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Tuesday, 11 Feb 2020

Top five listed companies hold 75% of NSE wealth


Insights Africa

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Economic Outlook

Economic Outlook

  • Kenya is ranked the 4thin 2020 as among the most attractive countries to invest in on the continent, according to a survey by a South African-based bank. Its economy benefits from diversity as well as a sustained expansion in consumer demand.
  • Kenya private sector activity fell for the first time in nine months till January, largely due to weak consumer demand pointing to poor cash flow in the country, reported by Stanbic Bank Kenya’s Purchasing Managers Index (PMI).
  • The African Women's Leadership Fund will prioritize the growth and success of women-owned and operated companies in Africa. The Rwandan President Paul Kagame on Saturday pledged 460 MM RWF (500,000 USD) to the newly launched African Women's Leadership Fund (AWLF).
  • The Ugandan government has reiterated its commitment to continue strengthening closer ties with Tanzania in pursuing economic development goals. Among other areas, the Ugandan government underscored the need to improve trade relations and water transport through Lake Victoria.
  • Uganda economy remains highly vulnerable to shocks both domestically and externally which in most cases are macro in nature. For the time being, Uganda economy is under threat from coronavirus and locusts. China is a great economic partner for Sub-Sahara African countries among which is Uganda.
  • The International Monetary Fund (IMF) has advised the Ugandan government to prioritize the implementation of the new Domestic Revenue Mobilization strategy, targeting an increase in the tax-to-GDP ratio by 5% per year.
  • Like many African coffee-producing nations, Rwanda has reached a critical point in its coffee production due to the age of its farmers. A combination of factors, including the coffee price crisis, mass urban migration, and changing attitudes have created a coffee production workforce sorely lacking the involvement of younger generations.
Political Events

Political Events

  • The Nairobi Stock Exchange (NSE) reported that the top five listed companies account for 85 TR KES (18.28 BN USD) or 75.4% of all investor wealth at the bourse. These five companies are Safaricom, Equity Bank, East African Breweries Limited, KCB and Co-operative Bank.
  • The Capital Markets Authority (CMA) has released a list of 7 licensed derivatives markets trading members. The members are AIB Capital, Faida Investment Bank Limited, Genghis Capital Limited, Kingdom Securities Limited, NCBA Investment Bank Limited, Standard Investment Bank Limited, and Sterling Capital Limited.
Stock Market

Stock Market

  • The Nairobi Stock Exchange (NSE) reported that the top five listed companies account for 85 TR KES (18.28 BN USD) or 75.4% of all investor wealth at the bourse. These five companies are Safaricom, Equity Bank, East African Breweries Limited, KCB and Co-operative Bank.
  • The Capital Markets Authority (CMA) has released a list of 7 licensed derivatives markets trading members. The members are AIB Capital, Faida Investment Bank Limited, Genghis Capital Limited, Kingdom Securities Limited, NCBA Investment Bank Limited, Standard Investment Bank Limited, and Sterling Capital Limited.
Companies Transactions

Companies Transactions

  • Absa Bank Zambia PLC, a subsidiary of Absa Group Limited and which is formerly known as Barclays Bank Zambia PLC, has today received the license to operate and trade under its new name from the Bank of Zambia. It is a proudly African banking group with a presence across 12 countries and an international office in London and soon to open one in New York.
  • London-based ICBC Standard Bank has raised 6 MM USD (600 MM KES) from international investors betting on the future performance of the Kenyan shilling. The debt instruments, known as currency-linked notes, were listed on the Irish securities market, Euronext Dublin, last Wednesday.
  • The Capital Markets Authority (CMA) in its Master Plan (2014 – 2023) targeted at least three to four listings on the Growth Enterprise Market Segment (GEMS) annually.
  • Tullow Oil company’s latest job cuts announcement in Kenya has deepened doubts on the viability of the country's oil exploration. The firm, which has been the principal operator of Project Oil Kenya, with Total Oil and Africa Oil as its joint partners, has been facing financial constraints that may now see the group's workforce cut by approximately a third globally, with potential office closures in Dublin and Cape Town.
  • Co-op Bank’s chief executive Gideon Muriuki bought additional 4 million shares with a current market value of 37 MM KES (367,802 USD) in the four months ended December 2019, according to regulatory filings. The purchases have restored his stake to 2%, an ownership level he has maintained in the past.
  • MTN Uganda in partnership with Chinese firm, ZTE recently showcased a 5G standalone (SA) network under the 60 MHz spectrum bandwidth with an actual rate of more than 1.494 Gbps.
  • Intense negotiations are ongoing between Qatar Airways and the Rwandan government over a massive investment in the latter's state airline RwandAir by taking a 49% stake in the African airline, according to Qatar's Akbar al-Baker.
  • The government of Rwanda has signed with the government of China a framework agreement to enable China Exim bank to provide a 214 MM USD loan for 43.5 MW Nyabarango II hydropower project in Northern Province, Rwanda.

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