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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

IMF urges Kenya to reduce its public debt  

NAIROBI, (Xinhua) -- The International Monetary Fund (IMF) on Tuesday urged Kenya to take urgent measures to reduce its level of public debt which is estimated at 57 percent of the Gross Domestic product (GDP).

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Kenya’s bourse to target Chinese investors to expand market capitalization

NAIROBI, Nov. 29 (Xinhua) -- Kenya’s bourse is targeting Chinese investors in order to expand its market capitalization, the bourse’s top official said on Wednesday.

Nairobi Securities Exchange (NSE) CEO Geoffrey Odundo told Xinhua in Nairobi that the current market capitalization stands at 23 billion U.S. dollars.

“We are hoping that by targeting Chinese companies to list on the NSE, we can double our market capitalization by the end of 2019,” Odundo said when Kenya Airways listed additional shares at the NSE following a financial restructuring plan that reduced the airline’s debt by approximately 500 million U.S. dollars.

Odundo said that currently 70 percent of the trading at the NSE is dominated by foreign investors from the United States, Europe and South Africa.

“We want to diversify the pool of international investors to include Chinese investors,” he said. The CEO added that NSE is developing products that will appeal to Chinese investors.

The Kenyan bourse also plans to conduct a road show in China to showcase the opportunities for Chinese investors at the capital markets.

In order to expand the Sino-Kenya commercial links, Odundo said the bourse has signed a Memorandum of Understanding with the Shanghai Stock Exchange.

Odundo said that the agreement is a big milestone achievement as it is meant to attract a new class of investors from the Asian continent.

Under the MOU, there will be sharing of knowledge between the Kenyan and Chinese bourses. “Shanghai Stock Exchange is a well developed capital market that Kenya can learn valuable lessons from,” he added. 

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Kenya’s bourse turnover swells amid decline in key index

By Bedah Mengo NAIROBI, (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) recorded mixed fortunes on Monday as turnover rose but the key index declined.

Equity turnover surged 51 percent to end the day at 5.7 million U.S. dollars on a volume of 26 million shares, up from 13 million worth 3.7 million dollars.

The indicative NSE 20 Share Index was down 12.25 points to close at 3,820.74 points, reversing gains made in the last session. The NSE All share Index (NASI), however, was up by 2.37 points to close at 170.80 points.

Only seven stocks at the bourse that make up the benchmark index went up on Monday while the rest either declined or were unchanged.

Mobile phone operator Safaricom, Kenya Commercial Bank (KCB), Barclays Bank, Centum Investment, and Cooperative Bank accounted for 84 percent the total turnover.

The most traded counters were Barclays, Safaricom, Cooperative Bank, KCB and Centum, moving 7.6 million, 5.9 million, 3 million, 2.9 million, and 1.6 million shares respectively.

Foreign investors’ participation during the session stood at 44 percent, up from 30 percent, with local participation standing at 56 percent, down from 70 percent in the previous session.

At the bond market, turnover went up about 150 percent to stand at 13 million dollars from the previous session’s 8 million dollars. 

           

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