NSE

In Brief

Foreign investors net sellers at NSE

Foreign investors were net sellers at the start of this week’s trading, recording net outflows of Kes3.71 million on Monday. This marked a significant contrast compared to close of trading last week when they recorded net outflows of Kes32.99 million. The change in foreign investment patterns could be indicative of their response to evolving market conditions and economic factors both locally and globally. The Nairobi Securities Exchange (NSE) saw the equities market turnover suffer significant decline of 26.13 percent. The turnover fell from Kes84.85 million to Kes62.67 million, signifying a substantial reduction in trading activity. This downturn in turnover could be attributed to various factors,

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In BriefMarkets

When Uchumi makes cents

Uchumi Supermarkets, a retailer that has barely any operational outlet was the biggest gainer at the Nairobi Securities Exchange underlying the dearth that has hit the market, which is now being moved by speculation. The former retailer gained 9.52 percent in Monday’s trading closing the market as the top gainer with stocks valued at 23 cents. Crown Paints was the second gainer at the bourse raising 9.4 percent to trade at Kes39 while TransCentury which is currently embroiled in a winding up suit with listed lender Equity Bank closed top three with an 8 percent gain to trade at 54 cents. Market activity on Monday

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NewsPolitics

James Finlay sweetens exit deal with locals shareholding

Multinational tea firm James Finlay Kenya has offered a 15 per cent share of its estates worth Kes560 million to locals in Bomet and Kericho counties where it operates as part of a deal to sell its stake to a private equity firm. Reports indicate that Kipsigis Highlands Multipurpose Cooperative Society (KHMCS) has formally started helping its members to buy the shares in a deal expected to be completed within six months. Sri Lanka-based Browns Investments PLC is finalising a deal with James Finlay to take over the estates for an undisclosed sum, with the 15 per cent stake set to be retained for the…

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MarketsNews

Investors seek clarity on opaque state dollar deals

Foreign investors are seeking clarity on the state oil import deal and plans to repay the Eurobond which will have a huge impact on Kenya’s currency affecting investments. Ronak Gadhia, CFA, Director of Frontier Banks for EFG Hermes Research said investors are keen on establishing how Kenya will pay for the oil. Investors note that it may impact dollar reserves in KEnya ahead of a huge Eurobond payment this year. Kenya signed a State-backed deal with Saudi Aramco, Emirates National Oil Corporation (Enoc) and Abu Dhabi National Oil Corporation Global Trading (Adnoc) in April to buy fuel in credit for up to six months lower…

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EconomyNews

Ruto cuts Privatisation Commission budget ahead of parastatal fire sale

Privatization Commission CEO Joseph Koskey says it will cost Kenya about Kes1.3 billion to privatize three parastatals a pointer the country may need three times as much resources to sell the 10 state companies earmarked for privatization. The privatization boss said the costs, including transaction advisory, stakeholder engagements, legal expenses, general consultancy and PR consultancy, branding have been estimated based on the cost of privatizing Safaricom at Kes1.09 billion and Kengen at Kes423.8 million. He, however, said the government has not allocated the commission the funds for the privatization process indicating President William Ruto may not be keen on using the commission to transact the…

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