The stock market took closed on a less optimistiv note yesterday with the NSE 20-Share Index closing at 4133.28, around 14 points lower than the previous day. The All-share index followed suit having closed at 91.28, down 0.39 points.

Counter Watch

• Standard Chartered Bank - The best foreign bank in Kenya, according to the EMEA awards, had their Chairman, Wilfred Kiboro, step down effective today. In a statement to the Nairobi Securities Exchange, the bank’s Chief Executive Officer Richard Etemesi said Kiboro steps down with effect from 2nd November 2012 to pursue other interests. The share closed yesterday at KES 226, a 0.88% drop from the previous traded price of KES 228. We will watch to see how the news of the Chairman's stepping down affects the share price.
• Kenya Airways - Kenya's national carrier reported that they carried lesser passengers on the local routes in the 2nd quarter of  2012 compared to the numbers it achieved last year in the same period. In a statement released yesterday, on the domestic front, capacity reduced by 9.6% compared to similar period last year. They attributed this to downgrade on the Mombasa route from the larger B737 aircraft to the smaller Embraer E190.  Passengers uplifted within Kenya at 202,112 reduced by 0.4%. The resulting cabin factor of 79.9% was above 74.0% achieved last year. We will watch to see how this affects the price of their shares.