HENATES

Hello, Compliments of the season and thank you for being with henates.com and henates.blospot.com through 2018. Yet again it is time for stock taking: Leisurely stock taking.Time when hard news, interpretation, and analysis are far from many minds because all are in holiday mood. Law makers, judges, presidents, civil servants, top corporate executives, the average worker, are all in the mood to relax, take it easy and forget, for a while at least, all the research, insight and concentration needed to make political and business decisions. For us, too, it is the best time to stop and take stock. So we crave your indulgence to be excused from posting any thing from today December 24, 2018 to Monday, January 7 2019. Like most of you, we want to use the 2 weeks to relax, rest and take stock of the journey so far and hopefully reemerge with better ideas and ways to be more useful for your decision making. So bear with us because there will be no update or analysis of whatever form publish...

It had been rare for quite a while now but on Friday December 21, 2018, Ghana Stock Exchange closed up for the second day back to back. On Thursday, December 20, after so many days downwards, the Ghana Composite Index had finally risen from Wednesday's 1521.42 to 2525.51 on the back of 4 gains and 2 drops. It was quite a relief but more was to come on Friday, as the GCI rose once again to 2539.06 but this time, on the back of 3 gains and 2 price drops. All the price changes but one was by banks and the lone ranger Tullow Oil plc, declined by GHs 0.01 per share as 200 of its shares were traded at GHs 11.94 per share compared to GHs 0.75 previously. The other price drop was by Ecobank Ghana which closed at GHs 7.47 per share compared to GHs7.5 previously after recording last deal at GHs 7 per share. In other words, it lost all of GHs 0.03 per share after 7500 units had been traded even though the deal price itself was GHs 0.05 down. Top gain was Standard Chartered Bank's GHs 0.46...

Concepts of the economic future seemed hazy still at Nairobi stock market as the All share index plunges on not just because the mighty ones are losing ground, most seem to be. On Thursday, price gainers outstripped losers 21 to 17 thus bringing the ASI below the 140 line for the first time in more than a year  On Friday, the gap widened: 23 price drops and only 14 gains. In the end, the ASI eased some more by losing 0.87 points to 138.95 not bothering to hover around 139. In addition at that level the ASI was 3.58points or 2.51% lower previous Friday's level. And with good reason: Price drops were not only more, they also dominated margin of price changes in terms of Kenya Shillings. Top price declibe for the day was Bamburi Cement's Ksh 8 per share as it closed at Ksh 132 per share compared to Ksh 140 per share hitherto. Williamson Tea followed with Ksh 3.75 per share drop ahead of Nation Media's 3.25 per share decline; and Stanbic Holdings Ksh 1.50 per share decrease. Th...

True to trend, the All share index at the Nigerian Stock Exchange closed down 0.09% to 30,773.64 on Friday but take this with some caution because the market closed more positive than indicated by the index drop. Since December 13, the market ASI has been down today and up the next day and it was not surprising it eased on Friday after Thursday's 0.32% rise. However, the equally relevant point is that of the 43 price changes reflected st the market on Friday, 29 or 67.4% were positive and only 14 headed down. Besides, there were also 6 other equities which recorded positive price changes that were too marginal to be recognised by the Exchange. What made the difference was of course that the minority price losers were led by 2 top weighted equities; Seplat Petroleum and Dangote Cement while the lone gainer of near status was Nestlé Nigeria, the market's highest priced equity. If not all top 5 and more price gains were above N1 per share but only Seplat and DangCem ranked above a...

At last, the Composite Index at Ghana Stock Exchange finally hit a bottom on Wednesday and did some bouncing back on Thursday but it is hard to tell if it is for good. The GCI closed at 2525.51, compared to new daily low of 2521.42 reached on Wednesday.  This time it was as 4 price gains and 2 drops were recorded. The lead drop was by very rarely traded AngloGold Ashanti depository shares which came relatively alive on Thursday with deals for 64,200 shares with last deal at GHs 0.41 per share, down GHs 0.07 per share from previous GHs 0.48 per share. It was a lone ranging price change too as the rest 5 price changes for the day were at GHs 0.01 per share. The other price drop was Enterprise Ghana in which 300 units were traded at GHs 2.24 per share compared to GHs 2.25 previously. Two of the price gainers were banks: CAL Bank and Ecobank Transnational Incorporated. ETI recorded deals for only 700 shares at GHs 0.16 per share, then it closed at GHs 0.15 per share, compared to GHs 0.16 o...

With one day more to end of the trading week, the All Share Index at the Nigerian Stock Exchange on Thursday confirmed a new up today, down tomorrow trend. The ASI closed at 30,802.90, up 0.32% after Wednesday's 0.35% decrease. Earlier, on December 13, the same trend was punctuated when the ASI closed 0.24% down instead of up. Since the trend resumed and got confirmed on Thursday as it rose by 0.32% on the back of 17 gains and 22 price drops. Seplat Petroleum jumped by N37.8 or 6.81% per share to lead the gainers as found and closed at N593 per share compared to N555.2 previously. It however recorded only 6 deals for 0.146m shares worth N87.106m. Also very much part of the critical pressure on ASI upwards, was N5 of 2.15% per share gain by Dangote Cement while witnessing 98 deals for 2.042m shares valued at N380.390m The rest gains were below N1 per share in contrast to price drops where 3 were above this borderline. Nestle Nigeria set the pace with N10 or 0.68% drop again, as it s...

For years now, the worse that ever happened to Nairobi Securities Exchange was for the All share index to close at 140.00 which it had not until on Thursday. On Thursday, December 20 2018, the ASI finally crossed this line to close 1.13 points down at 139.82 It was a far distance from 193.90 clocked before as peak and also makes the markets months long struggle to stay above the 140 mark was not worth it. Again, the ASI decline was in spite of 3rd day strong rally by British American Tobacco. BAT had gained Ksh 42 per share on Tuesday then another Ksh 46 the following day. On Thursday, BAT hit day high of Ksh 645 per share and low of Ksh 589. before closing at Ksh 623 per share, down Ksh 35 per share when compared to Ksh 588 per share. This means that in 3 days BAT had gained Ksh 123 per share with limited impact on the ASI in a market that somewhat remains an emerging one. BAT paced 17 gains on Thursday which includes Ksh 21.75 per share leap by Jubilee Holdings and Williamson Tea...

EXPENDITURE:  Total Expenditure:  N8.83 Trillion Grants etc.               N209.92 billion Non Debt Recurrent N4.04 Trillion Debt servicing          N2.14 Trillion Capital Expenditure N2.031 Trillion REVENUE Total Revenue.          N6.97 Trillion Oil Revenue.              N3.73 Trillion (Including NLNG dividend) Non oil Revenue.       N1.39 Trillion BASE ASSUMPTIONS: Crude oil price. $60. Per barrel. Production per day:  2.3 barrels Exchange rate.  N305 to $1 Inflation rate.     9.98% Real GDP growth:  3.01% COMMENTS: The 2019 revenue and expenditure estimates represent 3% decline on 2018 estimates thus hinting at scale of sights and projections of the Buhari Adminststion  Even then some of the basis assumptions and targets may be hard to achieve.  Crude oil production. Assumption in 2018 was also 2.3m barrels per day and quarterly top so far remains 2m barrels. Besides, in spite of Donald Trump's determination to bring Iran to her knees and still hanging Kashoggi murder case, it i...

By the close of trading Wednesday December 19, 2018 it was obvious that Ghana Stock Exchange is still seeking a bottom to rally from. Once again the Composite Index declined, this time to 2521.42 representing daily shifting new low for days now. This time the decline was driven by 3 price drops amongst 2 gains with MTN Ghana one of the price losers. All 3 drops were GHs 0.01 per share each only 1 of them was a bank: Ghana Commercial Bank. GCB witnessed deals for 51,500 units during the day with last deal and closing price at GHs 4.77 per share compared to GHs 4.78 per share previously. MTN Ghana paced trade with 350,800 shares traded at GHs 0.77 per share against GHs 0.78 on Tuesday December 18. For Fan Milk too losing GHs 0.01 per share was easy amidst deals for 19,100 shares exchanged. Its last deal and closing price was GHs 7.99 compared to GHs 8.0 per share the previous day. The 2 price gainers were banks: CAL Bank and Standard Chartered Bank. SCB paced with GHs 0.26 per share top ...

On Wednesday December 19, 2018 British American Tobacco rallied strongly the 2nd day but again, without being able to make a difference on which way the All share index. After topping up by Ksh 42 per share on Tuesday, BAT on Wednesday closed up by Ksh 46 per share as it hit day high of Ksh 595 per share then a low of Ksh 505 before closing at Ksh 588 per share compared to Ksh 542 per share on Tuesday. But again, the ASI went down by 1.12 points to 140.95 inspjte of this leap mainly as Diamond Trust Bank led 23 price drops ahead of 13 gains led by BAT. DTB went down by Ksh 9.25 per share after hitting day high of Ksh 158 per share, low of Ksh 148.50 before closing at Ksh 148.75 per share compared to Ksh 158 previously. Other major price drops were East African Breweries with Ksh 7.25 per share decline ; Ksh 2 per share by Stanbic Holdings ; and K ifsh 1 per share drop.by both Bamburi Cement and Nation Media. There was a drop in traded volume to 25.778m from 28.006m shares leading to d...

The Nigerian Stock Exchange once again found itself on the up today and down tomorrow trend as the All share index closed down 0.35% to 30,704.98. It had broken with the trend last week on December 13 by closing 0.24% down after the previous day's drop. But it looks like it was just a minor pause. On Friday, December 14 the trend had apparently resumed as the ASI rose by 0.34% only to be followed on Monday this week with 0.27% decline. Then on Tuesday December 18, the Monday drop was followed with 0.70% rise. Hence with Wednesday. December 19 closing down, up and down seemed confirmed. The ASI dropped despite 23 price gains as against 18 drops all because the losers were led by top weighted Seplat Petroleum, Dangote Cement. Total Nigeria and 11 Plc while only Nestle Nigeria and Forte Oil recorded comparable gains. Seplat tumbled by N38.8 or 6.53% per share as it found and closed at N555.2 per share from Tuesday's N594 while recording 26 deals for 0.026m shares worth N14.587m. D...

The Ghana Stock Exchange on Tuesday December 18 2018, was more active than in recent days with 18 companies closing with deals compared to 10 on Monday and 14 on Friday. There were 6 price changes: 4 down, 2 up but alas, most all trades were below 15,000 per company and so, traded volume at 65,993 shares was no where near 1.758m on Monday powered by 1.685m traded in MTN Ghana. Top gain was GHs 0.08 per share by Standard Chartered Bank which actually gained more to record last deal at GHs 19.3 per share before slipping to close at GHs 19.28 compared to GHs 19.2 per share on Monday. In all, 1100 of its shares were traded and more deals could have been struck but bid and offer prices closed at 19 and 19.3 per share respectively. SIC Insurance was the other price gainer for the day. It rose by GHs 0.01 to record last deal and close at GHs 0.17 per share from GHs 0.16 previously. In its case, 2300 shares were traded  and bid interest continued to end of day at the new price. Republic Bank o...

British American Tobacco plc has a track high price changes up and down at the Nairobi Securities Exchange but hardly have been able to singly hold the All share index to account without any help. And so, closing Tuesday December 18, from the blues up Ksh 42 per share was no surprise neither was it surprising that the ASI closed down in spite of the leap. The ASI closed down by 0.19 points to 142.07 after BAT hit day high of Ksh 550 per share, low of Ksh 500 before closing at Ksh 542 per share. Diamond Trust Bank too was also humbled by the drop in ASI. DTB closed the day up Ksh 9.75 per share  alongside Ksh 2.75 per share gain by Williamson Tea  and Ksh 2 per share top up by Standard Chartered Bank. Major downwards price movements that depressed the ASI were led by East African Breweries down Ksh 4.25 per share while closing at Ksh 179.25 after high and low of Ksh 186 and 178 per share respectively. Others were Standard Group down Ksh 1.90 per share; Jubilee Holdings with Ksh 1.75 per...

At the Nigerian Stock Exchange there has been increased demand for Access Bank shares since the announcement of the take over of Diamond Bank was announced Monday December 17, 2018. Even though the merger is yet to have the formal  blessing of the Central Bank of Nigeria;  particularly, the Securities and Exchange Commission and the shareholders of both banks, that it has been agreed upon by both boards of directors was sure deal enough to wet investors appetite. On Monday, itself, for the first time in a long while Access Bank recorded 2nd highest number of deals struck for the day with 254 deals for 13.615m shares closely behind GTB's 306 deals for 10.605m shares. Come Tuesday, it had obviously become a scramble as Access Bank witnessed day high 421 deals for 22.208m shares even while losing N0.45 per share. Apart from being the day's high, it was quite a leap from only 98 deals struck on December 12 for for Access Bank  21.013m shares; 86 deals witnessed on December 14 for 1...

The Central Bank of Kenya (CBK) will from Tuesday December 18 to 27th 2018_ auction Ksh 13.84bn worth of fixed income Treasury Bonds with issue date December 17, 2018. According to official statement from the Director of Financial Markets Irene Njiru on Monday December 17, auction will continue throughout the stated period or close once the target money to be raised is reached, whichever comes first. Bid value will be paid for at most by 2pm December 31, 2018 while auction results will be made public on December 28, 2018 after the scheduled closing date. The bonds are being issued at 12.502% fixed interest at an adjusted average price of Ksh 100.468 for Ksh 100 bond. However, price payable after auction results publication will be average of successful bid prices based and allotment will be on first come first served basis. Meanwhile, the monetary operations and debt management department has released the interest payment schedule for 13 Treasury Bonds due January and February 2019. Th...

At the Nairobi Securities Exchange yesterday, Monday December 17 2018, Agriculture and Construction sectors of the market virtually dried up while all single company sectors came alive. The agric sector had just one equity closing with deals as Kapchorua Tea's 500 units were traded while closing firm without price change. 5 others in the sector had no deal. The same with the Construction sector where 1 out of 5 ended with deals as East African Cables hit a low of Ksh 2.20 then closed at day high of 2.35 per share while recording deals for 11,400 shares. It thus gained Ksh 0.24 per share. Single equity sectors of course, included Telecommunications where Safaricom is the lone listed one and it was active as usual although in lower numbers with deals for 6.178m shares worth Ksh 142m at between Ksh 22.50 and 23.25 per share. Safaricom also closed up by very marginal Ksh 0.10 per share. Investment services also has single company in the Nairobi Securities Exchange itself and it continu...

At the Ghana Stock Exchange, Monday December 17, 2018 traded volume started the new week on a high note but the Ghana Composite Index continued downwards. Traded volume hit above 1m shares that it never clocked all through the previous week's trading days with great push by deals in MTN Ghana's shares. A total of 1.758m shares were traded compared to 148,100 units on Friday  and against all week high of 876,220 shares traded on Thursday, December 13. Out of this, MTN Ghana, while closing firm, accounted for 1.685m at GHs 0.78 per share  although wide gap between closing offer price (GHs 0.79) and bid price (GHs 0.75) did not allow for more deals to be sealed. The GCI closed the day at 2543.40, down 26.55 points on Friday's 2569.95 principally as all 3 price changes recorded downwards. Two banks were amongst the price losers led by Standard Chartered Bank down GHs 0.81 per share as 3040 of its shares were traded at opening GHs 20.01 per share before it crashed to close at GH...

At the Nigerian Stock Exchange yesterday Monday December 17, 2018 some shareholders of Diamond Bank , willingly or in ignorance, opted out of the new take over deal struck with Access Bank plc. Under the new deal announced the same day, Access Bank is to take over Diamond bank by paying the banks' shares N1 per share outright plus 2 new Access bank shares for every 7 of Diamond Bank. The deal was still subject to the approval of the Central Bank of Nigeria and shareholders but the CEOs of both banks were already sold on it. However, at the Nigerian stock market, shareholders controlling 70.984m shares of Diamond Bank traded their holding in 129 deals worth N72.643m as the price rose 9.47% or N0.09 per share  to N1 per share. Thus getting cash immediately for their holdings and opting out of the additional shares in Access Bank that is part of the package. It is possible the order to sell had become irreversible before the announcement because after all, last week a total of 97.787m...

Last week Nigeria's. Department of Debt Management (DMO) released the nation's second attempt to raise non interest bearing Islamic loan from the public. Like the first one released in September last year, SUKUK 11 is trying to raise N100 bn but this time, at 15.743% for 7 years . The first one was for 16.47% and according to the DMO, was oversubscribed by 5.8% and two rentals due have been paid so far. Both funds are targeted at road infrastructural development across the country in the six geopolitical zones. Unlike conventional Federal government bonds, the Sukuk bonds tied specifically to particular road projects and within the 7 years, the transaction holds, the lands on which the repaired or constructed is becomes property of government owned Sukuk special vehicle company . It is to this company the government pays tentals which enable Sukuk holders to be paid what is due to them every six months in this case 15.743% yearly. At the end of the 7 years, government will repu...

Aside from a rally on Monday that perhaps raised some hopes, the week ended Friday December 14, 2018 still heading down. The Ghana Composite Index had risen to 2612.42 on Monday, as MTN Ghana closed GHs 0.01 per share up, it dropped every day from then till Friday when it closed at 2569.95, down 5.84% on Thursday's 2575.79. It was inevitable as all 4 price changes recorded were downwards led by Standard Chartered Bank with GHs 0.22 per share as it recorded its last deal at GHs 20.03 per share before closing at GHs 20.01 per share compared to GHs 20.23 the previous day. In the end, 6110 units were traded. Fan Milk ltd ended with GHs 0.08 per share drop along the same lines. Of the leading 39,900 shares traded in FML the last deal was at GHs 8.7 per share only to close at GHs 8.72 per share, compared to GHs 8.8 previously. In the case of Republic Bank Ghana, the GHs 0.02 per share drop was straight forward as it closed at last deal price of GHs0.68 per share as 7100 shares were trade...

Two day rally at the Nairobi stock market ended on Friday December 14 more like a futile one since it failed to return the All share index to its start of the week level. In a four day trading week the market had taken off with 2 major consecutive drops on Monday and Tuesday but recovered only by 0.02 points on Thursday before closing 1.63 points up on Friday to close the week at 142.53 compared to 144.05 previously. The upwards pressure on Friday was led by Kapchorua Tea as it closed at Ksh 74 per share compared to Ksh 70 previously and  Standard Chartered Bank up Ksh 3.50 per share as it touched day high of Ksh195 per share; low of Ksh 194 before closing at Ksh194.75 per share compared to Ksh 191.25 on Thursday. Other major price gains were Ksh 1.75 per share by Williamson Tea, Ksh 1 per share by I & M holdings and of course. Ksh 0.75 per share rise by Safaricom. On the other side of the scale, East African Breweries paced price losers with Ksh 1.50 per share  followed by Ksh 1.1...

Which way the All share index on Friday December 14, 2018 at the Nigerian Stock Exchange was more or less a tussle between Seplat Petroleum and Nestlé Nigeria. Seplat pace price gainers with N54 of 10% per share leap while Nestle shed N30 or 2.03% per share to lead the price losers. In the end, the All share index rose by 0.34% to 30,672.79 after 2 days down. Seplat found and closed at N594 per share compared to N540 on Thursday  while recording 15 deals for 0.013m shares worth N7.820m. It was aided by Nigerian Breweries up N3.5 or 4.61% amidst 37 deals through which 0.158m shares were exchanged for N12.346m. In contrast, Nestle found and ended at N1450 per share from N1480 previously while recording 112 deals for 12.244m units valued at N89.873m. On its trails were PZ Cussons down N1.15 or 10% per share while witnessing 55 deals for 1.335m shares worth N13.849m and Dangote Cement which shed N1 per share or 0.54% while posting 34 deals for 0.180m shares valued at N33.382m. All other ga...

UCHUMI SUPERMARKET TO RESTRUCTURE Uchumi Supermarket is going through a tough time presently especially with its financial health but, says CEO Mohammed A Mohamed, attempts are on going to get out of it. According to Mohamed, the company has set up a committee to identify and advise on options to settle creditors and/or restructure the company's liabilities. The committee is also to identify and recommend a return to normalcy plan that will restock, rebrand and return of Uchumi to full operation. At a time the crisis led to closure of Uchumi headquarters reopened since October 26 and the issues involved are for now being handled through the law courts. BOC KENYA DIRECTOR RESIGNS Mr Andy Gouws, a non executive director of the board of BOC Kenya has resigned with effect from December 13, 2018. According to company secretary Ms Ruth T Ngobi he resign subsequent to his retirement from African Oxygen Ltd (Afrox), a member of the Linda Group which BOC also belongs. At the same time, Mr R...

The Ghana Stock Exchange on Wednesday December 12, 2018 broke loose from the up today and down tomorrow trend that for a while provided window to near future. The Ghana Composite Index decreased by 14.37 points to 2594.04 from Tuesday's 2608.41 although if most recent trend had held sway it would have closed up instead. Back on the 4th of December, the GCI dropped to 2607.76 from 2645.35 the previous day. The next day, it had rallied to 2632.39 on to drop to 2608.42 on December 6, 2018. It was from there it rose once more to 2612.42 by December 10 before dropping once again to 2608.42 by Tuesday. Hence, if all was well, another increase should have followed, not a decrease. But decline it turned out as 3 all price changes recorded on Wednesday were drops. Access Bank paced with GHs 0.59 per share decline while witnessing last deal and closing at GHs 3.55 per share compared to GHs 4.14. A total of 1800 shares ended up being exchanged. The other 2 with price drops went down GHs 0.01 ...

For the second time this week the Nigerian stock market closed down on Wednesday December 12, 2018 hinting at a possible undulating week. The ASI declined by 0.25% to 30,642 in line with what looks like up today, down tomorrow trend since Friday last week. Last Friday, the ASI had closed up by 0.15% at 39,866.82 then dropped by 0.82% on Monday before rising again on Tuesday, this time by 0.34%. Hence the 0.25% drop on Wednesday fitted in very well with this trend which if rings true should lead to another rally on Thursday. The decline was in spite of price gainers at 24 out numbering losers (20) and to boot, despite though marginal N0.5 or 1.74% rise by Dangote Cement. The leading price gain was N3.5 or 10% per share by CAP Plc, one of the market's true lightweights. It found and closed at N34.65 per share compared to N31.5 per share previously while witnessing 32 deals for 0.171m shares worth N5.652m. The only other major price was Forte Oil's N1.95 or 9.75% per share accompa...

Ecobank Transnational Incorporated lone ranged at Ghana Stock Exchange on Tuesday December 11 2018 in terms of price change and it showed clearly what it can always do to the Ghana Composite Index. ETI closed down GHs 0.01 per share as the only equity with price change and the GCI crumbled by 4.01 points to 2608.41 from 2612.42 on Monday. That was not surprising because only few equities at the market had the potential for similar impact: AngloGold which is hardly traded; Tullow Oil also rarely traded and MTN Ghana. Of them all Tullow oil (TLW) has the top potential because of combined fairly high price and issued number of shares leading to top market capitalisation but alas, it has updated negative earnings per share. ETI recorded it's last deal as its 500 shares were traded at GHs0.18 per share compared to GHs 0.19 previously but bid price still remained stubborn at GHs 0.16 per share at close. Trading indicators shrunk some more from Monday's lowly 62,200 shares traded volu...

The Nigerian Stock Exchange on Tuesday closed on the reverse gear from the trend it started the week with on Monday. The All share index closed up 0.34% to 30,718.72 compared to Monday's 0.82% decline . Dangote Cement was part of the top 5 gainers on Monday that tried, unsuccessfully to push the ASI upwards but this time, it led the successful surge upwards that reversed closing direction. From Monday's N184.2 per share, DangCem had stayed on course upwards by first rising to day low of N184.5 before closing at N185.5 per share, up N1.3 or 0.71% per share. DangCem closed with 60 deals for 1.556m shares worth N287.257m while staying well ahead of Flour Mills follow up on the top 5 price gains with N1 or 5% rise per share as 0.427m share were exchanged for N8.721m. Actually, there was nothing much in the day to pressurise the ASI downwards. Of the 16 drops recorded, none was up to N1 per share. Top drop was Cement Company of Northern Nigeria down N0.5 or 3.03% per share while wit...

The Nairobi Securities Exchange seems set to close 2018 at record low as it closed 6th consecutive trading day downwards on Tuesday, December 11, 2018. The All share index dropped by a higher 1.64 points to 140.88 after Monday's week opening 1.53 points decline. Just 8 months ago, on April 11, 2018 the same ASI was 194.16 meaning it has gone down some 53.28 points or 27.4% since then. Of course, up till the last 6 days, the trend has been for the ASI to go up and down while edging each time downwards ultimately. Like for recent days, price drops remained dominant although at 37, the total price changes was slightly less than Monday's 39. There were 23 drops and 14 gains on Tuesday. This time however, British American Tobacco set a pace as well but upwards, not downwards like for Monday when it crashed Ksh 24 per share. BAT regained Ksh 13 per share as its rare parcel of 918,600 shares were offloaded at between high of Ksh 530 and closing day low of Ksh 529 per share compared to...

C&I LEASING: TO REDUCE ISSUED CAPITAL C&I Leading PLC, one of the companies quoted on the Nigerian Stock Exchange has decided to restructure its issued share capital by about 75%. According to the company, the Nigerian Stock Exchange has already given its go ahead for the plan. Under the arrangement, any one who currently hold 4 shares of the company will be issued with 1 new one across the board. This means that the current N808.505m nominal shares of the company broken into 1.617bn shares of 50k nominal value will be reduced to N202.126m nominal worth of 404.252m shares of the same 50k value. In the end, the 75% trimmed off the book nominal value of the issued shares will be put in premium account as if the same shares were issued at premium. C&I Leading explains that the intention is to have a bank of unissued shares from which new capital can be sourced without recourse to increase in authorised share capital. It says the money soon to be so raised through equity will b...

Since the listing of MTN Ghana earlier this year, the Composite Index of the market has been more or less at the mercy of shifts in its price. This is mainly because its outstanding share tradeable on the market are comparatively ahead of that all other quoted companies. On Monday December 10 2018 this fact was driven home in a very glaring way: The Ghana Composite index rose to 2612.42 from 2608.42 on Thursday before the Farmers day holiday last Friday but this was in spite of 3 price drops and 1 gain. And the lone ranging gainer? MTN Ghana. There were 1800 shares of MTN sold this Monday and the last deal was struck at GHs 0.79 per share up GHs 0.01 per share which was sustained till day end. However, MTN closed on bid at GHs 0.75 per share at the end of the day and the price it entered the market with months ago although offer remained at the closing price. The 3 price drops were all banks led by Republic Bank down GHs 0.05 per share as it closed at its last deal price of GHs0.7 per ...

Nestle Nigeria is the top price equity at the Nigerian stock exchange and it is also one listed company subject to so many up and price movement almost on weekly basis. Last week it closed all week up by N64 per share after gaining N69 per share and shedding N5 within the week. Come this Monday, December 10, Nestle lost all of last week's gain by closing down N64 or 4.13% per share while witnessing 58 deals involving 0.08m shares worth N120.094m. This was the pace setter for the 25 price drops recorded for the day that drive the All share index down 0.82% to 30,614.73. Other major price drops were N14.8 or 8.47% per share decline by 11 Plc as it recorded 41 deals for 0.175m shares valued at N29.722m and Nigerian Breweries N2 or 2.50% per share drop amidst 67 deals for 2.681m shares worth N211.338m. On the other hand, Forte Oil led 14 price gains with N1.15 or 6.39% per share rise as it found and closed at N19.15 per share compared to N18 previously while witnessing 47 deals through...

At the Nairobi stock market on Monday December 10, 2018, the All share index tumbled by 1.53 points to 142.52 as far more prices went down than gains. In all there were 39 price changes out of which 28 were downwards and what's more, the gains recorded were so marginal none came close to top 5 drops. Once again, British American Tobacco paced decline like it did on Friday but this time, with Ksh 24 per share drop thus shedding Ksh 84 per share in 2 days. Only 2300 shares were traded in BAT but the tumble was such that they were sold at between Ksh 539 day high and Ksh 500 per share day low before closing at Ksh516 per share compared to Ksh 540 per share at the end of Friday crash. It was trailed by Ksh 3.25 per share drop by Standard Chartered Bank; Ksh 2.45 per share decrease by NIC Group ; Ksh 1.75 drop by East African Breweries and Unga Group Ksh 1.15 per share decline. None in the commercial and services sector made the top 5 decline but you could say that investors were bearis...

Nigeria's Gross Domestic Product (GDP) in real terms will grow by less than 2% this year 2018, based on our projections from 3rd figures released by the National Bureau of Statistics this week. According to the NBS, the nation's real GDP grew by 1.81% to N18.08 trillion in the Q3 year on year. This was 0.64% points higher than the 1.17% year on year growth clocked in Q3 2017 and also, 0.31% points above 1.50% recorded in Q2 this year. When it is recalled that Q1 2018 growth was 1.05%, it is very much in doubt if overall growth in 2018 year will be far outside the range of 1.50%; unless growth rate in the last quarter turns out to be a miraculous one, upwards or downwards. The good news is that, even that level it will still represent continuous growth out 2016's recession when real GDP growth was minus 1.58%. It was from here real growth rate of 0.82% was recorded in 2017 although Q1 of that year was also negative. The bad news is that the projected 2018 growth rate will be...

After 4 out of 5 days of continuous decline, last week the All share index dropped by 2.03 points or 1.39% to 144.05 when compared to previous week's 146.08. The ASI had begun the week and month with a promising rise to 146.52 from 146.08 even if marginal but that turned out to be the peak for the week. It dropped every from then on till the end particularly on Friday when it crashed the most down 1.60 points as Ksh 60 per share decline by British American Tobacco led the pressure down. The BAT decline on Friday was its lone price shift through the week and ended up pacing all week price drops. On the same Friday, BOC Kenya declined by Ksh 5 per share as first shift also within the week thus trailing BAT's double digit lone ranging on the top 5 price drops scale. Other major all week price drops were Williamson Tea's Ksh 4.50 per share which cumulated from 3 price shifts within the week, all down; I & M Holdings' Ksh 4 per share drop also from 3 price shifts, one of...

After one drop and four increases, the All share index at the Nigerian Stock Exchange closed at 30,866.82 on Friday, December 7, 2018, up 0.84% on a week earlier. The week started with increase in the ASI from 30,611 to 30,798.76 by Monday and it continued on positive note daily from then to Wednesday's 31,151.68 then conceded the lone decline on Thursday to 30,819.10. Nestlé Nigeria led price gains for the week with N64 per share increase after shedding N5 on Thursday and gaining N69 per share the next day. Thus it closed the previous week at N1485 per share and last week at N1549 per share. Seplat Petroleum was the only other equity with above N1 per share gain. It ended the week up N9.40 per share  compared to N0.55 per share increase recorded by both Dangote Sugar and GTB to trail from a distance. On the other hand, top price decline was Okomu Oil & Palm's N3.50 per share from N75.50 the previous week to N72 per share last week. It was followed by other top 5 price drop...

Alas, hopes for reverse of daily price drop since Monday on Friday fizzled out as the All share index at Nairobi Securities Exchange closed down more resoundingly by 1.60 points to 144.05. It had started the week and month down 1.95 points on Monday then eased by rather mild 0.03 points each on Tuesday and Wednesday before losing 0.81 points on Thursday. This time, the decline occurred despite equal number of price changes down or up (18) but because British American Tobacco top tumble was assisted by other major drops and  Safaricom. BAT tumbled by Ksh 60 per share while only 200 units of its shares were traded. It hit a new year low of Ksh 540 per share after slipping firstly to Ksh 541 from previous day's Ksh 600 per share. BAT so far hit highest price of Ksh 550 per share and until this Friday was at its lowest price of Ksh 520 per share. Support downwards came from other major price drops like East African Breweries Ksh 4.25 per share decline while recording deals for 434,200 ...

One of Nigeria's quoted national banks, Wema Bank Plc, has raised alarm over a platform group reportedly formed by unknown persons on WhatsApp attached to its name. According to Wema, the group is called Wema Bank Investment and seems set up to defraud the public, particularly its customers. In the notice raising the alarm Wema Bank said: " Out attention has been drawn to a WhatsApp group being promoted under the name Wema Bank Investment ....kindly disregard this platform ". Also it added, disregard any request for your account details or any money doubling scheme claiming to be linked to Wema Bank. It declared; " Wema bank is not involved in any ponzi scheme or similar schemes whatsoever ". If in doubt at any time about offers made to you or requests made, the public is advised to call Wema Bank of the following phone lines: +234803900300 and +23401277700-9.  You can also send an email through purpleconnect@wemabank.com

At the Nigerian Stock Exchange on Friday December 7, 2018 Sterling Bank and Nestlé Nigeria were clearly the 2 equities at the centre of trading for the day. Sterling Bank paced in terms of investor interest as 547 deals were struck even while losing N0.02 per share, as only 11.436m shares were exchanged for N20.060m. Compared that to just 50 deals sealed on the same when leading 60.370m shares of Oando plc were offloaded for N310.805m or to 11.055m shares of Zenith bank traded in only 198 deals worth N259.48m while closing up N0.05 per share. Incidentally, amongst top 5 deals the one of Zenith was the nearest to Sterling Bank towering figure which remains in trend with previous level on interest and not a flash in the pan. Nestle, on the other hand, set the pace as usual with its once in a while leap in price per share. This time, it rose by N69 or 4.66% per share as it found and closed at N1549 per share compared to N1480 previously. Nestlé ended the day with 25 deals for 0.027m share...

Representing an improvement of sorts on recent daily decline in the Ghana Composite Index of the Ghana Stock Exchange, the GCI has been undulating since this week. Down today, up tomorrow, on Thursday December 6, led to a GCI decline to 2608.42 from 2632.39 on Wednesday which was a rally  on Tuesday's 2607.76. Earlier, the GCI had started the new week and month with a rally to 2645.35 that raised hopes of reverse of last week's continuous decline. On Thursday, the decline was powered by 4 price drops and 2 gains with the drops being of higher margin as well. Top decline was Total Ghana's GHs 0.05 per share as it closed at last deal price of GHs 4 per share compared to GHs 4.05 previously. However, bid price crashed further to GHs 3.5 per share hinting at possible more decline in near future. Other price drops were Toluworks GHs 0.03 per share, Societe Generale's GHs 0.02 per share just like MTN Ghana. TLW recorded exchange of only 50 units but this was at GHs 11.95 per ...

From next Friday, December 14 2018 Ghana's Energy Commercial Bank will start the refund of monies investors used to subscribe to its recent public offer. According to official notification to the Ghana Stock Exchange the offer was unsuccessful and EGCL was now duty bound to refund all monies paid by subscribers. The initial offer was of 261.538m shares in an attempt to raise GHs 340m needed for the bank to meet Bank Of Ghana's minimum capital requirements. The understanding was that a minimum of GHs 68m must be raised through the initial offer before it could be said to be successful. And if it was not successful, the rules and prior undertaking by the bank demands complete refund. As events will have it, this target was not met and offer was considered a failure hence the need for refund of subscribers money. The bank says from December 14, the funds will be available with receiving agents and banks through which such subscribers applied and paid for the share allocation they ...