securities exchange, today Monday, July 31, 2017, it was down all the way except marginal 0.01% increase in All shares index to 161.36 thus still managing a new high. There were in fact more prioce drops (20) than gains(14) within the day but Kes 10 gain in high priced Jubilee holdings and I & M Holdings 5.50% gain to Kes 114 per share must have effectively countered the push of the losers downwards. Amongst the losers were equally high priced Williamson Tea, down 3.23% to Kes 186 per share; Nation Media down 4.42% to Kes 113 and Bamburi cement with 0.52% drop to Kes 191 but their margin of drop in Kes terms was not that high. Top % gains were by SCAN group, up 8.05% to Kes 23.50; Umeme with 7.58% to Kes 14.20 per share and Crown Berger up 5.63% to Kes 75 per share. Lead price drops were those recorded in Sasini, down 6.48% to Kes 25.5 per share; Uchumi supermarket with 5.26% to Kes 3.60 per share and the Nairobi securities exchange itself which closed down 4...

At the Nigerian stock exchange today, July 31, 2017,Nigeria's top capitalised equity, Dangote Cement lost N11.76 per share or 4.99% and recorded 88 deals for 0.377m shares worth N85.223m. It does dragged Premium index down by 4.63% to 2438.39 and helped fuel the continued punctuation of almost week long daily All shares index increase. The ASI recorded higher 2.69% drop to 35,844 after last Friday's 1.02% decrease which made week 30 less and all round daily increase one. Brokers must be unhappy with Dangote Cement's drop in profit margin to 36.2% by half year , according to latest figures, compared to 37% in the first half of 2016. Dangote Cement's major headache remains its debt servicing load and corresponding drop in finance income. The 62.2% decrease in finance income to N16,487m and 46% increase in finance cost to N24,404m rubbish the robust 66.8% increase in operating profit Dangote Cement had recorded  as it administration cost grew by only 9.8% to N20,950m...

The financial year to March 31, 2017 would have been a  trying one for EAAGADS ltd, one of the companies quoted on the agriculture sector of Nairobi securities exchange but for Coffee prices that stayed up on the average and drop in direct cost associated with coffee production and sale. According to the figures released this week, there was 13.2% increase in total income to Kes143.4m principally because the average coffee price through the period was 4.218 US Dolllars per kilo compared to $3.863 per kilogram average in 2016 year.  So, despite drop in tons of coffee sold by the company within the year, core revenue from coffee business rose by 11.3% to Kes 140.2m from Kes 1.26m. At the same time, cost of production decreased by 24.8% to Kes 67.2m compared to Kes89.1m previously and with income from other sources closing at K2.17m as against Kes0.67m before, only 32.8% increase in administration cost to Kes 41.7m offered any resistance to profitability. The company expl...

As the Nigerian economy continues to recover, all is inded going well for BOC Gases Nigeria plc and it looks set to end the current nfinancial year in flying colours. According to half year figures released last week, total income of BOC gases was up by 34.2% to N1.335bn well ahead of equally comfortable 30.3% growth in core business revenue to N1.207bn and as Other income rose by 34.2% ton N89m and finance income grew in multiples from just N1.93m to N38.6m by June 2017. At the same time, BOC Gases had a good and firm hold over its costs. Cost of sale, for example rose by 22.9% to N674.6m, that is far below core revenue growth; administration expenses closed 44.4% down at N113.5m while finance charges dropped by 44.5% to N28.1m. In the end, it was only 46.6% increase in distribution costs to N231.7m that posed any threat to the company's bottom line within the period but that was easily absorbed for resounding growth in profit before tax from N33.45m by June 2016 to N199.4m ...

NEW CFO FOR DANGOTE CEMENT The board of directors of Dangote cement PLC has announced the appointment of Mr Brian Egan as the new Executive director, Finance and group Chief Finance Officer (CFO). According to official notice signed by a director of the company, Mr Joseph Makoju, the chairman of the board, Aliko Dangote, said of the new ED; "I am delighted to welcome Brian to the board. His appointment as executive director finance reflects the significant contribution he has made to the group since he joined in April 2014.  He has transformed our financial management and reporting and become a trusted source of insight for investors..". Before joining Dangote cement Brian had worked as executive director and CFO of Petropavlovsk PLC and Aricom PLC both listed on the London stock exchange. He was also group CFO for Gloria Jeans Corporation; financial director/company secretary of Georgia Pacific Ireland Ltd and CFO Cocacola HBC Russia. He trained with KPMG and is a member of ...

Cumulative portfolio investment in equity by both foreign and domestic investors through the Nigerian stock exchange rose by 49.8% to N935.26bn by  last June when compared to the first half of 2016. According to figures released this week by the Nigerian stock exchange, foreign investors portfolio grew by 59.8% to N430.23bn within the period compared to 42.2% increase in domestic portfolio to N505.03bn. Hence, by June this year, foreign investors share of portfolio investment was 46% as against 43.1% by June 2016. Within the six months, highest monthly investment was in March with N285.05bn invested followed by June itself (N220.61bn) and May during which N205.61bn was involved. The lowest was April's N54.90bn followed by N74.11bn jn February. Even though the second highest portfolio investment was recorded in June, growth in both foreign and domestic outlay was not fantastic. While the total grew by only 7.13% , foreign portion rose by 6.67% to N101.53bn and the domestic by 7.53% ...

Today Friday July 28, 2017 at the Nairobi securities exchange, it was a befitting round up for bullish week 30 as All shares index climbed by 1.7% to new high of 161.16. It turned out to be a week when very many high priced equities recorded price gains to exact pressure on the index. Nine of them recorded % gains, three closed firm and only witnessed price drop within the week. Here Henates is referring to equities priced at above Kes 70 per share even though nominal value differ greatly in Nairobi. East African Breweries closed up by 3.94% at Kes 264 per share, so did British American Tobacco, up 4.93 % to Kes 820 per share; Nation Media with 4.63% top up to Kes 113; Diamond Trust bank with 2.23% to Kes 183 per share and Jubilee Holdings up 0.72% to Kes 420 per share. Others were Standard Chartered Bank up 1.84% to Kes 221; Stanbic Holdings with 0.63% rise to Kes80 per share; Kakuzi ltd with 1.27% shift to Kes 316 per share and Bamburi cement add on of 1.04% to Kes 191. It mattered t...

At the Nigerian stock exchange, Nigeria's highest priced equity, Nestle Nigeria set new all time high for the market as it gained N47.77 or 5% to close at N1003 per share today July 28 2017. It had opened at N960 per share, hit a low at N930 then recovered to close above N1000 thus becoming the only equity to cross that mark in the market's recent history. It did it in style too as usually barely available 1.116m units came on the table and were snapped up in 112 deals (12th placed for the day) worth N1.117bn. At N1003 per share, the closest priced equity in the market was Seplat Petroleum which was quoted at N488 per share but without any stated price earnings ratio or earnings per share. On the other hand, Nestle clocked 82.82 PE ratio at the new high with EPS of N12.11. The closest priced equity with stated PE ratio was Dangote Cement quoted at N235.8 per share by close of today with PE ratio of 19.63 and N12 EPS. Meaning that if current prospects of Dan...

NIGERIA: NEW CEO FOR UACN PLC. From January 1, next year, Abdul Akdor Bello will step into the shoes of Larry Ephraim Ettah as the managing director/CEO of Nigeria's veteran conglomerate, UAC of Nigeria PLC. According to company secretary Godwin A Samuel, in a formal notice to the Nigerian stock exchange, Mr Ettah, the current CEO proceeds on voluntary retirement from January. Mr Bello is the current chief financial officer of the group. Says Board chairman, Dan Agbor, of the out going CEO: "It is on record that UAC of Nigeria PLC under Larry's capable leadership has seen a decade of strong performance, growth and significant transformation..." Showcading the smoothness of the succession plan of the group, Larry Ettah says of the incoming CEO: "Abdul is an ideal and logical successor given his background in UACN and track record of achievement at various levels in the organisation. He has been a strategic partner since 2010 when he was appointed chief financial o...

Today, Thursday, July 27, 2017, was rather very active at the Nigerian stock exchange, as bullish pressure continue to drive all shares index upwards 1.56% to 37245; traded value more than doubled to N8bn; traded volume rose by 61.9% to 542.8m and number of increased by 0.92% to 5939. The traded value leap was more remarkable and it occurred as major offload was recorded in UBA and two other equities: Zenith bank and Nigerian Breweries sealed deals worth above N1bn each as well. Zenith bank, up N0.1 or 0.43% topped traded value with N1.6bn as equally leading 623 deals were sealed for 2nd placed 63.03m shares minor offload. Nigerian Breweries chipped in N1.24bn 124 deals were recorded for 7.31 m shares while going up by 2nd placed N7.87 per share or 4.74% UBA, however, paced volume as 117.26m units were offloaded in 2nd placed 456 deals worth N1.19bn. It had closed N0.02 up or by 0.20%. Thus together, these top three by value accounted for 50.5% of traded value although not to...

Today, Thursday JULY 27, 2017, investor interest was high at Nairobi securities exchange but trading activity recovery from yesterday's relative low was not too strong. In view of high interest, the 23.4% increase in traded volume to 33.17m shares accompanied by 139.2% rise in number of deals struck to 1516 from 632 yesterday. Yet traded value increased by only 16.2% to Kes 899.8m. The banking sector recorded the highest contribution to trades value and volume as all the 11 quoted equities witnessing activity with four with above 1m shares each. It accounted for Kes 409m or 45.52% of total traded value. KCB group paced the sector with deals for 5.71m shares at between 39.75 and 40.50 per share worth 204m Kes. Barclay's bank had deals for 3.27m units but Eqiity group's deals for 2.245m units worth Kes 92.6m contributed more to traded value.  Much the same  way, Cooperative bank recorded deals for 1.18m shares but Diamond Trust Bank's recorded deals for just 226,000 units...

Nigeria's Transnationwide Express ltd (Tranex) is having it easy this financial year. According to figures for the half year to June released recently, income streams trended down and controllable cost heads were not decreasing as fast. Tranex total income stood at N356.7 down 16.5% as core revenue drop of 15.6% decrease to N356m was compounded by near dry up of income from other sources to N0.69m from N5.26m Yet cost of sale declined by only 13.6% to N165.3m leading to 16.9% drop in gross profit. Thus with administration cost decreasing by only 4.37% to N185.9m, it was left for 58.1% decrease in finance cost to try to save the day but it was so lowly a figure (dropping from N2.29m to N0.96) that its impact was minimal. In the end, Tranex settled for N5.14m profit before tax down by a whopping 85.6% on N38.3m clocked at the same time in 2016. Decoded, Tranex in the first half gaining only N1.44 on every N100 income generated as against N8.97 previously. Its working capital position...

At the Nigerian stock exchange today July 26, 2017, the bulls had a field day as the All shares index rose by 3.4% to 36,740.77, a new high. This was driven by 31 price gains especially gains recorded by Dangote cement, Total Nigeria and Nigerian Breweries, all of them leading capitalised equities. Dangote cement continued with its upwards push in recent days with lead Naira gain of N11.50 or 4.93% per share. It had also witnessed 68 deals for 2.439m shares worth 2nd highest N596.8m traded value. Aided by Zenith bank's N1.60 per share gain, Dangote cement had thus driven premium index up by 4.89% to 2635.91. The only other index that closed with growth ahead of ASI growth was banking index, up 3.72% to 454.86. All other sectoral indices except ASEM, rose in line with the bullish environment but none was above or equal to the growth in ASI. Total Nigeria was the other equity with noteworthy gain rising by N11.01 per share or 4.23%. It recorded 29 deals for 0.061...

SCOA NIGERIA PLC REGISTERS TWO NEW COMPANIES. As part of a phased plan, says SCOA Nigeria plc, the group has been restructured to bring in two new companies in a bid to get them focus better with some level of independence. According to company secretary and legal adviser, Olarewaju Obadina, the two new companies are SCOA Equipment ltd and SCOA Motors Ltd. They remind one though of divisions in the 1980s when SCOA was one of the conglomerates to be reckoned with at the Nigerian stock exchange. SCOA equipment will focus on equipment for construction, mining, agriculture; materials lifting , fire fighting and oil and gas business.  It will import, assemble  then supplu these equipment while providing providing back up services. On the other hand, SCOA motors will focus on established brands of vehicles particularly motor cars, trucks, earth moving plants and passenger vehicles. "This serves as a phase in the company's restructure plan" says Obadina "to enable...

For the second time this week, trading activities at the Nairobi Securities exchange hit low today Wednesday, July 26 2017 as traded volume dropped by 37.4% to 26.899m; traded value came to Kes 774.6m, down 38.09% and number of deals declined by 53.9% to 632. However, all shares index hit new high of 158.35, up 0.8%. It was a day, the five top traded volume accounted for 90.5% of total and top 3 by traded value accounted for 78.36%. A day too, the number of equities with deals was low as only 38 out of the 61 quoted companies recorded deals. Insurance that used to witness deals in all six equities, recorded 4 with deals; Commercial sector had 7 out of 13 with deals; manufacturing and allied had 5 out of 9 and Energy and petroleum sector and Construction and allied sector had 3 with deals each out of 7 and 6 respectively. Banking was a bit more active in terms of number of quoted companies with deals as only out of the 11 had no deal. The top five by volume was led by Safaricom ...

It appears that faced with decreasing in flow from all revenue streams, Sameer Africa ltd, a company quoted on the Nairobi securities exchange, has been fighting gallantly to remain in control but, alas, it is a losing battle. According to the unaudited half year figures to June released today by company secretary, Edgar Imbamba, Sameer Africa has been trying its best to cut its coat according to the available cloth but is unable to, all the same. First, total revenue for the half year dropped by 1.5% to Kes 1507.3m as other operating income went down by 6.27% to Kes 7.78m; as finance income declined by 99.3% to Kes O.15m and as share of other companies profit eased by 0.48% to Kes 6.23m. The drop in core revenue had been mild at 1.05% to Kes 1493.2m but the direct cost of generating it rose by 4.39% to Kes 1079.7m resulting in 9.97% drop in gross profit to Kes 413.5m. Yes, Sameer Africa's response was good and would, indeed, have been adequate but for the 129.3% i...

When next you decide to make payment through a point of sale (POS) machine in Nigeria bear in mind that the payment can not be reversed or stopped once you authorise it. According to the Central Bank of Nigeria (CBN) in a circular to deposit banks and payment systems participants dated July 10 but posted on its site, July 24, to avoid disputes, it decided to issue formal directive on when e-payment is final and can no more be reversed. The circular was signed by the director, Banking and payment system department, Dipo Fatokun it details finality point for inter bank transfers, mobile payments, over the counter payments; on line payments, by cheques and instant payments. For inter bank, third payment funds transfer and. Net settlement, the finality point is when sending accounts are debited and receiving ones credited. As for mobile money transactions, nothing can be reversed once the switch successfully transmits authorisation message from sending mobile money operator (MMO) to receiv...

Sorry dear viewers, there is no analysis of the Nigerian stock exchange today Tuesday July 25, 2017 in Henates Analysis. In the past this had occurred only when we had logistics challenges at our end like the question of no report on Nairobi and the Nigerian exchanges last Friday. However, today's own was due to rather unusual development which makes one worry about what  communication advances of today could be wrongly used for. By 9.25 pm or thereabout, we got alert from one Ade Owuosho, Head Market Services that claimed to contain the index info for the day. It stated that the All shares index closed at 35,533.00. That is way ahead of the 34,052.52 on Monday. Unfortunately, we had accessed the stock exchange website earlier in the day and stated there was 35,065.47 as the day's closing index. Of course, it was then obvious that the alert was an attempt to mislead us because 100.5 FM radio had by 6pm broadcast, as part of its business news, the website fig...

For the third trading day running All shares index at Nairobi securities exchange today, Tuesday July 25, 2017 rose sharply though not as sharp as yesterday's 0.96% increase. It closed the day 0.6% up to hit yet another high of 157.05 thus adding to yesterday's ground breaking 156.11. Top price gainers were Uchumi supermarket up 7.35% at Kes 3.65 per share followed from a distance by Jubilee Holdings with 3.12% top up at Kes 430 per share. East African Breweries, another high priced equity, also closed up but by 2.75% to Kes 262 per share. Top of 14 price drops was Standard Group down 9.72% to Kes32.5 per share followed by National bank of Kenya which eased by 7.24% to Kes10.25 per share. Trading activity easily recovered from yesterday's low as traded volume rose by 205.8% to 42.94m shares and traded value increased by 209.9% to Kes 1.248bn. Number of deals recorded ended the day up by 56.4% to 1372. After yesterday low volume, trading in the shares of Safaricom recovered ...

NIGERIA: NEW DIRECTORS FOR DIAMOND BANK The Central Bank of Nigeria has approved the appointment of three new directors for Diamond Bank PLC. They are Mrs Juliet Anammah, Mrs Aisha Muhammed Oyebode and, Mr Dele Babade. According to a notice to this effect signed by an Executive Director of the bank Chiugo Ndubisi, the new directors are all non executive. Mrs Anammah holds a Bachelor of Pharmacy from the University of Nigeria Nsukka; and an MBA from ESUT Business school. She has many years of consulting experience at Accenture and a member of Corona schools trust council governing board, once director in American business school; Idea incubator and Nigerian chapter, WEconnect international. In 2015, she was appointed chief executive officer of Jumia Nigeria. Mrs Oyebode holds Masters in law from Kings College, University London, MBA finance from Imperial College London and a member of chartered institute of arbitrators. She is the founder and CEO of Asset Management group ltd and of Mur...

So far, Transcorp, the Nigerian conglomerate with subsidiaries in various sectors of the economy, seems to be transiting very well from heavy duty loss to double digit gains. According to the interim figures to June released last week, two things are responsible: Solid growth in revenue and caged overhead costs. To this, we could also add considerably reduced foreign exchange loss. The main drags were direct cost still out of control and inevitable growth in finance charges. Total income growth was dragged down to 34.6% to N34,919.2m after core revenue grew by 37.9% to N34,173.9m. The drag came from near dry up of other gains to N4.66m from N370m ; and 22.4% dip in finance income to N434.6m Then, direct cost had grown by 44.9% to N19,300m thus limiting gross profit increase to 29.8% to N14,873.9m, that is below revenue growth. It was from this level, 27.1% increase in other income to N306m; single digit 7.51% rise in administration cost to N5663.6m;  and 93.6% reduction in loss on fore...

At the Nigerian stock exchange today Monday July 24, 2017, the bulls were not quite in sight as equal number of price gains and loses were recorded but the All shares index grew strongly by 1.86% to hit new high at 34,652.52. This was mainly as most capitalised Dangote Cement topped 20 gainers in Naira terms with N10.60 per share or 2nd rated 5%. Aided by N0.30 per share or 1.31% gain by fellow premium, Zenith bank as FBN Holdings closed firm, the Dangote cement gain pushed premium index up by 4.18% to 2406.75 and industrial index up by 2.51% to 2185.81 to showcase the only two indices with above ASI growth. Interestingly, high priced and so, equally weighty Nestle Nigeria's lead drop of N16 per share or by 1.74% could not counter fully the growth in ASI and industrial index. This was probably because amongst the 20 price losers, Nestle Nigeria's Naira drop was quite a solo run as trailing from a distance was Okomu oil's N0.50 per share or 0.78% decrease. Lead % gain and dr...

It was indeed a dry Monday today July 24 2017 at Nairobi securities exchange but bullish interest pushed All shares index to a new high. The ASI finally rose by 0.81 points or 0.52% to 156.11 thus crossing 155.56 it hit on June 27, this year. It had crossed into the 154 range on July 18 and Henates had expected that given the slow growth pace, it will be a while before hitting the old high. Pressure upwards came from 21 price increases recorded as against only 10 losers. Besides, in % terms, the gains were way ahead of losers too pointing to a fairly bullish day with limited supply of shares. Lead gain was by Express Ltd, up 8.22% to Kes 3.95 per share followed by Uchumi Supermarket, up 7.94% to Kes 3.40 per share and Standard Chartered bank up 7.37% to Kes 233 pee share. Leading the price drops was CIC Insurance down 4.04% to Kes 4.75 followed by TPS Eastern Africa at Kes 24.0 per share or down 4% and Kenya Airways down 3% to Kes 4.75 per share. Trading was very low as traded volume d...

If you are looking for companies finding it difficult to ride the current tough times in Nigeria, please don't look the way of La Farge Africa, Nigeria's veteran cement manufacturer. La Farge Africa has not only grown into a group with cement manufacturing subsidiaries in South Africa, Egypt and here in Nigeria, it is riding a very favourable crest in the current financial year 2017. According to half year figures released last week, La Africa total income (as estimated by Henates from the published figures) had grown by 44.4% to N156,480.6m with far less increase in associated costs. On its own, core revenue from cement business had grown by 44.2% to N154,839.9m while cost directly related to it grew by only 19.7% to N110,390.5m leading to gross profit almost tripling to N44449.5m (up 193.6%). Thus even administration cost increasing by 60.2% to N16,397.8m was easily absorbed not to talk of only 9.84% rise in selling and distribution expenses to N2177.8m. ...

The times are tough too in Kenya and domestic spending is down so British American Tobacco (BAT) Ltd did the only wise thing to do:Rolled up its sleeves to be atop the situation.  It is working, but not well enough says the half year figures to June released this week. Naturally, gross revenue was hit and so down by 9.63% to Kes 17,142m but excise duty and VAT so directly related to products sold refused to go that fast thus complicating issues. The total cost of this dropped by only 6.65% to Kes 8004m. This meant that net revenue declinef by higher 12.5% to Kes 9138. It was from this potential dive that rolled up sleeves came to the rescue In view of it, total overhead decreased in double digit and ahead of net income drop. It went down by 15.4% to Kes 6135m leading to only 4.30% decrease in operating profit to Kes 3003m. Unfortunately, rolled up sleeved could impact on controllable costs and finance charges, once the loans have been taken, are not that controllable. Hence as finance ...

Nestle Nigeria, the highest priced equity in the Nigerian stock exchange, that yesterday lost N16.50 per share, today, Thursday July 20, 2017, regained the lost grounds. It closed at N920 per 50k ordinary share, up N16.50 or 1.83% to lead the day's gainers in Naira terms. It also recorded 44 deals for 0.312 units worth 2nd ranked N286.64m. It was followed in Naira terms by La  Farce Africa which rose by N2.60 per share or 5%. Another thing remarkable about the day's business was the fact that despite lead drops by Mobil oil ( down by N5.50 per share) and Total Nigeria, down N3.39 per share or 1.31%, the oil and gas index rose marginally to 326.21 from 326.03. This probably was because, even though both are amongst the 7 equities in the oil and gas basket, Oando gaining N0.28 per share or 3.02% acted an effective counter hence the slight increase. In the basket, Oando has the highest issued number of shares (12.4bn) and the lowest price per share too (N7.43). By contrast Mobil o...

Today July 20, 2017 at the Nairobi securities exchange the All shares index continued to inch little by little nearer year high closing up by 0.08% to 154.31. It had hit the 154 range a few trading day ago after a long while of undulating movement around 153. At this rate, though it may be while before it reaches the high of 155 plus. That was about the day's cheerie news at the equities market as traded volume dropped by 28.8% to 22.8m, traded value declined by 13.3% to Kes 589.38m and number of deals reduced by 17.2% to 1083. The main deals of the day were done in the banking sector with value traded there came to Kes 390m or 66.3% of total. KCB group paced the market and sector as deals for 6.82m shares were traded in it at between 38.5 and 40 Kes worth Kes 272m. In supporting roles, Stanbic Holdings recorded deals for 515,600 shares worth Kes 41m as it closed firm at 80 Kes, NIC bank ,down 25 cents at 34 Kes per share recorded deals for 868,900 units worth 29.5m Kes ,Cooperativ...

At the Nigerian stock market Wednesday July 19 2017, highest priced equity, Nestle Nigeria went down M16.50 per share as brokers apparently still remain unclear which direction to go further with it. With Nestle, up today and down the next day or a couple hence, was not strange. Just on July 18, that is the previous trading day, it had gained N16 per share or 1.77% while recording 30 deals. Way back on 5th and 6th July, the same dance steps had also occurred. It gained N0.50 per share on the 5th only to lose the same amount the next day. Ditto 28th and 30th June. With 49 deals on June 28, it gained N9.99 per share or 1.11% and lost N9 per share on the 30th also while recording 49 deals. The recent drop was the day's highest at the market and was accompanied with 34 deals for 0.060m shares worth N62.8m. It was trailed from a distance by Presco down N3.22 per share or 4.99%. Presco witnessed 45 deals for 0.58m worth N35.8m. Top traded value was recorded in Zenith bank at N727.8m in 2...

Today Wednesday, July 19 2017, bond market hit a low of 770m traded value at Nairobi securities exchange. The once very brallant bond segment had been more on the low key in recent weeks only showing some bright spots that soon fizzled out. Today's traded value was the lowest for a long while but it was as higher number of deals (32) deals were recorded compared to yesterday's 29. The two traded at 200 kes and above worth each were both 20 year fixed income bonds. The one issued in November 2012 to be redeemed 2032, at 12% was traded for a networth of Kes 235m while the one issued in June 2008 and due 2028 at 13.75% recorded Kes 200m worth. At the equities market activity too dropped as traded volume declined by 25.1% to 32m; traded value stood at Kes 679.9m, down 36.3% and number of deals dropped by 16% to 1308. It was a day there were less trades in high priced equities and so, Safari com recorded deals for 13.1 shares or 40.9% of volume valued at Kes 304m or 44.7% of traded ...

Wema Bank plc, like an experienced captain caught in the eye of a storm out alone with his ship at sea, appears ton have been doing battle to stay afloat and land safely since this year. According to figures for the half year to June 2017 released this week, all income streams are shrinking and captain Wema Bank is trying his very best to cut all costs to ensure that even at that, the bank ends with profit, not loss. It is succeeding, says then figures, although settling for reduced profit before tax of N1433.5m down 55.8% on N3245.1m at the same time last year. Given the times, even that was a relief of sorts. Wema Bank's estimated gross earnings had dropped by 44% to N30,460.1m as interest income declined by 42.9% to N25,453.3m; net fee and commission declined by 37.2% ton N3890.4m; net trading income went down by 75.2% to N527.1m and orher income tumbled by 60% to N589.3m. Captain Wema Bank's response was naturally: Armed more or less with what looked like a butchers...

Today, Tuesday July 18, 2017 hard to beat record was set at the Nigerian stock exchange as UBA crossed deal for 2.080bn shares. The shares were owned by the bank's staff share investment trust Scheme and were being bought over by the bank in line with shareholders resolution at 2016 Annual General Meeting that they be cancelled. In  effect the crossed deal is the first step towards their cancellation.The holding represent about 5.73% of UBA's total issued capital presently and their eventual cancellation will reduce issued capital accordingly. In view of the crossed deal, UBA thus recorded 7th ranked 150 deals for 2,086.6m units worth all time high N19.756bn with the balance of about 6.5m shares on top of the crossed units being sold openly. UBA, with price earnings ratio of 4.11 hit a high of N8.98 and low of N8.70 then closed at N8.80 per share at the end of the day. Its year high and low remain N9.47 and N4.01 per share. In the end, UBA accounted for 86....