Safaricom leads stocks higher
Safaricom leads stocks higher Kenyan shares rose on Friday led by telecoms firm Safaricom. The Nairobi Securities Exchange’s main NSE-20 Share Index added 14.26 points to close at 5,093.00 points, driven higher by Safaricom, which added 2.7 percent to Sh17.20. Analysts said Safaricom’s shares were buoyed by a favorable outlook…
Kenya Power outshines energy stocks at NSE
Kenya Power outshines energy stocks at NSE The Kenya Power stock is up 18.7 per cent to Sh17.15 year-to-date—carrying on a trend established in 2014—even as power generating firm KenGen has shed three per cent to Sh10. The stock has been among the leading beneficiaries of foreign investor inflows since…
NSE sets stage for counties to raise health funds from Reits
NSE sets stage for counties to raise health funds from Reits The Nairobi Securities Exchange (NSE) has announced it will launch Real Estate Investment Trust (Reit) for the health and water sectors in the counties. The NSE said it is ready to launch share units for both income and development…
CBK steps in to halt shilling slump
CBK steps in to halt shilling slump The Central Bank of Kenya on Tuesday moved to calm the market as the shilling continued its slide to a new three- year low of 93.40 units to the US dollar. The shilling is being weakened by a combination of a stronger dollar…
Mumias Sugar Company lays off 100 staff at closed water bottling plant
Mumias Sugar Company lays off 100 staff at closed water bottling plant Sugar miller Mumias was on Monday preparing to lay off 100 employees of its water bottling plant, which is being wound up as part of the grand plan to rescue the company from collapse. Mumias Sugar Company on Monday…
KCB overtakes Equity Bank in valuation at NSE
KCB overtakes Equity Bank in valuation at NSE KCB has grabbed back its position as the most valuable listed lender at the NSE ahead of Equity Bank for the first time in seven months with its share price rallying to an all-time high and Equity slipping. KCB’s closing price of Sh63 a…
The lady who went from the reception to the corner office
The lady who went from the reception to the corner office Meet Patricia Kiwanuka, executive director of Old Mutual Investments Group who was a former Pension Advisor for East African Community Secretariat and used to be head of Business Development at PineBridge Investments East Africa and AIG Global Investment Group.
Home Afrika says 2014 profit to fall by a quarter
Home Afrika says 2014 profit to fall by a quarter Kenyan property developer Home Afrika Ltd said on Friday its 2014 profit would be at least 25 per cent lower than the previous year, hurt by a delay in developing its infrastructure projects during…
Treasury raises Sh24bn from 12-year reopened bond
Treasury raises Sh24bn from 12-year reopened bond The 12-year Sh25 billion infrastructure bond tap sale (reopening) has raised Sh24 billion, meaning the Treasury has achieved its target of netting Sh50 billion from the issue. All the subscriptions to the bond were accepted and allotted at the same fixed yield rate…
KQ stock dips 30 per cent as airline flies into turbulent times
KQ stock dips 30 per cent as airline flies into turbulent times Kenya Airways has shed 30 per cent over the past two months reverting to a Sh7.75 low on a series of negative corporate reports, erasing price gains made between November last year and February 2015 […] Wrigley ups…
Banks, insurance stocks slow down in first quarter
Banks, insurance stocks slow down in first quarter Key sectors at the Nairobi Securities Exchange (NSE) including banking and insurance comparably slowed down in the first quarter of the year, with analysts saying declining attraction is depressing share prices. Analysts at Stratlink Africa say financial sector stocks still provide…
Ponzi scheme fells top Britam owner’s Mauritius bank
Ponzi scheme fells top Britam owner’s Mauritius bank A Mauritian bank, Bramer Banking Corporation (BBCL), associated with Britam’s director and top shareholder Dawood Rawat has lost its licence after it was found to have been running a Ponzi scheme. Mr Rawat is the single largest investor in Britam, which is…
Mumias slashes staff allowances, freezes pay increments
Mumias slashes staff allowances, freezes pay increments Troubled Mumias Sugar Company has halved senior staff allowances and frozen pay increments as it struggles to climb out of the deep pit of losses it fell into two years ago. Mumias managing director Coutts Otollo informed staff of the changes, part…
Safaricom retains dominance as Airtel subscriber base gets boost
Safaricom retains dominance as Airtel subscriber base gets boost Safaricom Ltd retained its pole position in Kenya’s mobile telephony industry with a subscription market share of 67.4 per cent. This is a slight increase of 0.7 per cent from 66.7 per cent recorded in the last quarter. A quarterly…
Total Kenya 2014 pre-tax profit rises 9.2 percent
Total Kenya 2014 pre-tax profit rises 9.2 percent Fuel marketer Total Kenya said on Wednesday its pre-tax profit rose 9.2 percent in 2014, helped by stronger sales and a stable macroeconomic environment in Kenya. The group, a unit of French oil major Total, said it expects Kenya’s macroeconomic conditions to…
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