NSE ranked second-best exchange in Africa despite foreign investor outflow

The Nairobi Securities Exchange (NSE) is the second-best performer this year amongst Africa’s large bourses despite recent foreign investor outflows. NSE has slowed down as dollar returns fall with the weakening of the shilling but its performance amongst six second-tier markets has been relatively good. A weakening local currency discourages their entry since it means investors get fewer dollars when exiting the market — leading to lower dollar return [...]

Tuskys hires new CEO in readiness for going public

The appointment of Daniel Githua, the chief executive of Speed Capital, removes the Kamau family – which founded the retail chain and has been running it – from operational control in favour of a professional manager. The retailer, which expects to retail in 5 years, will need to strengthen its corporate governance structures as well as make stringent regulatory disclosures to the Capital Markets Authority (CMA) [...]

Nation appoints new CEO as Gitahi retires

Nation Media Group has appointed a new group CEO and an editor-in-chief in top management changes. Joseph Muganda will from July 1, 2015 take over from Linus Gitahi, who has taken an early retirement, as group managing director and chief executive officer. Tom Mshindi has been promoted to the new position of editor-in-chief [...]

Fanisi Capital eyes adverts market with acquisition

Fanisi Capital has taken up a minority stake in outdoor advertising firm Live Ad Ltd in its first investment in the industry. The private equity firm’s previous investments are in agribusiness, IT, education, healthcare and fast moving consumer goods (FMCG) sectors. Fanisi typically invests between $50,000 (Sh4.7 million) and $15 million (Sh1.42 billion) in companies for periods of between three and six years through its $50 million (Sh4.7 billion) fund [...]

RVR makes Sh1bn loss on rising costs and cut on freight charges

Rift Valley Railways (RVR) saw its losses in the year ended December rise nearly three times to $11.3 million (Sh1 billion), signalling increased expenses by the Kenya-Uganda railway operator. RVR earnings in the period had worsened from a $4.1 million (Sh385 million) loss recorded the year before. The firm made the loss despite revenues increasing 14 per cent to Sh8 billion, indicating that costs rose faster than turnover in absolute terms [...]

Interbank loans rate hits an eight-month high

Banks have lately paid a steep price for borrowing from each other as the rate hit an eight-month high of over 10 per cent. Lenders have resorted to the emergency borrowing, to maintain cash positions at the Central Bank of Kenya (CBK) above the regulatory minimum, as they surrendered taxes paid by customers to the Treasury [...]

Airtel upgrades its network in Nairobi ahead of 4G rollout

Airtel is upgrading its 3G network as it seeks to improve the quality of its Internet service within buildings in Nairobi and also prepare for the launch of the more superior 4G technology. Its main focus currently is to ensure there is optimal use of the 3G frequencies allocated to them [...]

Monetary Policy Committee meets today without governor

The Monetary Policy Committee (MPC) of Central Bank of Kenya will tomorrow meet for the first time without a substantive governor in office. Prof Njuguna Ndung’u chaired his last MPC meeting in early March, but his replacement is yet to be appointed [...]