HENATES

Week 47 closed on a rather high note yesterday, Friday November 24, at the Nigerian stock exchange as massive offload in WAPIC insurance drove traded volume up 69.4%; as Dangote Cement leapfrogged to 2nd highest price growth in the week and as the All shares index accelerated from 0.024% growth on Wednesday then 0.22% on Thursday and by 1.68% to 37,305.91 yesterday, just a few points short of its all time 37312 high. Traded volume ended yesterday at 870.577m shares principally as 650,33m shares of Wapic  Insurance were exchanged in 17 deals worth N325.16m. Wapic is one of those equities rarely traded on the market even though they have the minimum issued capital available for trading required. It ended the day with very insignificant gain that it more or less closed firm and ended up being the top traded equity in terms of volume in week 47. On the other hand, Dangote Cement led 19 Naira gainers yesterday as it opened the day at N235 per share; hit a day high of N240.5  an...

At the Nigerian stock exchange today November 23, 2017 there was a shower of offloads and yesterday's equally impressive traded volume was surpassed easily. Traded volume came to 513.8m shares, up 55.1% from yesterday's 331.24m  mainly as a record 8 equities recorded deals for above 20m shares each. UBA led the pack with 6th ranked 207 deals for 116.63m shares worth 2nd rated N1.14bn after topping with N0.1 per share. Not too far away, Access bank, up N0.24 per share,  recorded 5th placed 212 deals involving 98.336m shares worth 3rd ranked N987.6m. Zenith bank, up N0.45 per share, followed with 90.28m shares sold in day high 743 deals worth equally pace setting N2.245bn. In other words, Zenith and UBA accounted for 52.5% of total traded value and plus Access bank, the trio contributed 59.2% of traded volume. But the offload rain did not stop with the trio. Tantalizers, which in the last 2 trading days recorded leading offloads, was not finished yet. A total of 44m shares were t...

After six trading days of back to back daily increase, the All shares index today at Nairobi Securities Exchange crashed by 4.27 points or 2.48% to 167.90. Yesterday it had hit new high of 172.17 when it rose by 2.32% or 3.90 points. Indeed, from 160.01 by November 14 the ASI had increased daily thus accumulating a total of 12.12 points by yesterday. The almost one week long daily rise was punctuated today despite almost even number of gainers (16) and price losers (15) and despite top increases in the price of Jubilee Holdings; and Kakuzi ltd amongst others. Jubilee Holdings had stayed firm at Kes 490 through the day thus recording Kes 23.00 per share increase. Kakuzi too rose by Kes 6.00 per share as it closed firm at Kes 350. Other major gainers were Williamson Tea and East African Breweries, up Kes 3.00 per share each. Yet the ASI closed down 2.48%. Top of the price drops was Kes 3.25 per share decline as Standard Group hit day high of Kes 116 per share then closed at low of Kes 11...

Today, Wednesday November 22, 2017, Nigeria's bluest of the blue chips, Nestle Nigeria plc, hit a new all year high as it closed at N1300 per share, N10 higher than its highest level before and still remains the only equity in the Nigerian stock exchange quoted at above N1000 per share. It had closed yesterday at N1261.51 per share then opened today at its old year high N1290 per share then closed the day at the new high thus topping by N38.84 or 3.08% per share, At that level, Nestle now has price earnings ratio of 43.05 and it ended the day with 60 deals  involving 0.878m shares worth N1.139bn. Indeed, this traded value was 2nd only that recorded by top capitalised Dangote Cement. Dangote Cement rose very marginally and recorded 65 deals for 5.07m shares worth N1.166bn. Meaning that both equities accounted for 41.4% of the N5.56bn traded value for the day, which actually rose by 67% on yesterday's N3.29bn. But neither equity paced traded volume  and number of deals s...

Do you know that you can have an idea of the sectors now booming in Nigeria as indicated by consumption tax revenue generated in the form of value added tax? Oh sure, the Federal Government maintains that some companies are remitting less than they collect or do not remit to schedule. That does subtract too much from deductions reached by studying VAT generation. Today, the National Bureau of Statistics in its Quarter three report, said that N706.6bn was collected as VAT in Nigeria in the nine months to September, up 23.06%. Top growth was recorded in what the NBS called Pioneering sector as VAT generated here rose by 283.21% to N3.932bn. No other sector had that kind of growth. What is more, in Q3 2017 alone, VAT generated here grew by 179.50% to N1.707bn on Q3 2016 levels. Something must definitely be happening there. Apart from this, other top five growths in VAT generated to September were Publishing, Printing and Paper Packaging's 57.1% to N2.015bn although its quarter 3 growt...

It is most likely that Kenya's EAAGADS Ltd will end the current financial year by March 2018 groping for profit. According to half year unaudited figures to September released recently, the company is already very much in the loss league and is not likely to spring out of it in the remaining half year. Due to prolonged dry weather, reduced coffee crop harvest and higher uptake cost, says the management, EAAGADS recorded 38.5% decline in revenue to Kes 44.69m within the six months. To make matters worse, cost production rose by 42.1% to Kes 56.70m despite the drop in sales revenue. Thus, EAAGADS reported Kes 7.71m gross loss compared to Kes 1.91m gross profit at the same time last financial year. Unfortunately, the company was also unable to control its overhead costs because, in spite of the revenue dive, total cost rose to Kes 13.67m from Kes 13.58m previously. Hence the company settled for Kes 21.38m loss before tax within the period as against Kes 11.67m loss in last financial y...

After three consecutive trading days of inching back to 37,000 range, at the Nigerian stock market, the All shares index today, Tuesday, November 21 made a U-turn shedding O.52% or 191.53 points to close at 36,600.07. It had managed to grow by 0.08% yesterday after inching up 0.35% and 0.05% two consecutive days earlier. With today's drop, it actually lost all it gained in those three days and more since it had fallen to 36617.45 before the gradual recovery. The U turn occurred as 22 equities recorded price drops as against 19 with gains. In Naira terms, downwards was led by Nigerian Breweries with N4.50 or 3.25% drop amidst 5th placed 158 deals for 0.56m shares worth N76.39m. Nigerian Breweries closed yesterday at N138.5 per share, opened today at N138 before closing at N134 per share. It was followed by Forte Oil N3.89 or leading 8.86% decline to witness 3rd ranked 230 deals for 1.725m shares worth N69.299m. To pace % drops, Forte Oil had opened at N41.7 per share, rose slightly ...

Despite huge price drops in three high priced equities today Tuesday November 21 2017, the All shares index jumped by record 3.45 points or 2.09% at Nairobi Securities Exchange perhaps in view of Supreme Court formal affirmation of the election of President Uhuru Kenyatta for another term. In September, the apex Court's call for a rerun of the presidential elections had caused major dive in stock prices and by extension, the ASI. Last Friday the same court finally confirmed the results of the rerun elections despite boycott by the opposition. In all there were 23 price gains and 9 drops at the end of the day and almost just like yesterday. But the catch was that unlike yesterday, high priced equities like Limuru Tea, Jubilee Holdings and British American Tobacco recorded heavy price drops that made no difference. Limuru Tea led the decline with Kes 40 per share dive to Kes 500 all through the day compared to yesterday's Kes 540 per share and recorded deals for only 2100 units. ...

Kenya's Uchumi Supermarket PLC apparently tried its very best to turnaround in the financial year to June 2017 but this was not good enough. According to the year's audited figures released last week, the black hole called loss margin grew bigger, not smaller despite all the cost cutting and turnaround strategies deployed. Uchumi ended the year losing Kes 64.3 on each Kes 100 income, up considerably from year 2016's Kes 41.6 and of course, accumulated loss rose to Kes 5.2bn from Kes 3.02bn. Uchumi's net sales has dropped by 59.7% to Kes 2.587bn from Kes 6.437bn but only cost of sale went down faster than this. It dropped by 60.8% to Kes2.137bn  The result was that gross profit declined not by 59.7% but by 54% to Kes449.2m. All that was then needed was for total cost to drop at least at the same rate but unfortunately, it could not. All the cost cutting and management deployed only resulted in 42.1% decrease to Kes 2.12bn. Nice try because eventually the loss reported, a...

The trendy high trade with which the Nigerian stock exchange ended week 46 last Friday was no where in sight today, Monday November 20 2017 as week 47 took off low beat. Even the gradual recovery of the All shares index that seemed like gathering momentum Friday as it rose by 0.35% compared to 0.04% Thursday, slowed to only 0.08% growth to 36,792. It inched nearer the 37,000 range though that it slipped from much earlier. Nestlé Nigeria led 17 price gainers to push the ASI upward as it gained leading N4.87 per share or 0.39% followed by PZ Cussons which topped up by N2.3 per share which came to 10.23%, the day high % gain. Both equities struggled to make their gains though it was easier for Nestle Nigeria as it opened at N1255.32 per share then rose further to close at N1255.9 per share. It recorded 47 deals for 0.099m units worth N125.02m. As for PZ, it opened at N23.61 per share, hit day low of N22.5 then day high and close of N24.79 per share. PZ witnessed 46 deals for 1.18m units w...

Today Monday November. 20 2017; the Nairobi Securities Exchange closed bullish especially over the banking and Energy and Petroleum sectors leading to 1.69 points rise by the All shares index to 164.82 The gains in Kshillings terms were small but those little drops pointed to a rather optimistic market in spite of still hazy political climate and cloudy economic headwinds. In all there were 30 price gains compared to only 7 price drops and the gains were paced in Kshillings terms by Kes 3.00 gain per share each by Williamson Tea and Diamond Trust Bank. For Williamson Tea, it was a simple matter of hitting and closing at Kes 166 per share thus topping up Friday close but not that easy for DTB. DTB hit day low of Kes 186 per share, then a high of Kes 191 before closing at Kes 190 per share compared to Kes 187 per share close last Friday. It thus actually paced cluster of 7 price gainers in the banking sector compared to only drops. Trailing DTB more than 50% behind was Equity group and K...

At last after dropping every quarter in recession in 2016 and early 2017, Nigeria's Gross Domestic Product (GDP) grew by 1.4% in real terms in the 3rd quota of this year, says the National Bureau of Statistics (NBS) in its latest report released today, November 20, 2017. According to the NBS, in real terms, the nation's GDP came to N18.03 trillion in the quarter, up 1.4% on quarter 3 in 2016  when a 2.34% drop was recorded. The figure also represents 8.97% growth on 2nd quarter which had a revised growth of 0.72%. This not only means that for the second quarter, the Nigerian economy continued to grow out of recession but more importantly, the year on year growth almost doubled the revised 0.72% climb out of recession in Quarter 2. But, thanks of course, to higher crude oil and gas production; higher international crude oil prices and continued relative peace in the Niger Delta. In the quarter, Nigeria's average crude oil and gas production hit 2.03m barrels per day ...

By the close of business last Friday, Nestle Nigeria was quoted at N1251.03 per share although it touched day high of N1251.05 earlier. This price was about N40 short of year high N1290 yet even at that, no other quoted company in Nigeria could boast of half that price per share. The closest on the same day was Seplat Petroleum, the indigenous crude oil exploration company that promises good return on its efforts but is yet to really deliver on these promises. It was quoted at N490 per share and what is more, it had no stated price earnings ratio and so, it mustl be hard for the average investor to check, through comparison, if it was over priced. Nestle Nigeria on Friday had price earnings ratio of 41.43 and other equities with top most prices alongside officially stated PE Ratio were  Total Nigeria and Dangote Cement both quoted at N230 per share each on Friday but with PE ratio of 7.46 and 15.92 respectively. This seems to suggest that compared to Total Nigeria and Dangote...

Yesterday, November 17, 2017, very active Friday trading brought week 46 to a close at the Nigerian stock exchange. It was a day of triple offloads and combined with equally major offloads in Dangote Cement, FBN Holdings and others earlier, the week with run away traded volume and value. Traded volume came to 2.8bn shares with Friday alone accounting for 1.82bn or 65% although the day's traded value at N6.3bn was only 11.5% of the week's N54.775bn. This was because the Friday runaway offload was paced by low priced Sovereign Trust Insurance in which 1.58bn shares changed hands in just 8 deals worth N790m. It was both a rare offload in a rarely traded equity. Not done, yesterday too, 71.759m shares were offloaded in Zenith bank in leading 287 deals worth 1.72bn bringing the bank's all week volume and traded value to 130.77m and  N3.15bn respectively. Still going giddy, Diamond Bank also followed witnessed the sale of 54.2m shares same yesterday in 74 deals worth 59.65m  with...

Week 46 ended today Friday November 17 2017 at Nairobi securities exchange better all round when compared to the previous week. According to statistics released by the Exchange today on the week, the All shares index closed 2.16 points or 1.34% higher at 163.13 today as against 160.97 last Friday. Traded volume too rose by 17% to 113.46m shares from week 45's 97m and traded value at Kes 3.471bn was about 15.7%  higher. The ASI increase was in spite of higher number of price drops (30 within the week) than price gains (20). The 30 price losers were led in Kes terms by Standard Chartered bank as it shed Kes 9.00 or 3.96% to close today at Kes 218 per share compared to Kes 227 last Friday and recorded deals for only 73,600 shares all through the week. The bank lost Kes 2.00 per share out of the lot today placing 3rd alongside British American Tobacco on the day's Kes loss chart. Close on its trail was East African Breweries down Kes 7.00 or 2.87% within the week to record deals fo...

The audited figures of Kenya's East African Portland Cement PLC released earlier this month by company secretary, Sheila Kabuki was a classic of twist and turn that could be frustrating. From the figures, at first it looked like EAPC was headed for real trouble as it revenue dropped 21.9% to Kes 6928.3m with cost of sale refusing to go down as fast, ending at Kes 6165.5m, down only 15.4%. The net result of this first twist was that gross profit tumbled by 51.9% to Kes 762.8m. Surely from this operating profit should be worse than 2016's. Right? Wrong. In the end, EAPC reported operating loss of Kes 1316.3m, down 16.9% from 2016's Kes 1584.6m as administration expenses dropped by 29.7% to Kes 2283.3m; as againstoverprovision of Kes 183.3m was written back and even as Other income declined by 72.7% to just Kes 21.5m. Now surely, 2017 year should end relatively better than 2016 even if as a result of reduced loss. Wrong again. In spite of Kes 134m forex income compared to Kes ...

Today Wednesday, November 15 2017, Dangote Cement for the second day dropped at the Nigerian stock exchange after closing Monday with day high gain. It shed N6.55 per share as it opened and closed today at N230 per share, down N6.55 on Tuesday's N236.55 per share. On Monday it had paced the market with N8.99 per share gain or 3.93% but yesterday it went down N1.45 or 0.61% per share, a figure which was 3rd highest drop for the day. Naturally this helped to drag the All shares index down on both days with today's 0.37% drop to 36817.45 as further scale down from the high of 37312.8 hit on Monday as it rose by 0.52%. However, unlike Monday when a very large parcel of 128.92m shares changed hands in Dangote Cement, yesterday, there were only 38 deals for 1.409m units and much lower 18 deals for 0.228m shares today. Trailing Dangote Cement on the losers table were PZ and 7up down N2.00 per share each but lead % drop out of the 26 drops recorded in the day, was by C & I Leasing ...

At Nairobi Securities Exchange today Wednesday, November 15 2017, BOC Kenya PLC, in the manufacturing and allied sector closed Kes 5.00 up despite warning of profit drop this year. In a notice released today, the management of the company had warned that the current year that ends next month may witness up to 25% decline in its net earnings when compared to 2016. This was due to low level of sales and book entry adjustment for review of provision for obsolete stock allowance. However, BOC Kenya hit a day high of Kes 110 per share, slipped to a low of Kes 107 then rallied a bit to close at Kes 108 per share, up Kes 5.00 per share. And it was the day's top Kes gain too. Perhaps, the warning came late in the day or perhaps brokers were bullish towards the management's expectation for better performance in 2018 based on greater efficiency and recovery in demand. BOC Kenya closed the day with deals for 6200 shares. No rush to sell. Optimism seemed to be the ...

At the Nigerian stock exchange today Monday November 13, 2017, top capitalised equity, Dangote Cement virtually flexed it mighty muscles as a huge offload of 128.92m of its shares resulted in N27.08bn traded value. This drove the day's traded value to N30.02bn with Dangote Cement alone accounting for 90.2%. A figure which also represents growth in multiples on Friday's N2.646bn traded value. But guess what, there were not too many takers and so, no rush. The Dangote Cement offload dwarfed otherwise remarkable 77.56m shares sold in FBN Holdings today too but while Dangote Cement closed with 84 deals or just 2.22% of total deals for the day, FBN recorded day high 421 deals or 1.85% of the 3778 deals struck within the day. The FBN Holdings offload was worth N554.89m close to 50% of the traded value of N1bn clocked by Guinness to place a very distant 2nd to Dangote Cement in terms of traded value.  In the case of Guinness, only 9.898m shares changed hands but it too, got more atten...

Today, Monday November 13, 2017 price gainers at the Nairobi securities exchange could be counted on fingertips as pessimism seems to be back after playing hide and seek during the rerun presidential elections boycotted by the opposition. In all there were only 6 price gains as against 25 drops spread across the market minus Safaricom, which closed firm. Top gain was by Crown Paints, up Kes 2.00 per share as it rose to Kes 79.00 and closed there from Friday's Kes 77.00 per share. Only 100 units of its shares changed hand though. Other gainers include WPP Scan group with Kes 1.65 per share gain; Bamburi Cement up Kes 1.00; Britam Holdings (plus Kes 0.20 per share); Trans century up Kes 0.15 per share and Longhorn Publishers with Kes 0.05 per share top up. On the other hand, the crowded price drop scene was paced by East African Breweries, down Kes 4.00 per share as it hit day high of Kes and slipped further to close at Kes 240 compared to Friday's Kes 244 per share. EAB ended th...

For a week that followed rerun presidential elections boycotted by the opposition, week 45 at the Nairobi securities exchange ended yesterday Friday November 10, with a pin prick in the form of 3.53% or 2.15 points drop by the All shares index to 160.97. On Friday itself, the ASI eased by 0.79 points or 0.49% although trading recovered from the doldrums of Thursday strongly as traded volume rose by 139% to 17.4m shares; traded value increased by 220% to Kes 509m but number of deals dropped to 910 from 976. Thus week 45 ended 19.2% down to 97.2m traded volume and by 16.7% in traded value to Kes 3bn compared to previous week's Kes 3.6bn. In Kshillings terms, top price gainer for the week was Jubilee Holdings, with major Kes 28.00 per share top up as it closed yesterday at Kes 494 per share compared to Kes 458 previously. The bulk of Jubilee's gains was clocked yesterday as it hit day high of Kes 495 before slipping a little to close at Kes 494 per share representing Kes 23.00 inc...

Week 45 of 2017 that ended yesterday Friday November 10, was a rather quiet one with super gains and super losses. Sure, the All share index hit a new high within the week and continued to stay within the once out of reach 37,000 range but so many up today, down tomorrow spoilt any noticeable trend. Besides, it was the week budget 2018 was laid before the National Assembly and no ripples were felt even by Friday close three days after the presentation. There were 34 price gains and 29 drops but not was that spectacular to raise eyebrows. The week's lead was by Forte Oil as it closed up by N4.10 per share at N44.10 per share. More than 50% of this gain (N2.10) was witnessed yesterday Friday as Forte Oil opened and closed the day at N44.1 per share after closing Thursday at N42. It then recorded 69 deals for 0.28m shares worth N12.85m. Lead price loss was by Total Nigeria as it slipped from N236 per share the previous week to N230 by yesterday, thus down by N6.00 per share. This was ...

As most trading activity indicators trended downwards Thiursday, November 9, 2017 at the Nigerian stock exchange, traded value ended with exceptional 94.9% increase to N3.52bn from yesterday's lowly N1.80bn. It was a clear solo run since All shares index dropped by 0.24% to 37,051.54 after in roads into the 37,000 range; traded volume declined by 9.16% to N175.75m and number of deals decreased by 14.0% to 3357. Traded value solo run was driven more by GTB's above N1bn trading value {N1435.2m} which involved also day high 34.18m shares in 4th highest 193 deals. For a while, above N1bn traded value has been scarce and GTB rekindled it while gaining N0.40 per share. 11 Plc (hitherto Mobil Oil) came close to the N1bn mark too and so, also contributed substantially to the traded value solo. It recorded 18 deals for 4.94m shares worth N815.36m while gaining leading N11.99 per share. 11 PLC had closed Wednesday at N153.01 per share; opened Thursday at N160.66 then hit day high...

Trending downwards like most market indicators today, November 9 2017 at Nairobi Securities Exchange, traded hit new low of Kes 159.16m. As far as Henates can recall since daily reports on the market, this is the lowest level value traded in a day had dropped and indeed, represents the first drop below Kes 200m. On October 16 2017, it had closed at Kes 201.35m as lowest traded volume of 7.241m shares changed hands. The new low however for traded value evolved as a total of 7.28m shares were dealt in representing slightly higher level than the October 16 figure. On September 18 2017, traded value had closed at Kes 201.94m and the shares involved were far higher at 8.368m shares. Some other days with relatively low traded value were September 22 when 10.03m shares were exchanged at total worth of Kes 214.04m and August 21 2017 when traded value of Kes 215.7m involved 8.78m shares. It was a day of many drops in the equities market.The new low traded value was down 76.6% on yeste...

Yesterday' Nigeria's President M Buhari presented 2018 budget proposals to the joint session of the National Assembly but today, November 8, 2017 it did not seem to have caused any ripples at the Nigerian stock market. The only exceptional trend for the day was the final break with almost one week old up today, and down tomorrow for the All shares index. It closed the day up marginally by 0.34% to 37,138.97 to hit a new high after crawling back into the 37,000 range yesterday with 0.22% increase. There were almost equal number of price gainers and losers and the more remarkable was that none of the drops came up to N1 per share or up to 5%. Interestingly, the leading price drop of the 19 recorded was by Zenith bank which slipped by N0.22 or 0.85% per share. It is the first time Zenith will leave price trails for others to follow. Zenith closed yesterday at N25.8 per share, opened at N25.65, hit a day low of N25.51 before closing at N25.58 per share. In the end, it witnessed 2nd...

At the Nairobi securities exchange today November 8, 2017, it was easy for the All shares index to rise by 0.40% to 161.99 as pull downwards was minimal as all price drops recorded were below Kes 1.00 per share except one. Lead drop was witnessed by Sasini ltd which shed Kes 1.75 per share to record rare deals for 1.02m shares. From yesterday's Kes 27.75 per share, Sasini dropped to close at Kes 26.00. Trailing Sasini from a distance was Sanlam ltd which decreased by Kes 0.75 per share. In all there 18 price drops and Sanlam's was followed by Umeme ltd, down Kes 0.55 per share and the duo of WPP Scan group and Kenya Reinsurance with Kes 0.50 per share decline each. On the other hand, 17 price gainers emerged at the end of the day's trading with five equities topping up by above Kes 1.00 each. Lead gain was by Kakuzi which closed the day at Kes 345 per share, up Kes 21.0 on yesterday's Kes 324 and  B OC Kenya which stayed at Kes 110.0 per share through the day thus toppi...

At the Nigerian stock exchange today November 7, 2017, the All shares index hit 2nd highest level since the year while continuing with its up today, down tomorrow trend of recent days. Yesterday it had eased by 0.024% after Friday's rise abs so, rising by 0.22% to 37,013.57 was very much part of the trend except that it turns out crossing into 37000 range was quite a struggle and today's represents 2nd highest for the ASI since the year. On August 23, this year it had touched 37,058.21, up 0.26% as the highest so far but went down by 1.30% back into the 36,000 range once again. Since then it has been a battle to get back. In fact all through September it struggle to stay in 35,000 range before going up and down the 36,000 range all through October and early this month. Naturally, there was good support from Dangote Cement as it closed the day N2.00 per share up, amidst 22 other price gainers. However, lead Naira gain was by Total Nigeria with N5.00 or 2.22% gain per share. Ther...

Today, Tuesday, November 7 2017, at Nairobi securities exchange, Safaricom recovered from yesterday's relatively low trade to dominate both traded volume and value even while losing 2% or Kes 0.50 per share. Total traded volume more than doubled to 45.8m with 34.976m shares exchanged in Safaricom accounting for 76.3%. Then, because deals in higher priced equities were harder to come by, the worth of the deals came to Kes 857m or a higher 77.18% of market traded value. The shares were traded at between Kes 24.25 and Kes 25.00 per share but in the end, Safaricom closed Kes 0.50 down. In view of its dominant market capitalisation, this must have contributed to the 1.07% or 1.75 points drop recorded by the All shares index at 161.34 although price losers at 22 were well ahead of gainers (10). Lead drop in Kes terms was however witnessed by I & M Holdings down Kes 4.00 per share as it stayed at Kes 120 per share through the day compared to Kes 124 yesterday close. At 3.23%, this was...

Because Kenya's Equity Group PLC has so many income streams and expenses, its statement of affairs looks like a pendulum swayed left and right as they balance themselves out. This time though, the unaudited figures to September indicate that the pendulum settled somewhat a little on the negative side as from 0.43% rise in total income to Kes 56.67bn, 3.63% drop in profit before tax to Kes 20.734bn occurred. The net result was that the Group's profit margin shrunk to 36.7% from 38.1% by September 2016. This is how the pendulum came to a stop. Pulling to the negative was 11.1% decline in interest income to Kes 35.4bn as interest from government securities tried to turn the table by growing by 91.1% to Kes 9.779bn but double digit drops in loans and advances and Other interest income did not allow. Applying more negative pressure were 5.98% growth in interest expense to Kes 7.923bn with customers deposits and placement from other banks interest charges increased by above 10% each ...

Jaiz Bank PLC, the bank registered in Nigeria primarily for Islamic banking and quoted in the Nigerian stock exchange earlier this year, today Monday November 6, 2017 recorded a major offload that accounted for 48.5% of the day's 466.5m traded volume. In 33 deals 226.7m shares of Jaiz bank changef hands as it dropped by N0.02 per share. The deals were worth N133.8m. Thus together with FBN Holdings PLC in which day high 506 deals were struck for  43.47m offload, both equities accounted for above 50% of the day's volume. The worth of the FBN Holdings deals was N304.95m which was the 3rd highest for the day. Indeed, at 466.5m traded volume, trade for the day hit a level that no where to be found all through October. The highest daily traded volume last month was in October 26 when 356.8m shares were exchanged in 4384 deals. In contrast, the number of deals today came to 4274. Naturally, Jaiz bank is not yet a high priced equity and in the end, traded value closed at N2.9bn with no...

At the Nairobi Securities exchange today, Monday November 6, 2017, the bond market closed with record low traded value of only Kes 49m compared to Kes 1.488bn last Friday. Trade in usually fairly active government bonds above Kes 50m nominal value virtually dried up completely with only two deals in infrastructure bonds worth Kes 249,647 to keep the flag flying. No deals in corporate bonds and so the bulk of the 22 deals for the day compared to 48 on Friday were struck in treasury bonds of below Kes 50m nominal value. There were no sell or buy back deals. At the equities market, traded volume declined by 13.5% to 15.15m but traded value rose by 50.3% to Kes 542.68m from Friday's Kes 361.1m principally as deals were struck in some high priced equities to combine with dominant trade in medium priced ones. number of deals however dropped by 2.71% to 1329. Traded volume was paced by Safaricom even while recording deals for, by its own standards, fairly low 1515m shares at betwe...

KENYA: PROFIT WARNING FROM STANDARD GROUP. Kenya's communications company, Standard group, has indicated that its earnings this year to December 2017 will be at least 25% lower that the 2016 level. According to Olando Lyomu, the Acting CEO, this was because the business environment "since August has been adversely affected by the prolonged and disruptive election period" In a notice to the Nairobi securities exchange, He explained that this disruption in business led to less volume and less cash in circulation developments that had negative effects on the company's revenue and cash flow. By half year, he added, performance had been positive and well ahead of 2016 corresponding levels but the uncertainties and climate created by the still hazy presidential election wiped away gains. However, Mr Lyomu added, the roll out of the medium term strategy of the company soon, will insulate it from sudden changes at the market place. The Standard group is into new...