HENATES

Traded volume at the Nigerian stock exchange dropped by 43.8% to 4.205bn shares when compared to 7.476bn units in August. Also the number of deals struck reflecting investors interest declined by 33.3% to 64,777 as against 96,982 in August and traded value came to N64.76bn in September. Week 39 which ended yesterday, Friday September 29 contributed less than its average share to number of deals (14,703 or 22.7%), traded value (21.8% or N14.086bn) but more in terms of traded volume (1.325bn or 31.5%). In terms of traded volume and value, the pacesetter for the month was GTB in which 3rd placed 4118 deals were sealed involving leading 491.9m shares worth month high N19.114bn. It was trailed in volume terms by Access bank with 2797 deals for 434.8m shares worth N4.244bn but value wise, the honour belonged to high priced Nestlé Nigeria in which 951 deals involved 7.736m shares worth N9.399bn. The most scrambled for equity for the month was Zenith bank with leading 5176 deals for 3rd ranked...

Week 39 that closed yesterday, Friday September 29 2017 at the Nairobi securities exchange was more active than the previous week except that cautious investment still dragged All share index down by 2.23% or 3.70 points to 162.21. The bond market that had been ranging on the low side for a while ended week 39 up 46.2% to Kes 9.5bn compared to previous week's Kes 6.5bn. The Equity market also recorded improved trading as traded volume rose by 55.1% to 103.9m as against lowly 67m previously and traded value ended 35% up at Kes 2.4bn compared to Kes 1.8bn previously. About 40.8% of the week's bond market  value was recorded yesterday Friday as 75 deals were struck worth Kes 3.879m which a great improvement on the Kes 996m in only 26 deals recorded the previous day, Thursday. The Friday rally for bond was strong and it affected all 26 government treasury bonds with nominal value below Kes50m; a substantial number of fixed government bonds of above Kes 50m nominal value and one sto...

Yesterday September 27, 2017 the All shares index recovered from two days of decline closing up by 0.44% to 35103.40 but trading was on the low side. ASI had eased by 1.15% to 34951.27 the previous day after losing 0.37% on Monday. The recovery was driven by 1.72% rise in premium index to 2279.95 as Dangote Cement gained N4 per share and Zenith closed N0.39 up and 0.79% increase industrial index to 1958.76 as Nestlé led. Others with N4.76 gain per share. Dangote cement had closed Tuesday, September 26 at N206 then opened the day at N200 before recovering to day high and close of N210 per share. On the other hand Nestlé closed Tuesday at N1205.3 then hit day high and close of N1210.06 per share. In all there were 24 price gains and 22 drops. In % terms the gainers were led by Champion Breweries up 8.14%  or N0.18 per share followed by Neimeth International Pharmaceuticals up 4.82% or N0.03 per share. The price drops were paced in Naira terms by Mobil which lost N2.01 per share and Niger...

For two days Henates was unable to post market analysis due to health challenges but today September 27, 2017 bearish pressure on banks helped the All shares Index to drop by 1.01 points or 0.61% to 165.01 after Tuesday to 166.02. This was mainly as six banks out of 11 recorded price drops with some helping hand from Safaricom, down Kes 0.25 per share . The six banks were paced by Standard Chartered Bank with Kes 12.00 at Kes 226 per share after hitting day high of Kes 235 and low of Kes 220 per share. Other banks followed its lead from a distance with Equity Holdings, KCB group and NIC bank losing Kes 0.25 per share each, National bank down Kes 0.20 per share and Barclay's bank closing kes 0.05 per share down. However, SCB's leading price drop was trailed by Sanlam ltd which closed down Kes 1.50 per share.  On the other hand, there were 13 gainers led by Bamburi cement and Williamson Tea with Kes 2.00 per share gain each followed by East African Breweries and Nation Media up b...

NIGERIA: GTB OFFERS TO BUY $400M NOTE Guaranty Trust Bank (GTB) has offered to pay cash to holders of its $400m 6% notes it issued and on schedule for repayment by November next year. According to Company secretary, Erhi Obebeduo, it is voluntary offer and as many holders who are prepared to receive the cash now, instead of waiting till November next year, will be paid. The offer commenced yesterday September 25 and those who do decide to surrender their holding will be paid by October 5, this year. To ensure the success of the offer, GTB retained the services of Lucid Issuers Services ltd as tender agent and of Exotix Partners LLP, J P Morgan services and Morgan Stanley & co international PLC as dealer managers of the offer. NEWREST ASL SELLS SUBSIDIARY Newrest ASL PLC has sold off its Rwanda subsidiary, ASL Rwanda ltd. This brings to two the subsidiaries in the group and the company is on the look out for investment opportunities. KENYA: SAFARICOM PLC AGM RESOLUTIONS When the sha...

The week end yesterday , Friday September 22 2017, was a very tough one for Nairobi securities exchange but the held on and closed positive. All round, trading indicators slumped by more than 50% each when compared to previous week but the All share index still managed to close at 165.91, up 1.42 points or 0.86%. It could have been worse given still hanging questions over political leadership. Traded volume in the equities segment collapsed by 50.7% to 67m shares compared to 136m units previously; traded value dived by 60% to Kes 1.88bn as against Kes 4.5bn and at the bond market, traded value dropped by 50.8% to Kes 6.5bn compared to Kes 13.2bn in the previous week. Actually, staying bullish in spite of macro pressures from the economy and politics held sway more in the mid ways of the week while the first and the last day gave way. On Monday the 18th, the ASI dropped by 1.51% to 162.03 and daily from then till Thursday, eyes were more on the future with ASI rally coming to 1.18% on t...

Today Friday September 22, 2017 GTB paced trading at the Nigerian stock exchange for the 3rd day in one week. Just like yesterday, it led the market in number of deals; traded volume and traded value while on September 19, it paced in both volume and value only. However, today just like September 19 but unlike yesterday, the volume involved was a  fairly large parcel unlike the major offload yesterday. It witnessed leading 219 deals involving leading 39.76m shares  worth leading N1.55bn. However, it had little to do with day high price gains and drops for the day as it topped up by only N0.65 per share. Naturally, because yesterday's top level trading figures were paced it at a higher note, trading indicators closed so much down with traded volume dropping by 55.2% to 192.2m; traded value ending at N193.6bn, down 57.6% and number of deals easing by 14% to 2814. The All shares index, in an undulating dance, closed 0.85% up at 35,488.81 after yesterday's 0.054% drop and rise by 1...

Like it did on Monday September 19, GTB again paced the Nigerian stock market volume and value today September 21 with a far higher offload of shares snapped up readily. It lead the market in all three trading indicators: number of deals, traded volume and value. GTB recorded 286 deals for 171.8m offload worth N6.699bn but gained only N0.25 per share while this was taking place. It had closed yesterday at N38.7 per share, opened slightly higher at N38.77 then hit day high and low of N39 and N37.51 respectively before closing the day at N38.95 per share. In other words, GTB accounted for just 8.74% of the day's 3271 number of deals; 40% of the day's 429.2m shares volume and 77.2% of the N8.68bn traded value recorded for the day. In both volume and value no other equity came close especially in value terms as 2nd place was recorded as Zenith bank witnessed 256 deals for 5th placed 25.48m shares worth N561.5m followed by Access bank with 5th ranked 133 deals for 2nd placed 39.7m s...

Today September 21, 2017, the Nairobi securities exchange closed positive more as seven banks recorded price gains alongside Safaricom and paced traded volume too. The All shares index rose by 1.2points or 0.73% to 166.02 as Standard Chartered bank and I &M Holdings led 17 price gains with Kes 1 per share each. Two other banks: Stanbic Holdings and NIC bank then followed with Kes 0.50 per share gain each. KCB group Equity Group and Cooperative bank topped up with Kes 0.25 per share each but two other banks closed down . HF Holding and National bank of Nigeria  dropped Kes O.05 and 0.45 respectively. However, amongst the price gaining banks, only KCB group recorded traded volume high enough to make a difference. It witnessed deals for 2.55m shares at between Kes 42.50 and 44 worth Kes 110m out of the Kes 188m traded value in the sector. Equity Holdings up 25 Kcents, witnessed deals for 1.272m shares worth Kes 50m while Cooperative bank recorded deals for 0.28m units worth 4.7m. Safa...

As the Supreme Court of Kenya finally gave its reasons for annulling the recent presidential election results, the Nairobi securities exchange today September 20 2017 reflected guided optimism as all shares index closed up by 0.51% to 164.78. However, trading was on the low side and associated indicators closed down after yesterday's marked recovery. Trades volume dropped by 45.7% to 12.1m shares: traded value closed at Kes 328.2m, down 43.7% on yesterday's Kes 583.38m and number of deals decreased by 29.7% to 900. The ASI growth occurred as Safaricom gained Kes 0.25 per share to close at Kes 25.25 alongside 8 other gainers led in Kshillings terms by East African Portland which topped up with Kes 2.50 to end the day at Kes 29.25 Per share. A total of 11 price drops occurred led by Kakuzi ltd of the agricultural sector, as it closed the day at Kes 320 per share, down Kes 10 on Kes 330 by yesterday. Two other equities, Standard Chartered bank and East African Breweries, trailed K...

At the Nigerian stock exchange today September 20, 2017 the mood was low key even though the All share index, for the first time since the week, closed up by 1.03% to 35,207.00. All three trading indicators went down: Traded volume dropped by 22.2% to 137.35m shares; traded value declined by 59.9% to N1.134bn and number of deals struck decreased to 2977. It was the ASI increase that was the exception and it occurred mainly as Total Nigeria, Dangote Cement, 7Up and Forte oil led 19 Naira price gains while Nestlé Nigeria lone ranged amongst 20 price drops. Total managed to pace gainers with N7.9 per share top up. It had closed yesterday, Tuesday, at N223.1 per share then opened and closed the day at N231.0 thus gaining 3.54%. It also witnessed 10 deals for 0.027m shares worth N34.27m. Dangote Cement, on the other closed yesterday at N205.8 per share; opened slightly down at N205.6 then hit day high and final close of N213.39, up N7.59 or 4.87% per share. Through that upwards journey, it ...

The Nigerian stock exchange is to organise its second market data workshop on October 4, this year at the Civic Centre, Ozumba Mbadiwe road, Victoria Island, Lagos from 9am. The workshop will explore the theme: "Market data; the bedrock of wealth creation" It is expected to be attended by retail and institutional investors; brokers; pension administrators; media representatives; government agencies and participants from other exchanges in Africa. It shall comprise of keynote address; presentations by leading experts; interactive sessions and panel discussions on market data products and related challenges and guidelines for data contracts amongst others. According to the Nigerian stock exchange, the main objective is "to increase awareness of the critical role of market data as fundamental input for wealth creation and bridge the gap between the exchange and market participants" It is provide an opportunity to showcase the market's "wide range of data produ...

The political situation may be uncertain right now with the opposition threatening to boycott the Supreme Court ordered rerun of the presidential elections, the fear that this telling very much on the Nairobi stock market may not be true. This is because after starting the week on the downside yesterday, the market recovered strongly today to close with growth in all indicators. The All shares index rose by 1.91 points or 1.18% to 163.94; traded volume increased by 166.7% to 22.329m shares and traded value ended at Kes 583.388m, up 188.9%  The ASI increase was driven more by relative Kshillings gains by three high priced equities: East African Breweries, Diamond Trust Bank and Jubilee Holdings in addition to highly capitalised Safaricom. The lead Kshillings gain was by AEB as it closed the day at Kes 253 per share, up Kes 5.00. It also witnessed deals for 14,700 units but certainly this was not among the day's top trade. Both DTB and Jubilee closed the day up by Kes 1.00 per share ...

The Nigerian stock market today September 19 2017 closed relatively low again with GTB pacing both volume and value while Nestlé Nigeria did a solo in terms of price changes  Traded volume rose by 8.5% to 176.5m shares and value jumped by 84% to N2.82bn mainly as GTB recorded 3rd placed 275 deals for day high 33.83m shares worth leading N1.286bn. This means it accounted for 18.75% of traded volume and 45.6% of market traded value. Yesterday, Access bank boasted of deals for 35.35m shares but worth only N354.2m and so, no equity had above N400m traded value. GTB only recorded N1.0 gain in price by the close of day. In volume terms, GTB was followed from a distance by a cluster around 10m and 12m shares led by FCMB with 9th ranked 112 deals involving 12.581m shares worth N12.877m and FBN Holdings with leading 386 deals for 12.526m units worth N65.2m. Others within the same cluster were Mansard Insurance with 18 deals for 11.62m shares worth N23.1m and Zenith bank which actually placed 2n...

From the figures for the year to May 2017 released recently, PZ Cussons PLC was on course to a great year but, unfortunately, its tyres were punctured by foreign exchange loss and so, it had to settle for a good year. Everything was well in place. Total grew by 14.7% to N80314m despite 30.6% drop in other income to N198.6m because core revenue increased by 14.56% to N79,630.1m and interest income more than doubled to N485.6m. Then cost of sale rose by only 4.78% to N51,682.2m while generating the double digit core income growth; selling and distribution expenses rose by only 3.06% to N9095.9m; administration expenses increased by only 7.51% to N5636.6m and interest charges dropped by 51.2% to N290.5m. This kind of combination had all the potential to deliver profit growth in triple digits. Indeed, PZ Cussons operating profit grew by 115.5% to N13,215.4m. But alas, foreign exchange loss dampened it all by clocking N8,797.9m compared to only N2883.5m in 2016 year. In the end, PZ Cussons ...

The average corporate annual report provides good opportunity for organisations to blow their own but not all companies usually have good news to project. Kenya's Longhorn Publishers PLC had something to blow its horn over in 2017 year ended last June: The fine mix of innovation and good cost control. But for these two factors,  the year would have ended badly.  Firstly, total income had shrunk by 9.5% to Kes 1454.15 m as core income went down by 9.46% to Kes 1451.8m and income from other sources dropped by 27.9% to N2.35m. Secondly, direct cost refused to drop as fast as core income going down by only 6.14% to Kes 702.2m. Add to these 110% growth in finance cost to Kes 52.5m and you have looming disaster especially since the revenue drop was due to change in the curriculum of the main market: Kenya. Disaster was averted because distribution cost and administration expenses both went down by double digit and Longhorn diversified into e learning which turned to open new vistas beyon...

It is possible that the Nairobi securities exchange is still finding it pretty difficult to ignore the current hazy political climate in Kenya as it closed today with bearish pressure resulting in 29 price drops abs only 8 gains  Hence, after hopeful rally since September 14, the All shares index dropped by 2.46 points or 1.50 % to 162.03. First a real crash in prices had occurred September 1 with the ASI going down by 3.69% immediately the annulment of the presidential election results was announced. It followed with another 1.65% drop the next trading day, September 4 and rallied well everyday from then to September 13 when it once again dropped by 1.55%. It was from 164.17 on September 13, it had been recovering bit by bit till it closed at 164.49 last Friday and it was hoped that the worst from the political scene was over. The 8 gainers were led by Bamburi which gained Kes 9 or leading 5.03% to close at Kes 188 compared to Kes 179 per share last Friday  In % terns it was trailed b...

It was a case of little drops that did not make an ocean today, September 18, 2017 at the Nigerian stock exchange but it did lead to major drop in traded value and further easing of the All shares index. With no real offloads and rather low trade in high priced equities, little drops of traded volume pushed it up by 1.62% to 162.7m but traded value tumbled by 48% to N1.537bn. Top trade in both volume and value was in Access bank as 35.359m shares were sold in 6th placed 148 deals worth N354.24m. Yea it was little; nothing near even N500m value. Besides next in traded value was Zenith bank with 2nd ranked 257 deals for 8.127m shares worth N178.97m; that is just barely above half of the leading traded value. It was followed closely though by Nigerian Breweries with N177.48m worth of 125 deals involving 1.019m shares. In volume terms, Access was trailed by Meyer PLC as 18.9m of its shares changed hands in just one deal worth N13.236m and Fidelity bank with 100 deals for 18.6m shares worth...

When in financial year 2016, Kenya's Nairobi Business Ventures ltd, a relatively small company quoted on the Nairobi securities exchange, issued new shares and ended up with Kes 28m in cash, it was not too much to expect things to change for the better. After all, in business, it is always a matter of cash: Have enough of it and good products or services, you make more. Unfortunately, according to figures recently published for the year to March 2017; more cash did not lead to more business and more profit for NBV; on the contrary it dived into even operating loss.  So whither Nairobi business Ventures Ltd? The year did not at any time pretend to be a good one for NBV. Its revenue almost dropped 50% to Kes 48.8m from 2016's Kes 85.1m and to make matters, the direct cost of generating reduced income rose by 5.10% to N33m. As a result, gross profit which the first foundation for any profitable venture, declined by 74.3% to Kes 13.8m from Kes 53.7m previously. Then unchecked, admi...

The Nigerian stock market today, September 15, 2017 dived by 1.84% to 35,005.57 after two consecutive days of gradual recovery mainly as 29 price drops were recorded compared to only 11 gains.  The losers were led by Dangote cement down N8.19 per share. Dangote closed Thursday at N213.99, opened at N210, hit a day low of N205 then closed at N205.80. In Naira terms, it was trailed by Total Nigeria which lost N7.10 per share. Total had opened the day at N235 per share, up slightly on Thursday closing N232.10 but slipped to close at N225 per share. The third major price drop was recorded by Nigerian Breweries as it opened at N180.20 from Thursday's N180.55, hit a day high of N181 then dropped to N175 per share. Hence the ASI decrease was driven more by 3.25% decline in premium index to 2239.35 and 2.25% decrease in industrial index to 1942.02. In % terms however, the downbeat mood was led by Neimeth International Pharmaceuticals down 7.89% or N0.06 per share and recorded 11 deals for ...

After weeks on the low side, the bond market at Nairobi stock market today, September 15, 2017 bounced back fully with deals for Kes 4.463bn traded value compared to N2.575bn yesterday. Indeed, the Friday strong bounce back was a fitting end to a week dominated by very gradual increased in traded value daily. The gradual limb stretching had started on the 11th when traded value rose to Kes 1.7bn from Kes 1.2bn. It topped that on the 12th with deals worth Kes 2.4bn before closing 13th with Kes 2.445bn. Yesterday, even as the equity segment witnessed decline in trade, the value traded at the bond market increased again Kes 2.5bn before almost doubling this today.  Hence, traded value for the whole week came to Kes 13.8bn compared to Kes 5.4bn the previous week. The Friday leap was driven by deals for Kes 1bn and 700m recorded in 2 year government bond issued in December 2016 at 12.5% and 5 year government bond issued 2015 at 13.92%. At 164.49, the All shares index increased marginally on...

Inflation rate in Nigeria is still leisurely easing with the composite price index (CPI) closing last month at 239.3, that is 16.01% higher than on a year ago but 0.97% higher than for July. By comparison, July rate of increase in the CPI compared to July 2016 was 16.05%. According to latest CPI report released by the National Bureau of Statistics (NBS), food price increase pressure continues to be the main contributor assisted by compositions of core index basket like clothing, air fares,motorcycle, furniture and fittings, books and pharmaceutical products. Most affected by price jumps, according to the index, were food items like bread and cereals, meat; fish, oils and fats, milk, cheese and eggs, coffee, tea and cocoa. Although the August inflation rate was lower than July's 16.05% and so represented seventh month of gradual easing, the August index remains the highest since the CPI was introduced with November 2009 as base. Also, the long hoped for negative growth in inflation ...

KENYA: IFC INVESTS IN BRITAM HOLDINGS PLC The International Finance Corporation (IFC) has finally acquired 10.37% stake in Kenya's quoted insurance company; Britam Holdings plc. According to official notice from the company's Director, Legal and company secretary, Nancy Kiruki, the deal was sealed two days ago and IFC now holds 224,187,697 shares in Britam. She said nothing about what IFC paid for the shares and whether such was in bulk cash; and in any other kind. On January 3, 2017 the IFC intention had been formally announced as a proposal and since then, work had been on to actualise it. Hence, excited, Britam expressed its gratitude to Kenya's regulatory bodies that helped in this regard: The Insurance regulatory Authority; the Capital Markets Authority and the Central Bank of Kenya. The transaction was packaged and made possible with Stanbic Bank Kenya ltd and the law firm, Caulson Harney LLP as advisers. Britam operates across the region in Kenya; Uga...

At the Nigerian stock market today, bluest of the Nigerian blue chips, Nestlé Nigeria regained 66.5% of the whopping N59.80 per share it lost yesterday. Nestlé had closed at N1150.20 per share yesterday in a market leading drop but today, opened at N1092.80 per share which turned out to be day low and closed at N1190.00 per share, up 3.46%. It also recorded 66 deals for 0.187m shares worth N209.48m, 3rd highest traded value for the day. Its strong rally aided by Unilever, up N2 or 4.76%, moved consumer goods index up 1.14% to 952.07 which eventually helped punctuate drop in All shares index with 0.19% increase to 35464.34. If not most sectoral indices closed down as 21 drops were recorded compared to 16 gains. The price losers were led in both Naira and % terms by Presco down 4.99 % or N3.19 per share as it opened and closed the day at N60.80 per share after closing yesterday at N63.09. Presco also recorded 41 deals for 0.452m shares for N27.54m. Oando PLC, which held a trying annual g...

Finally, after six consecutive trading days of putting still hanging presidential elections behind by closing up beat the Nairobi securities exchange ended today September 13, downbeat as the All shares index dropped by 1.55% or 2.59 points to 164.17. It had crashed by 3.69% on September 1, when the Kenyan Supreme court ordered cancelled the presidential election results and ordered a re run within 60 days  The next trading day, September 4, it eased further by 1.65%  but started to recover the next day rising by 1.57% then by 0.23% on the 6th. On the 7th the growth rate improved to 1.73% and to 1.85% by the 8th. The last two trading days had seen growth rate slow down first to 0.4% on the 11th and then, 0.26% yesterday. But of course, even this was more positive in outlook than a drop. Today's downbeat was as a result of 20 price drops as against 11 gains recorded especially as three relatively high price equities were among the losers  Both gains and losses were in little bits th...

The Nigerian economy that emerged recently very marginally from recession seems to be heading to its old self destructing ways again. According to 2016 second quarter trade statistics released by the National Bureau of statistics today, September 13, Nigerian's trade surplus dropped by 29.6% to N506.5bn compared to N719.4bn in the first quarter. This occurred as imports grew by 13.5% to N2295.5bn and exports rose by only 3.2% to N3102bn making total trade to grow by 7.7% as driven purely by imports growth. Compared to second quarter of 2016, however, imports grew by only 9.97% while exports rose by 73.48%. Imports grew in double digit on Q1 more because import of solid minerals jumped by 1527.4% within the same perios,; of energy products rose by 177.77%; raw materials by 17.4% and of Agricultural products by 16.01%. On the other hand, export growth was weaker as exports of solid minerals dropped by 27.5%; of manufactured goods declined by 17% and of agricultural products by 1.03%....

Sometime ago, the pay off for Guinness adverts was Guinness is good for you. Henates can't recall downing a Guinness before and so be in a position to bear testimony but, this much is clear, financial year 2017 was so good, it could in fact be termed a year of miracles. According to the audited figures for the year to June released recently, it was indeed a year virtually every move Guinness made paid off well and so the company reported N2.66bn profit before tax, representing a 213.4% leap from 2016 N2.34bn loss. How did this happen? Simple, says the annual report, the tough times delivered 29% increase in cost of sale to N77.6bn that threatened core revenue increase of 23.5% to N125.9bn then unexpected growth in non-core income assisted firm control of overheads to save the day. The threat posed by cost of sale growth had meant only 15.6% increase in gross profit. In other words, at that point it looked like Guinness should reap worse than it did in 2016, all things being equal. ...

Today, Tuesday September 12, 2017, Nigeria's highest priced equity Nestle Nigeria, tumbled from good height down N59.80 or 4.94% per share to help force the All shares index down for the third day running by 0.75% to 35,397.52. Nestle Nigeria had closed yesterday at N1210 per share. Not its highest since the year but still very much above the historic N1000 mark. Then it opened today at N1200 per share, slipped some more to a day low of N1150.2 and closed there. It recorded 58 deals for 0.298m units worth N367.51m which turned out to be the 4th highest traded value for the day despite the marked price drop. From quite a distance, another blue chip Nigerian Breweries went down N4.45 per share or 2.41% and witnessed 5th ranked 161 deals for 5.429m shares worth 2nd placed N987.61m On the other side of the scale, dramatic gain too was recorded by Seplat Petroleum, up N22.89 per share or by 5.0%. Seplat closed Monday at N457.9 per share; opened today at N479.9 then hit day high ...

At Nairobi securities exchange today September 12, 2017 British American Tobacco PLC led 18 price gains by a long distance of Kes 40 per or 5%. BAT had closed yesterday at Kes 800 per share, then opened and closed the day at Kes 840 per share. It recorded only a minor deals though for just 100 units. The second highest Kes gain for the day was by BOC Kenya, up Kes 6 per share or 5.83%. It closed yesterday at Kes 103, hit day high of Kes 110 and low of Kes 105 before closing at Kes 109 per share. The pressure from the 18 gainers resulted in marginal 0.26% or 0.44 points growth in the All shares index to 166.76 making it more than a week of rally from the post election results cancellation crash of September 4. Other major gainers were Crown Paints, up Kes 4 or 5.26%; Standard Chartered bank up Kes 3 per share and ARM cement which closed 8.94% up or Kes 1.35 per share  There were 11 price gains and almost like for BAT, Kakuzi PLC led with Kes 16 or 4.76% down by a distance. It closed yes...

When by June last year, Kenya's Crown Paints ltd, ended with profit of Kes 2.88 on every Kes 100 income, it ended the full year with a far higher Kes 3.70 gain on every Kes 100 income. Now, according to figures released by company secretary, Conrad Nyukuri, it has returned Kes 2.98 gain on Kes 100 income by June this year, will this lead to another far higher year end figure? The company management think it should just like it did last even though fortunes in Kenya have been affected especially in the months to recent presidential election, the political climate was not favourable or encouraging for business and investment. Crown Paints revenue had increased by 5.56% to Kes 3700.8m in the 2017 first half and because of lower overall cost growth, the profit before tax recorded came to Kes 110.1m, up 9.12% on June 2016 figure. This was in spite of increased cost of raw materials, says Nyukuri adding that this was still expected to apply pressure on the bottom line. However, the Kenya...

The Central Bank of Nigeria has reviewed the daily cumulative and cumulative balance limits for mobile money wallets in order to afford users more flexibility in its use. According to a circular to Mobil money operators dated September 7 but posted on its website yesterday, September 11, the new limits affect the three categories of Know Your Customer (KYC) requirements. The circular was signed by Dipo Fatokun, Director Banking and Payments, and stipulates that the daily cumulative transaction limit for KYC level 1 is now N50,000 while the cumulative balance is N30,000. In the case of KYC level 2, the daily cumulative transaction limit is N200,000 and cumulative balance is N500,000. Finally, for the KYC Level 3, daily cumulative limit is N5m and there is no limit to the cumulative balance on the wallet. In addition, KYC Level 1 customers do not need Bank Verification Number (BVN) to acquire and use a mobile money wallet as part of the documentation but for levels 2 and 3, BVN...

For the second consecutive trading day, the Nigerian stock exchange main indicators trended down today Monday September 11. 2017. The All shares index dropped by 0.81% to 35,664.94 after Friday's 0.44% easing; traded value declined by 29.5% to N2.17bn on top of Friday's 26.1% and after Friday's 31.5% decrease, traded volume closed at 114.76m, down further by 24.7%. However, number of deals had grown by 13.7% on Friday but went down by 11.7% to 3232 today. The ASI drop was driven by 24 price drops led by heavyweights: Nestlé Nigeria and Dangote cement. Nestlé led Naira drops with N10 per share or 0.82% per share followed by N5 per share decline by Dangote cement or 2.39%. Okomu oil, however, led % decline with 4.92% drop or N3.10 per share. It closed Friday at N63 per share then slipped to N59.90 and recorded 42 deals for 0.649m shares worth N40.2m. In the end, the pressure on ASI came from 1.74% drop in Premium index to 2296.90 and 1.02% drop in industrial index to 2010.87....

The Nairobi securities exchange started this week today Monday, September 11, 2017 with activity and price rally led by Safaricom and Williamson Tea thus confiming yet settled presidential election is off the burner for now  Safaricom had led the market activity downwards on Friday with deals for only 1.792m shares but today, closed with deals for 19.989m shares at between Kes 25.75 and 26.50 per share worth Kes 520m. It had closed Friday at kes 25.25 per share, hit a day high of Kes 26.50 then closed at Kes 26.0 per share. Given its dominant weight in the market, this must have helped the All shares Index to close 0.40% higher at 166.32 although way behind 1.13% rally on Friday. Safaricom thus accounted for 64.6% of the day's 30.9m traded volume and 50.5% of Kes 1.03bn traded value. But it did not lead price rally. That honour belonged to Williamson Tea in Kes terms as it opened and closed the day at Kes 174, up Kes 4.00 per share on Friday's Kes 170. This was the highest Kes ...

Soon, Banks in Nigeria will asked to resolve customer mobile phone financial transaction issues within 48 hours or face sanctions. That is, if none objects successfully to the proposal by the Central Bank of Nigeria dated September 7 with a September 21, 2017 as deadline for inputs from stakeholders. The exposure draft attached to a letter signed by Dipo Fatokun, Director Banking and Payments systems department of the CBN, tries to establish the framework for financial transactions through mobile phones using the Unstructured Supplemary Service Data (USSD) option. This option usually starts with * and ends the code with # now increasingly being adopted in Nigeria for account opening; enquiries especially of balance; money transfer; airtime buying and selling; bill payment and internet /mobile banking details retrieval. Under the framework, financial institutions have additional responsibility for proper message authentication mechanism; secure transactions; dedicated use of the channel...

Just after 2 consecutive days of upward swing, the All shares index and by implication market mood, reversed into 0.44% drop to 35,957.24. After a week of continuous decline, the ASI had risen by 0.58% on Wednesday September 6 then grew even at a faster yesterday closing 1.56% up. You guessed right, Dangote cement was on the losers side this time but it did not come up with the aces for the ASI drop. Leading 22 price drops in Naira terms was N3.41 per share decline in Presco or 2nd place 4.99%. Presco closed Thursday at N68.39 then opened and closed today at N64.98 per share. Close on its heels was Beta Glass down N2. 99 per share or leading 5.00% and Okomu oil which dropped N2.64 or 4.02%. All three were industrial concerns and aided by other sectoral decreases, helped depress industrial index by 1.18% to 2031.28. Dangote cement, on its part, went down by N1.91 or 0.88% per share and so aided by Zenith bank (down N0.67 per share) and FBN with N0.01 drop, premium index decreased by 1.1...