Foreign investors were bearish on Nairobi Securities Exchange (NSE) offloading their stakes on Safaricom and Equity Group, according to Genghis Capital. Investors opted to accumulate KCB Group and East African Breweries Limited accounting for 72.9% of the week’s turnover. During the week, they had a net selling position of USD 9.1 million, from a net buying position of USD 4.4 million recorded the previous week. The equities market was on a downward trajectory with NASI, NSE 20 and NSE 25 losing by 3.5%, 2.0% and 2.9%, respectively, driven by losses recorded by large-cap stocks such as Cooperative Bank, EABL and…
Author: Khusoko
Khusoko
Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.
Huawei Technologies revenue for the financial year 2020 totalled 891.4 billion yuan ($136.7 billion), a 3.8% year-on-year rise in yuan terms. However, this was slower than the 19% revenue growth in 2019. In a statement, the Chinese telecommunications giant attributed it to “operational difficulties brought about by US sanctions in 2019 and 2020”. In 2019, Huawei was put on a U.S. blacklist called the Entity List. In 2020, the U.S. cut Huawei off from key chip supplies it needs for its smartphones. This had a negative impact on Huawei’s smartphone sales. READ Restriction on Use of U.S Technology Goes Against…
The establishment of an effective Common External Tariff in the East Africa region will lead to the exponential growth of the manufacturing sector. A Common External Tariff (CET) refers to an import tariff or rate adopted and applied by countries within a common market. This tariff is ideally imposed on products imported from non-member countries, with the intention of promoting industrialization in the common region, enhancing the economic development of member states, and liberalizing regional trade. The East African Community (EAC) is in the process of reviewing its CET that if adopted, will steer the manufacturing sector into an upward spiral, which is needed as…
This Easter, DStv and GOtv are coming to the rescue of our children with a host of entertainment to keep them glued to their screens. There is a line-up of shows from the classic Boomerang cartoons to Nickelodeon’s popular animated characters, Disney’s live-action and an unrivalled collection of feature films to give your kids the ultimate watch experience. DStv will take the little ones on a mystery-solving adventure with Tom & Jerry’s Meet Sherlock Holmes at10:55 am on Boomerang Ch. 302 on 2 April. It’s an extra special Easter weekend on Nick Jr Ch. 307 with holiday-themed episodes of Paw Patrol at…
Ogilvy Africa on Thursday announced the appointment of Anne Ngatia as the new leader for its newly created strategic initiatives office to drive its growth agenda. She is also the Deputy Managing Partner at Ogilvy Africa. Through the unit, Ogilvy Africa aims to create growth platforms for its clients and people, furthering the firm’s position as a market leader in the sub-Saharan-Africa region. “For our business, this role will be instrumental in creating growth engines for the agency through portfolio expansion, product innovation and partnerships. This is an exciting time for Africa, and Ogilvy Africa as we evolve a connected…
The Central Bank of Kenya (CBK) has announced the resumption of charges for transactions above Ksh 100 effected through bank-specific (in-house) mobile money wallets that are closely linked to the Savings and Credit Societies (SACCO) sector. The regulator in a statement issued Thursday said the SACCO sector is deeply integrated into these wallets and accounts for a significant share of their transactions. “Through them, banks provide SACCOs with an important bridge to the domestic and cross border payment systems. A recurring concern has been that the viability of these services may be adversely affected in the current price regime, given…