HENATES

After days of average trade, the bond market at Nairobi Securities Exchange today rallied strongly to record 67 deals worth Ksh 3.475bn compared to Ksh 1.73bn in 42 deals yesterday. There were no corporate bond deals and the only one recorded in sell or buy segment was very small but treasury bonds of below Ksh 50m part of the market was crowded with deals. In all 35 fixed income treasury stocks recorded deals and none was worth less than Ksh 1m. On the other hand, 18 stocks with above Ksh 50m nominal value witnessed deals and so, in the end, both segments contributed significantly to the leap in both traded volume and value. At the equities market, it was a different tune as traded volume dropped to 23.63m shares from 25.09m, traded value eased to Ksh 832.75m from Ksh 864.3m and yesterday's year to date top number of deals scaled down to 1326 from 1550. But the All share index closed 1.09 points up at 181.77 as Safaricom closed Ksh 0.25 up among a total of 21 price gains and inspi...

The wise ones say we should make hay while the sun shines and so, if you have enjoyed viewing and reading posts in this blog since it was started then you may be interested in knowing that Henates or Henry Atenaga turned 65 today and likes to use the opportunity to pay tribute to those who impacted on his professional career since 1976. That is, before the sun goes down and the journey beyond takes over. The first person worth mentioning is late Terry Agbelemoge, who died in 1980 as Editor Times International in the Daily Times group after years as Science editor of the Daily Times. I was a non-degree holder and still remain one and Terry it was who got me to join Times International on my own terms as Economic Reporter back in 1979, at a time graduates were still basking in the after glow of their victory over   non-graguates under the legendary Alhaji Babatunde Jose. I didn't meet Jose, by then the Daily Times had been taken over by the government. Terry turned out to be the best...

After five days of inching upwards to try to cross the 43,000 mark once again, the All share index dropped by 0.66% to 42,299.56 as 37 drops and 18 gains hinted at bearish outlook. The ASI had last dropped by 1.53% on February 19 to 41,987.74 then it started a slow and steady daily growth that by Monday made it close at 42,579.48. And indeed, the newly introduced Corporate Governance index has proven to be a reliable barometer of the market trend as it dropped for the first time since it was introduced last Thursday. It dropped by 0.53% to 1710.03 again ahead of decline in ASI thus reflecting main drivers of the drop. This is not surprising since the equities that currently make up the valuation basket cut across sectors and discriminates not in favour of capitalisation weight. The gainers were led by Nestle Nigeria and petroleum companies as market reversed its bearish gaze over the sector yesterday. Nestle closed N22 per share or 1.60% up while recording 82 deals for 2.069m worth lea...

Today at the Nairobi Securities Exchange, investors interest as reflected by number of deals struck reached a new high of 1550 for 25.09m shares since the new year valued at Ksh 25.09m. Even though the traded volume was just slightly higher than yesterday's 21.2m shares, number of deals was well ahead of yesterday's 1367 and higher than the 1519 reached on January 25 involving the exchange of 26.49m shares  It however, was short of the 1732 deals clocked on November 22, last year for 34.6m shares but surely ahead of 1499 for 34.46m shares touched by the next day November 23. Indeed, today's new high since the year more or less confirmed the relatively higher investor interest since the year as daily deals most times closed above 1000 unlike for the good part of 2017. The All share index closed up marginally by 0.04 points to 180.68 as high priced Jubilee Holdings and Diamond Trust Bank price changes made the difference in a day with 15 equal price gains and drops. Jubilee H...

According to the National Bureau of Statistics, Nigeria's real gross domestic product ( GDP) grew by 0.83% out of 2016 recession as fourth quarter growth came to 1.92%. The NBS in its fourth quarter 2017 GDP report released today, after contracting by 0.91% in 2017 first quarter, the GDP managed 0.72% growth in second quarter before third quarter's 1.4% increase. Thus, quarter four confirmed recovery from recession which began in quarter four 2016 with a lower 1.73% contraction compared to quarter three's 2.34% drop. In the end, annual GDP dropped for the first in years by 1.58% in 2016 after the peak since 2011 of 6.22% growth in 2014 and reduced growth of 2.79% in 2015. What also becomes very clear from the report is the fact that Nigerian economy continues to swing up and down with international crude oil prices and domestic production of oil and gas. The oil portion of the GDP slumped by 23.04% quarter three 2016 to herald the bottom hit in that quarter and the slow rec...

As the newly introduced Corporate Governance index proved once again to be a better indicator of the All share index direction, investors seemed to be bearish about petroleum equities. The All share index edged upwards once again by 0.02% to 42,589.48 as the CG index closed at 1719.80 up 0.19% even as premium and industrial indices dropped. But more noticeable was the fact that top Naira drops were recorded in petroleum related equities. Seplat Petroleum, involved in crude production, lost N13.70 or 2% per share to pace the day's price drops. It was an easy slip for Seplat as it opened and closed at N671.40 per share compared to N685.10 earlier on Friday. This occurred as it recorded just 7 deals for 0.023m shares worth N22.36m. Total Nigeria, involved in petroleum products sale, trailed with N11 or 4.82%  drop as 112 deals for 0.34m shares worth N7.14m. In addition, 11 PLC, formerly known as Mobil oil, with core business in petroleum products, declined by N9.50 or 5% per share whi...

At the Nairobi Securities Exchange today February 26, the All share index eased by 0.14 points to 180.64 despite gains by some major high priced equities. Sure, there were 21 price drops against 13 gains but leading gains by high price equities like I&M Holdings; Williamson Tea, Standard Chartered bank and Total Kenya only slowed down the ASI growth. This was perhaps because another set of high priced equities like East African Breweries Jubilee Holdings and Diamond Trust Bank led the road downwards as Safaricom closed firm. Last Friday, I& M Holdings closed week 8 losing Ksh 4 per share to pace the market. Today, it gained back just the same amount to lead gainers as it found back and closed at Ksh 120 per share. Standard Chartered Bank and Williamson Tea  followed with Ksh 3 per share gain each. SCB hit a high of Ksh215, low of Ksh 210 then closed at Ksh 211 per share, up on the Ksh 208 on Friday. Williamson Tea, on the other hand, hit a high of Ksh 159 and low Ksh 155 per sh...

The Kenyan economy is not presently in the best of shapes and with Raila Odinga declaring himself the people's president, the political scene remains hazy but in spite of it all, the cookie did not crumble at the Nairobi Securities Exchange in week 8. On the contrary, the All share index managed to grow by 0.53% to 180.78; traded volume rose to 113m shares from 98m shares the previous week and traded value closed at Ksh 4.4bn compared to N2.7bn previously. Even the bond market recovered strongly closing week 8 with Ksh16.4 bn traded value as against Ksh 13.3bn  The ASI edged upwards despite 26 price drops and 21 gains within the week when compared to week 7 closing levels Leading % price losers was Home Africa, down 8% per share as it closed at Ksh 1.15 from Ksh 1.25 per share previously. It was followed by Nairobi Business Ventures with 6.9% drop to Ksh 2.70 from Ksh 2.90 per share and WPP Scan down 6.02% to Ksh 16.40 per share from Ksh 17.45. On the other hand, the gainers were p...

At the Nigerian stock exchange week 8 ended today Friday February 23, 2018 with newly introduced corporate governance index showing it might be one index to watch closely. The CG Index was introduced on Thursday after 35 listed companies and directors who passed the 70% threshold for certification were honoured and issued their certicates. It closed that first day at 1697.40 but today it rose by 1.17% to 1717.34, well ahead of slow coach 0.74% rise recorded in the All share index thus indicating that it reflected more the price changes that moved the ASI upwards. The CG index evolved from the corporate governance rating system introduced through collaboration between the Nigerian Stock Exchange and a company limited by guarantee, Convention on Business Integrity launched in 1997. Incidentally, the day's slow coach ASI growth turned out to the highest % increase in the ASI through week 8. After a scary 1.53% drop to 41,987.74 on Monday to herald the week, the ASI had hovered above 4...

Do you have in your possession, British Ten pound notes? Check if it has been in circulation before September 2017. If it is, then it is an old note which has been replaced by a new one since September last year. Now, the Bank of England has decided to stop accepting these old notes as legal tender from the first of next month, just five days away. Meaning, from then on, you can neither deposit these old notes nor use them in legal transactions in and outside the United Kingdom from March 1, that is Thursday next week. It can only be a collectors item from then since like all such monies, its legality stems from acceptability by the Bank of England. The new notes, we hear, were polymer ones enhanced with new security measures not in the old notes. However, you can deposit the same notes legally in your domicilliary accounts before the March deadline and get full value for them.

From the figures for the half year to December 2017 released on Tuesday, it looks like alarm bell is presently ringing over Kenya's Uchumi Supermarket PLC fortunes and chances in the full year to June 2018. From the look of things, Uchumi is doing all it can to stay afloat but so far, its best do not seem to be enough to emerge from loss league. Instead, by the half year, loss before tax grew by 63.66% to Ksh 895.18m from Ksh 547.31m previously. As a result, now for every Ksh 100 earns as net total income, it lost Ksh 170 compared to only Ksh 29.6 loss by the first of previous financial year. In the first instance, Uchumi Supermarket's net total income tumbled by 71.5% to Ksh 526.97m within the first half but cost of sale dropped by a lower 67.3% to Ksh 379.997m. The net result was 78.6% decline in gross profit within the period to Ksh 146.97m from December 2016's Ksh 686.36m. Then in spite of branch network rationalisation, administration expenses decreased by only 15.5% t...

Today at the Nairobi Securities Exchange, Kakuzi PLC of the agricultural sector lost all Ksh 35 per share it gained last Monday in a day high upward movement. At Ksh 390 per share had hit new year high on Monday but today, it slipped back again to Ksh 355 per share. This time though, the All share index closed in the same direction as well, easing by 0.03 points to 181.71. It was driven down by a total of 17 higher margin drops compared to 23 gains. Other major price drops recorded were Ksh 1 drops each by Sasini in the same sector with Kakuzi; I&M Holdings; and East African Breweries. The 23 price gains were paced by Crown Paints with Ksh 4 per share rise followed by Agriculture sector's Williamson Tea, up Ksh 3 per share and Ksh 1 per share gains by Car & General; Standard Chartered bank and Jubilee Holdings. The market was neither bullish nor bearish about banks as equal number (5) of them gained and dropped prices but it was certainly more bullish about insurance and Co...

Investors panic that yesterday greeted the Central Bank directive about no dividend payment for banks with capital adequacy and non-performing loans issues, seem to have fizzled out today as 8 out of 14 banks with price change ended up. Yesterday, the panic had led to 14 banks or bank dominated groups closing with UBA being the lone ranger upwards. Today, even as the All share index struggled to close up by 0.02% at 42,158.32, Guaranty Trust Bank paced 21 market Naira gains (8 banks inclusive) with N0.75 or 1.59% gain per share. GTB opened the day at N47.15 per share which turned out to be its day low, then hit day high of N49 before closing at N48 per share, compared to N47.25 yesterday. Other banks that recovered from the shock reaction were Sterling, FBN, Access, Zenith, Diamond and Ecobank Incorporated. UBA continued its movement upwards but Fidelity bank led five other banks downwards losing N0.18 of 5.66% per share. Others yet to recover were FCMB, Union Bank, Unity bank, Jaiz Ba...

The figures for petroleum products consumption and importation in 2017 seem to give a hint of who benefited the most from Nigerian premium motor spirit (PMS) subsidy in 2017 and why it is still being subsidised while Kerosene is not. The figures for imported petroleum products and their consumption in 2017 were released by the National Bureau of Statistics this week. Of the 36 States of the federation plus Abuja, the federal capital territory; only 7 received higher % share of the imported subsidisable 17.31bn litres of petrol imported in 2017 than they got from 340.33m litres of kerosene imported. And what is more: territories close to federal seat of power (Abuja,Niger, Kogi) or with high population (Kano) fall more into group of those with higher % share of imported petrol and so, more likely to continue to defend subsidy. For example, Kano got 7.44% of imported petrol in 2017 but received only 2.75% of the kerosene. The same with Abuja with 5.09% of imported fuel in 2017 as against...

No bank having issues with its capital adequacy ratio or non performing debts will be allowed to declare dividend this year, says the Central Bank of Nigeria and investors do not seem to be bullish about banks that much again. At the Nigerian stock exchange today, as the All share index inched up 0.38% to 42,148.40, a total of 17 banks or bank dominated groups witnessed volumes that could result in price changes. Of the 17, two closed firm: Stanbic and NPFMicro finance; one recorded price gain: UBA while 14 went down. UBA, the lone ranger gained N0.20 or 1.67% per share as it recorded 234 deals for 11.97m units worth N145.61m. It was tough staying up. It opened the day at N12.10 per share, hit day high of N12.25 and low of N12.05 before closing at N12.20, up on yesterday's N12 per share. FBN Holdings paced the 14 banks downwards and the market in terms of volume, value and number of deals as it lost N0.85 or 7.26% per share while recording 1149 deals involving 115.5m shares worth a...

Today at the Nairobi Securities Exchange, relatively high volume deals in banking and high priced equities helped traded value growth at 419%, to Ksh 1319.55m outpace equally strong 297.9% rise in traded volume to 35.04m. Of course, the recovery was from yesterday's low but rare volume deals in Equity Group, KCB Group, Nation Media, East African Breweries and a couple of others sealed the more than five times increase in traded value. Leading the market volume, Equity Group witnessed deals for 10.547m shares worth Ksh 456m at between Ksh 43 and 43.25 per share while closing up Ksh 0.50 per share. This accounted for more than 50% of the leading traded value by the banking sector of Ksh 801m or 60.73% of market total. Other major contributors include KCB Group, up Ksh 0.25 per share, in which 6.3m shares changed hands for Ksh 288m; Barclay's bank with deals for 1.638m units and Diamond Trust Bank, up Ksh 1 per share with deals for 102,000 shares. The manufacturing sector chipped ...

The audited figures for the financial year 2017 released recently by Kenya's British American Tobacco PLC showed quite clearly that not only was there less puffing of its products, but more importantly, the bottom line grew thinner. BAT reported 6.02% drop in gross revenue to Ksh34.468bn and attributed this to lower domestic production volume and weaker product due to excise duty led price increases. It was all due to "unexpectedly difficult period" in Kenya and in the company's export markets in East Africa. Yet, despite new excise duties, direct cost dropped at a faster rate by 6.13% to Ksh 15.79bn delivering a much reduced 5.92% drop in gross profit to Ksh 18.67bn. But this advantage was soon lost and so, BAT ended with 17.7% drop in profit before tac to Ksh 4.867bn. First, cost of operations that generated the lower gross income, dropped by only 2.89% to Ksh 12.92bn resulting in double digit (12.1%) drop in operating profit to Ksh 5.75bn from 2016's Ksh 6.54bn...

After last Friday's below single digit rally, the All share index closed 1.53% or 650.65 points down today at the Nigerian stock exchange as the market's bearish outlook refused to go away. Precipitating the dive were 31 price drops recorded for the day as against 16 price gains particularly and Nestlé Nigeria and Dangote Cement, once again paved the way down. After recovering strongly from N40 per share dive early last week, Nestlé Nigeria started week 8 today down by N58.20 or 4.16% per share as 34 deals involving 0.041m shares worth N56.05m were struck. Nestlé had closed Friday at N1400 per share, opened today at N1341.0 per share then rallied a little to close at N1341.80. Dangote Cement, on the other, lost N8.60 per share or 3.31% as it continued its downwards trend discernible since last week. It witnessed just 15 deals for 0.031m shares worth N7.98m. Other major losers in Naira terms were Nigerian Breweries which released its 2017 figures last week and PZ Cussons PLC. Ni...

Today at the Nairobi Securities Exchange, week 8 started with a minor puzzle as the All share index dropped marginally by 0.04 points to 180.21 despite Kakuzi PLC leading 16 price gainers with Ksh 35 per share leap. Kakuzi found and settled at Ksh 390 per share within the day compared to Ksh 355 per share last Friday. And it was joined by 15 other price gainers against 14 price drops yet the ASI eased, though very marginally. Besides, the duo of Williamson's Tea in the agriculture sector and Standard Chartered bank also closed up by Ksh 3 per share each but nothing doing, the ASI closed down. Incidentally, Safaricom closed firm Ksh 29.25 per share after touching day high of Ksh 30, so no pressure on the index from its end. However, lead price drop of Ksh 5 per share was recorded in Jubilee Holdings as like Kakuzi, it found Ksh 500 per share and hung on there till market close. It was followed by East African Breweries down Ksh 2 per share; Crown Paints which slipped by Ksh 1.50 per...

Apparently in anticipation of take over bid, Unga Group at the Nairobi Securities Exchange closed up by Ksh 13.5 or 46.15% per share. The Kenyan Capital Market Authority within the week had asked investors to be cautious in investing in Unga Group shares confirming only that a notice of intention to take over was served on Unga board of directors on the 7th of this month. It said this was yet to be followed by formal offer statement, offer document and shareholders circular. More importantly, it said, Unga board is also under obligation to appoint an independent adviser to advice on acceptability once a formal offer is made and after considering minority interests. However, in spite of this explanation, Unga Group closed yesterday Friday at Ksh 42.15 per share, up Ksh 0.25 thus leading to total of Ksh 13.5 increase on previous Friday's Ksh 29.25 per share. Through the week it recorded deals for 494,000 shares worth Ksh 20.9m. It was a week the All share index recorded marginal 0.18...

Yes, naturally it should be rare for All share index to be up in bearish stock market but that seemed to have happened today at the Nigerian stock exchange as the ASI eased up by 0.08% while majority of price changes were downwards. The ASI closed at 42,638.83, up just slightly on yesterday's 42,604.40.which on its own was slight drop on Wednesday's rise to 42,771.80 which punctuated more than a week of daily drop. Unlike the earlier punctuation, this time the growth in ASI was as only 10 price gains were recorded cpmpared to 30 price drops. Which tends to give the impression that caution about prospects drove most made prices down. However, closer look points to two factors for the rise in ASI: Nestlé Nigeria's leading N55 per share price and the absence of wide margin drops. Nestle paced the market and ASI as it opened and closed the day at N1400 per share from yesterday's N1345 as it continued its recovery from the N40 per share leading dive earlier. As for the price...

Obviously, under President M Buhari, Nigeria has fallen in love with Euro bond. And why not when local cost of funds is very much more than euro cost of funds? But there also lies the disaster ahead: the Nigeria that is in love currently with eurobond is led by a President and regime more in love with populist and none directly productive militarilsation and so, could waste relief received yet saddle the future with avoidable burden. Nigeria's first eurobond was issued in 2011 and two years passed before another was issued in 2013. Between then and Buhari's regime, none else was issued. Now, four years after, Buhari regime issued not just one but two in 2017. Not yet satiated, another global medium tern note programme now on in two tranches to raise total of $2.50 bn this month of February. The love affair has good logic behind it on the surface. Government says that local cost of funds and by implication debt burden from money owed locally by the government is...

The bulls finally surfaced at the Nigerian stock exchange today February 14, 2018 to punctuate seven consecutive trading days daily slide by the All share index. The recovery was rather strong as the ASI closed 2.55% or 1063.65 points up to 42,771.80 after raising fears of another long daily yesterday by losing 1029.74 points or 2.41%. The rally occurred in spite of Dangote Cement easing further by N0.3 per share after applying good weight to yesterday's continuous downwards trend by losing N13.30 per share and as 25 price gains were recorded compared to 19 drops. The rally occurred as out of the 9 banks or bank dominated groups with price changes, only Wema bank lost grounds  Zenith bank led the banking rally with N1.5 per share rise and GTB was at the rear with very marginal increase that did not reflect. But the banks were joined by Nestle Nigeria which today  regained N25 out of the leading N40 per share lost yesterday. Nestlé Nigeria had closed yesterday at N1320 per share the...

Against possibilities, Safaricom today February 14, 2018 at the Nairobi Securities Exchange closed up by Ksh 0.25 per share to help keep the All share index upwards 0.61points at 178.96. Yesterday, it had been joined by British American Tobacco to reverse ASI downwards trend and Henates had fear for another rise for Safaricom today and hence projected a drop in ASI in more or less undulating pattern. That was not to be as Safaricom joined 14 other price gainers to push the ASI upwards despite very close 13 price drops. Safaricom had closed yesterday at Ksh 28.50, up Ksh 0.25; then opened today at Ksh 29 per share then hit day low and close of Ksh 28.75. Leading gain for the day was however recorded by Unga Group up Ksh 3.25 per share. It was rather easy for Unga as from day low of Ksh 41.25 per share it hit day high and close of Ksh 42.75. Unga was trailed by East African Portland with Ksh 2 per share gain and National Bank up Ksh 0.70 per share. Part of the reason for ASI rally could ...

Nigeria is today in a dilemma: Should it go all out to make friends out of foreign investors or try its best to encourage local investors? Foreign investment usually comes in hard currency and with some level of technology in tow; two important inputs needed in today's Nigeria due high dependence on now very unpredictable crude oil prices.  When the prices rise.Nigeria smiles broadly because foreign exchange inflow and reserves grow but when they seek bottom, Nigeria groans. So foreign inflow of the non-oil type is always welcome especially in downswing or slow recovery years like we are in. But, these non-crude oil inflows now come more as short term funds or portfolio investment that can be quickly withdrawn or disposed of, when economic indicators in countries like the US, UK and other developed ones point to higher fund costs. That's when the Nigerian stock market crashes and every one suddenly realises the beauty in encouraging local investors especially of the retail and ...

Today, at the Nairobi Securities Exchange the All share index closed 0.57 points up compared to yesterday's dip and looks certain to reverse itself tomorrow in an undulating dance. The ASI closed today at 178.35 principally as high priced British American Tobacco joined Safaricom to apply shoulders to the wheel. BAT led 14 price gains by closing Ksh 3 up. It has ended yesterday at Ksh 783 per share, hit a day high of Ksh 790 today and low of Ksh 785 before pitching tent at Ksh 786 per share, down Ksh 3. It was trailed by Unga Group, up Ksh 1.50 per share and the duo of Diamond Trust Bank and Stanbic Holdings with Ksh 1 per share gain. Sure, these and others amongst the 14 price gains made a difference but the way upwards for the ASI was likely assured by Ksh 0.25 rally by Safaricom  as it hit day high of Ksh 29 per share and low of Ksh 28.25 before closing at N28.50 per share. Hence, in spite of higher 18 price drops the ASI booked a place upwards.But the chances of the heavyweight...

Showcasing one of the highest tumbles since this year, the All share index of the Nigerian stock exchange declined by shopping 1029.74 points or 2.41% to close at 41,708.15. Apart from pointing to likelihood of yet another week of all through daily drops, this high rate drop followed yesterday's mild 0.9% decrease which sustained last week's down all the way. For good reason too: The market either was bearish about high priced equities or the new pricing method introduced this month, has started to leave its trails. There were 40 price drops which no doubt point to presence of continued bearish sentiments but what today's ASI drop such high mark was the fact that 7 out of 10 equities priced above N100 per share were traded in today and two did not lead to price change. However, of the 5 that did, all had above N5 per share drop except 11 PLC (Mobil of yore) which ended down by N0.50 of 0.25% per share. Nestlé Nigeria, the market's bluest of the blue chips, tumbled by N4...

Hopes entertained last week as the Nigerian stock market ended its first all red week since the year, that recovery is on the cards this week were dashed today February 12 2018 as the All share index dropped again, this time by 0.9% to 42,737.89. The ASI had closed each trading day of last week ending Friday at 43127.92 compared to 43326.89 the previous day. Today's ASI drop occurred as 36 price drops were recorded compared to 13 gains and inspite of day high Naira gain of N5.30 per share or 1.99% recorded by highly weighted Dangote Cement. Dangote Cement had closed last Friday at N266.70 per share, opened the day slightly down at N258 then recovered to day high and close of N272 per share. Hence, naturally, premium index rose to 3037.77 from 3024.74 despite price drops in Zenith bank (down N1.5 per share) and FBN Holdings which eased by N0.60 or 5% per share but was not enough to lift the ASI. The leading % gain was witnessed by PZ Cussons with 5.83% or N1.40 per share gain as it ...

Today Monday February 12, 2018 week 6 started on a downwards trend for equities but tallied a bit at the bond segment. The All share index went down by 2.18 points to 177.8 as 19 price drops were recorded, including Safaricom's Ksh 0.75 per share drop as it recorded one of its lowest trade since the year (1.5m shares). In contrast there were only 12 price gains but this included Unga Group Ksh 8.25 per share hike to new year . Unga had closed last Friday at Ksh 29.25 per share and as official earnings warning of earnings hit the market, from day low of Ksh 30 it hit day and new year high of Ksh 37.50 per share  Unga Group thus recorded deals for 168,000 units at between Ksh 30 and 60 per share to shore up manufacturing and allied sector contribution to traded value to Ksh 8.6m or 1.38%. It was not the Equities All share index alone that collapsed: Trading indicators too pointed downwards with traded volume dropping by 43.6% to 20.669m; traded value declining by 57.4% to Ksh 622.09m...

Even as bears still pressurised the All share index downwards, offload of 1.745bn shares of Sterling Bank today at the Nigerian stock exchange gave some pep to the market. The very large parcel was offloaded in 108 deals worth day high N3.83bn as Sterling closed N0.10 or 4.69% per share up. It had closed yesterday at N2.18 per share, opened the day at N2.12, hit a low of N2.08 before closing at N2.23 per share. However, the All share index dropped for 4th day this week by 0.49% as 26 price drops as against 16 gains were recorded. The leading tumble was recorded in top price Nestle Nigeria as it lost N72.20 or 5% per share. There was just sale of about 20,000 units in Nestlé worth N28.5m but it was enough for it open and close the day at N1372.80 per share, down sharply on yesterday's N1445 per share. Perhaps, this was why N1 or 0.38% per share gain in top weighted Dangote Cement could not stop the ASI from going down. Trailing Nestlé in Naira drop was Nigerian Breweries down N4.60 ...

According to audited full year figures to December 2017 released recently, Medview Plc rear view of the financial year was good. So good in fact that it more than doubled its profit before tax within the period. Overall income rose by. 42.9% to N38357.3m as revenue from core operations rose by 42.4% to 25962.5m and income from other sources ended at N397.3m, up 125.5% from 2016's N176.2m. In addition to the healthy revenue growth, Medview had good control of its costs. Direct operating cost that generated core revenue grew by lower 41.7% to N31,016.5m thus allowing gross profit to grow by 46.1% to N5943.6m. Then, administration expenses rose by even lower 31.2% to N4356.3m compared to N3321.3m in 2016. For good measure, the N975.3m increase in capital last year had first full year impact as finance cost increased by only 17.1% to N227.1m In the end, Medview ended the year with 4.59% profit margin as against 3.21% in 2016. Good year but, unfortunately, not good enough to end Medview...

Today, February 7, 2018, the Nigerian stock exchange closed bearish for the 3rd day running even as European and Asian markets rallied from shock dive amidst fears that American interest rates may soon go up. The ASI declined by 0.77% to 43,538.16 thus sliding only just a shade lower than 0.87% drop to 43,877.30 recorded yesterday. This was as 40 price drops overwhelmed 18 gains both in number and change margin. The losers were led by 11 PLC (Mobil) as it closed N10.50 per share down or by 5%. It was a simple shift really; it just opened and closed at N199.5 per share compared to N210 previously. It was followed by Dangote Cement which closed down by 2.22% or N6 per share. Leading % drop was however by AIICO Insurance down 4.55% or 3rd highest N0.27 per share. Like 11 PLC, AIICO opened and closed the day at N0.84 per share as against N0.88 on Tuesday. As for the gainers,  Unilever Nigeria set the pace in Naira terms gaining N2.27 or 4.96% per share followed by Zenith bank with N0.80 or...

For the first time for a long while, the All share index tumbled by 3.27 points or 1.8% to 178.11 as bears ran scared particularly of banking, energy & petroleum equities and also brought mighty Safaricom down. All these were as European and Asian markets rallied from Tuesday's free fall in the wake bearish wall street. In the case of Safaricom, it lost Ksh 1 per share as its day high came to Ksh 29.25 accompanied by low of Ksh 28 before closing at Ksh 28.50 per share, all lower that yesterday's Ksh 29.50. This must have helped the ASI down greatly but helped too by 7 price drops out of 9 banks with price changes; and all five with changes in energy and petroleum sector heading down. Down Ksh 1 each per share KCB and Standard Chartered bank led bank and market price decline alongside Sasini, Jubilee Holdings; British American Tobacco and of course, Safaricom. There were only 12 gainers led by Standard Group up Ksh 2.75 per share as it settled at Ksh 34.50 and Nation Media a...