Top foreign funds see returns on NSE equities drop 11pc
The top-five foreign mutual funds investing in Kenya have seen their returns decline by an average of 11 per cent year-to-date, a new report by consultancy PricewaterhouseCoopers shows.Investor returns have taken a hit from the negative returns in the equities market, while a weaker shilling has simultaneously eroded the dollar returns as they get fewer dollars per shilling on exiting their portfolios…[…]
Kenya rated top market for dollar deals in region
The Kenyan market has one of the most stable prices in eastern and southern Africa with the dollar value of items increasing by small margins compared to peers in the region.The Harmonised Consumer Price Indices (HCPIs) report released by the Comesa secretariat on Friday indicates that Kenya’s inflation for the year to June stood at only 1.9 per cent…[…]
KCB set to hive off its mortgage unit again
KCB Group plans to separate its mortgage lending unit S&L from the banking business, making it a standalone subsidiary by year-end as its housing business value hit Sh56 billion.The process will reverse its absorption in 2009 when the bank turned it into a department. At the time of the merger S&L was headed by Carole Kariuki who left the bank to form her own company and was replaced by JoramKiarie…[…]
Land sale, cost cutting lift EABL net profit to Sh9.6bn
The sale of land and cost-cutting measures helped lift East Africa Breweries Limited’s (EABL) full-year profit 40 per cent to Sh9.6 billion, the beer maker’s financial statements have showed.The brewer has booked a gain of Sh1.8 billion from the sale of 15 acres of land (out of 60 acres of idle land it owns in its Ruaraka headquarters) to an undisclosed party, boosting its earnings…[…]
Nairobi logistics firm looks South in growth drive
Nairobi-based logistics company Frontier Services Ltd (FSL) is targeting southern Africa as it continues with its African expansion binge.The Hong Kong Stock Exchange-listed FSL said it has entered into talks to buy a logistics company that will give it access to the new market…[…]
Listed bank stocks slide shaves off Sh36bn in capitalisation
Bank stocks took a beating at the Nairobi Securities Exchange last week, shedding a further Sh36 billion in collective capitalisation as the market bear run worsened.Standard Chartered shed 8.5 per cent to Sh270 a share, followed by Kenya Commercial Bank at 8.3 per cent to Sh50 a share…[…]
SA insurance group eyes 25pc more stakes in Kenyan firms
South Africa-based insurance group Metropolitan & Momentum International (MMI Holdings) is set to spend over Sh1 billion on acquisition of additional 25 per cent stakes each in its Kenyan subsidiaries Cannon Assurance and Metropolitan Life Kenya…[…]
Titus Muya firm launches dollar assets investment fund
A firm owned by Family Bank founder Titus Muya and Andia Chakava, a former Old Mutual Asset Management executive, has launched a fund to service investors looking for dollar returns.MsChakava, the Alpha Africa Asset Managers (AAAM) chief executive, said the Kasha USD fund will invest in dollar-denominated fixed income securities…[…]
Minister blames tobacco laws delay on powerful lobbyists
Powerful individuals are working behind the scenes to delay enforcement of the stringent tobacco laws that were to take effect from June 5, Health secretary James Macharia has said.The new laws will compel cigarette makers to disclose the quantity produced yearly to the Health secretary. They also ban promotion of tobacco products as well as smoking in open places…[…]
EAC drug makers seek cushion against Asia imports
Pharmaceutical manufacturers in East Africa are seeking special safeguards to cushion them from cheaper imports from rivals in Asia.The Federation of the East African Pharmaceutical Manufacturers has petitioned East African Community secretary-general Richard Sezibera for incentives that would help grow their business amid rising competition by cheaper imports…[…]