Investor Uncertainty Over Inflation, DTB, Global Oil Prices, and the Kenya Power & KQ Bailout

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Last week, we saw investor uncertainty across global markets, following the rise of inflation across the globe that could last for long. On the NSE, the NASI was up 3.04 points, the NSE 25 was 32.37 basis points. The NSE 20 share index dropped 1.13%.
Highlights:
  • Limuru Tea was the top gainer last week, up 10% to Ksh 330 shillings, following an earlier announcement by Unilever to move their shareholding.
  • The volume of shares was down 31.2%, closing the week at 54.8 million shares traded. Turnover for the week also fell to Ksh 2.09 billion compared to Ksh 2.88 billion traded a week earlier.
  • Top companies trading on the NSE accounted for 94% of market activity.
  • Safaricom was up closing at the week at Ksh 43.10 up from Ksh 41.65 at the opening of the week.
  • DTB announced that it hopes its ROE would go back to 13% or higher, acknowledging the recent actions by investors, and the complaints in dividend non-payment.
  • NBV has completed its acquisitions of Delta International’s 4 businesses. The acquired companies have a valuation of about Ksh 3 billion. It’s a curious case of how the subsidiaries will impact NBV’s performance on the exchange.
  • Oil prices continue to rise, with Brent hitting $85 and WTI hitting $83 on Monday. This is good news for investors who went long on oil. However, it could further worsen ongoing inflation.
  • Last week, the Dow Jones was up 1.3%, S&P 500 and the Nasdaq were also up 1.3%. YTD, the Dow Jones is 15.3%, S&P is up 19% while the Nasdaq is up 15.5%.
  • Kenya Power, KQ bailout require intensive audits to make sure the resources are utilized correctly, and that the revenue holes, including integrity issues, are plugged.
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This episode features:
Felix Ochieng – Chief Financial Analyst, Hisa

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