Nakumatt Lifestyle in Nairobi.Photo Monica Mwangi The hot breath of the Russia investigation continues to get closer and closer to President Trump, with his son Donald Trump Junior caught in the crosshairs. His son-in-law Jared Kushner cannot be far behind. The dollar continues to sink and is the ”Trump” shock-absorber. I learnt that 26.9 per cent of all consumer spending in the UK is now done online. I venture with most Kenyans surfing the information super highway, we will be playing catch-up in short order. The euro has been on the up of late and was last at 1.14 versus the dollar.
Private sector credit growth has slowed further, to 3.3 per cent at end of March 2017, continuing a trend in place since 2015 when it grew 17.8 per cent.
Uchumi Supermarkets announced it has finally found a strategic investor to take a controlling equity stake in the business in exchange for a Sh3.5 billion capital injection. The investor was probably encouraged by the Nakumatt news which was indicating Nakumatt owes Sh30 billion. Suppliers – Sh15 billion; Ten banks Sh8 billion and undisclosed fund managers – Sh7 billio in commercial paper. I asked on Twitter if we had a secondary market where would Nakumatt commercial Paper be trading. I ventured 33cents on the Shilling. KenyaWallstreet characterised it as ”junk”. Vishal Aggarwal said ”I think less.. 10-15c on the dollar. I would discount further for loss of goodwill and possible tax liabilities”.
The Nairobi All Share firmed 0.37 points to close at […]