Central Bank Governor Patrick Njoroge before parliamentary Finance Committee on the ammendments regarding the banks interest rates caps law. April 12, 2018. /Jack Owuor Every African Head of State and his core team have trooped off to China to make ”win-win” music with Xi Jinping and his FOCAC gig.
According to Carlos Lopez ”Xi Jinping announced eight new initiatives, an additional $60 billion for Africa and a clean up of the debt maturing by this year of its LDCs, highly indebted, landlocked and Small Islands States.”
According to latest reports, ”MTN Group Ltd. may receive a naira-denominated refund if Africa’s biggest wireless carrier returns the $8.1 billion that Nigeria says was illegally taken out of the country.”
Here in Kenya everyone is closely watching the fall-out from the VAT imposition on fuel.
On a YTD basis, the shilling has gained by 2.5% against the US Dollar making it one of the best performing currencies in the World in 2018.
Improving diaspora remittances which increased by 4.9% to $266.2 million in June 2018, from $253.7 million in May 2018, with the bulk contribution coming from North America at $122.8 mn [Cytonn] has been underpinning the Shilling.
During the month of August, the NSE equities market was on a downward trend with NASI, NSE 20 and NSE 25 declining by 1.7%, 2.8% and 3.2% @CytonnInvest.
The market is currently trading at a price to earnings ratio (P/E) of 13.9 times and a dividend yield of 3.9%.
The NSE20 retreated -25.16 points to close 3178.24
Safaricom traded ex-dividend today and that coupled with a report via Reuters that Safaricom faces a fine of 0.2 per cent of its gross revenue for the last financial year, equivalent to Sh449 million ($4.47 million), documents from the regulator reviewed by Reuters showed brought downside price action to the share today which closed -1.77% at 27.75 and traded 1.732m. You would be forgiven for thinking that the regulator’s raison d’être is to penalise success and favour failure a reverse Darwinism, as it were.
These proposals are not forward-looking. We believe the focus should be on finding opportunities to enable all operators serve customers better, rather than reversing the gains of one operator.” @SafaricomPLC @bobcollymore.LongHorn Kenya reported a +36.375% acceleration in 2018 earnings per share, a +16.844% full year revenue gain and raised the dividend pay-out by 10.526%. LongHorn improved its cash and cash equivalents position by 3,497% to end the year with Sh418.78 million on hand. […]