Browsing: Nairobi Securities Exchange (NSE)

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• EABL recorded strong topline and operating profit growth in a challenging market.
• Net sales totaled $958.3 million, up from $846.3 million in the FY ended June 2023, as the brewer defied tough macroeconomic conditions and evolving microeconomic factors.
• Profit after tax dropped to $84.2 million, down from $94.9 million last year.

East African Breweries PLC (EABL) has reported a 12 per cent drop in net profit for the fiscal year that ended June 30, 2024, as significant increases in interest rates and currency devaluation ate into the group’s earnings. East Africa’s …

• From January to March, investor confidence improved notably due to the stabilisation of the domestic currency (Kenyan Shilling), according to the Capital Markets Authority (CMA).
• The Capital Markets Soundness Report indicates a more stable shilling, which consequently positively influenced the equity markets, which improved compared to the quarter ending December 2023.
• The four market indices, NSE20, NSE25, NASI, and NSE10, closed at 1752.43, 2975.42, 113.09, and 1155.41 points respectively, an increase from 1,501.16, 2,380.23, 92.11, and 907.51 points.

Kenyan shilling on the rise

Nairobi Securities Exchange (NSE) was among the top African performers in the first quarter of 2024, buoyed by improved investor confidence that reduced outflows.

From January to March, investor confidence improved notably due to the stabilisation of the domestic currency (Kenyan Shilling), according to the Capital Markets Authority (CMA).

The Capital Markets Soundness Report for the period under review indicates a more stable shilling, which consequently positively …

• Kenya’s equity market has received an upgrade on its classification by the FTSE Russel Index from “Restricted’ to “Pass” on the repatriation of capital and income.
• This development partly indicates that Kenya is now a maturing market, characterised by increased transparency, liquidity, and a growing investor confidence.
• Across Africa, data shows that an estimated $700 million was reported held in 11 African countries, with Nigeria accounting for the lion’s share.

FTSE Russell, a global provider of analytics, benchmarks and data services, has endorsed the Nairobi Securities Exchange Plc (NSE), ushering a new era in Kenya’s financial services industry. The NSE has announced that as of March 2024, the Nairobi bourse has been reclassified by the FTSE Russell Governance Board, moving from a “restricted” to a “pass” status.

This pivotal change is not just a mark of progress, but a move to underscore the resilience and strategic navigation of the Kenyan …

• East African Cables is a private limited liability company incorporated in mainland Tanzania. It manufactures extensive cables for domestic and industrial lighting and power electricity transmission.
• The sale is subject to regulatory and shareholders’ approval.
• Upon completion of the sale, EAC Tanzania will cease being a subsidiary of the company.

Msufini Tanzania Limited (MTL), a chlorine and sodium hydroxide manufacturer, is set to buy a majority stake in East African Cables’s Tanzanian subsidiary if regulators and stakeholders approve an agreed deal between the two firms.

East African Cables, which is listed on the Nairobi Securities Exchange, has entered into a share purchase agreement with Msufini for the sale of 16 218,000 ordinary shares at a value of Tsh10, constituting 51 per cent of the issued share capital of East African Cables (Tanzania) Limited.

East African Cables is a private limited liability company incorporated in mainland Tanzania. It manufactures extensive …

• The Kenyan shilling has made a strong turnaround against the US dollar this week,
• Last Tuesday, Kenya successfully raised $1.5 billion from its Eurobonds buyback offer initiated on February 7, reducing the chance of defaulting payment on its $2-billion-dollar debt due in June.
• East Africa’s most robust economy plans to use the funds to repay its debut Eurobond issued in 2014.

The Kenyan shilling has made a strong turnaround against the Ubest human hair wigs for black females jordan air force 1 latex hood sac eastpak nike air jordan 1 elevate low smith and soul johnny manziel jersey jordan max aura 4 dallas cowboys slippers mens johnny manziel jersey bouncing putty egg adidas yeezy boost 350 turtle dove luvme human hair wigs jordan proto max 720 uberlube luxury lubricant S dollar this week, moving towards the most potent levels since March last year, mainly on investor confidence and increased …

• The latest Nairobi Securities Exchange monthly Barometer shows month-on-month growth comparing January this year and December last year, with prospects looking much better after a bear run last year.
• Market capitalisation increased by 0.08 per cent in January to $9.11 billion from $9.05 billion in December 2023.
• The NSE 20 and NSE 25 Share Index recorded increases in activity of 0.89 per cent and 1.32 per cent, respectively, while the All-Share Index experienced a 0.08 per cent increase.

Nairobi Securities Exchange showing recovery signs

Kenya’s capital market is showing a sign of recovery this year, with the Nairobi Securities Exchange (NSE) recording a gain in January, albeit minimal, as large stocks pay investors.

This is despite interest rates in advanced economies remaining high into 2024, a trend that has seen foreign investors focus on home markets, mainly the United States.

The latest NSE monthly Barometer shows month-on-month growth comparing January …

• The Nairobi Securities Exchange (NSE) Share Value dropped from from US$60.3 million in September 2022 to US$33.3 million in September 2023.
• The NSE 20 Share Index also declined from 1,718 points in September 2022 to 1,508 points recorded in September 2023.
• Nairobi bourse hit by turbulence as investor sell off persisted in favour of other lucrative markets in the nine months to September 2023.

The Nairobi Securities Exchange took a hit in the past year losing US$26.9 million (KSh4.2 billion) in the value of shares traded to reach US$33.33 million (KSh5.2 billion).

Latest data contained in the Quarterly Gross Domestic Product Report released by Kenya National Bureau of Statistics (KNBS) shows that despite the drop, the number of shares traded recorded a rise.

The review period saw the Nairobi bourse hit by turbulence as investor sell off persisted in favour of other lucrative markets, this saw NSE ranked the worst …

• Kenyan water firms are seeking about $7.1 billion from the capital markets for various projects. 
• The initiative is a liaison between the Kenya Association of Stockbrokers & Investment Banks and the Eldoret Water and Sanitation Company.
• Traditionally, water service providers rely on tariffs, taxes, transfers, loans, bonds, and equity investments for funding.

Kenyan water firms have received the greenlight to secure fresh financing through the capital markets. Data shows that the utilities want to plug a funding shortfall of about $7.1 billion required for water projects.

The development comes following a collaboration between the Kenya Association of Stockbrokers and Investment Banks and the Eldoret Water and Sanitation Company.

KASIB and Eldoret Water and Sanitation Company partnership will establish alternative financing options through the bourse.  The deal paves the way for water companies in Kenya to explore ways of raising capital through the stock market.

Water funding shortage in Kenya

Overall, …

• Total operating costs during the year under review increased to USD930.1 million (Ksh122.4 billion) from USD585.3 million (Ksh77.02 billion).
• This ate into gains made in revenue as total income grew to USD887.5 million (Ksh116.8 billion), from USD533.4 million (Ksh70.2 billion).
• African carriers are expected to post a loss of USD638 million in 2022, narrowing to a loss of USD213 million in 2023, according to IATA.

Kenya’s flag carrier-Kenya Airways has posted the worst loss ever as high operating costs wiped out gains made in revenues last year, as the aviation industry slowly picked from the impact of the Covid-19 pandemic.

The carrier’s has reported a USD290.8 million (Ksh38.26 billion) loss for the year ended December 2022, which is a dip from USD120.6 million (Ksh15.87 billion) posted in a similar period in 2021.

Total operating costs during the year under review increased to USD930.1 million (Ksh122.4 billion) from USD585.3 million (Ksh77.02 …