Author: David Indeje

Kenya’s equities market closed bearish in the week ending August 7, 2020, with a dip in the Nairobi Securities Exchange All Share Index (NASI), NSE 20 Share Index (NSE 20) and NSE 25 Share Index (NSE 25) recording declines of 2.0 percent, 2.6 percent, and 2.3 percent, respectively.  The number of shares traded and equity turnover rose by 94.0 percent and 54.2 percent, respectively during the week,” the CBK said in its weekly bulletin. The NASI performance was driven by declines recorded by large-cap stocks, with the highest declines being recorded in ABSA, KCB, and NCBA, which lost by 4.4…

Kenya Airways says it is going to shed more jobs in its restructuring exercise which has been escalated by the coronavirus pandemic. In a redundancy notice to Kenya Airline Pilots Association (KALPA), CEO Captain Murithi Nyaga said it plans to reduce operations before it starts to scale up operations, an exercise that could take up to 3 years. The airline plans to lay off 40 percent of its employees in the restructuring exercise. “The scale of this challenge requires substantial change, so we are in a competitive and resilient position to address the impact of COVID-19 withstand any long-term reductions…

The US Government has issued a Level 3 travel health notice to Kenya citing an increased risk of contracting Covid-19.  “Reconsider travel to Kenya due to COVID-19……The  Centers for Disease Control and Prevention (CDC) has issued a Level 3 Travel Health Notice for Kenya due to COVID-19,” the notice dated August 6th, 2020 by the Centers for Disease Control and Prevention (CDC) reads in part. “Kenya has lifted stay at home orders, and resumed some transportation options and business operations,” the notice read. A  Level 3 Travel Health Notice  is the highest risk level and means avoid all non-essential travel. CDC says the risk of contracting coronavirus in…

Kenya’s Olympic and world 3,000 metres steeplechase champion Conseslus Kipruto has tested positive for coronavirus. “Our World is going through a challenging period and we all have to take our responsibilities,” Kipruto said on his Instagram feed. “Unfortunately my COVID-19 test, as part of the Monaco-protocol, came back positive and therefore I can’t be part of the Monaco Diamond League on Aug. 14. “I don’t have any symptoms and I was actually in great shape. I was planning to go for the world record. It has stayed too long outside Kenya.” View this post on Instagram Our World…

Kenya Airways has indefinitely suspended its flights to eight African routes due to travel restrictions and falling demand.  In a statement issued Friday, KQ said, as with other airlines, it “has been severely impacted” with “The immediate outlook of the industry is not promising.” “Our short and medium-term projections indicate that we must inevitably reduce our operations before we begin to scale up again. With the suppressed demand for air transport, a large part of our fleet will remain grounded,” said the Airline.  “We will also operate a reduced network as we gradually resume our services, as we anticipate that…

NCBA Group shareholders have approved the listing of an additional 606,195,135 ordinary shares of Kenya shilling five (KSh5) each over the next five years. This is according to the resolution that was passed during the Group’s virtual 60th Annual General Meeting held on July 24. “To authorize Directors to issue up to 606,195,135 new ordinary shares of Shs. 5 each over a maximum of 5 years and to take any required ancillary actions,” reads the resolution that was passed by 99.5 percent of the shareholders.   Consequently, the board will increase NCBA’s nominal capital from KSh7,969,024,325 comprising 1,593,804,865 ordinary shares. However,…