Morgan Stanley Capital International (MSCI) has upgraded the Co-operative Bank of Kenya to the MSCI Frontier Market Index (FM) and added four other Kenyan stocks to the MSCI Frontier Markets Small Cap Indexes. This move will enhance the visibility of these companies to global investors. Co-operative Bank joins Safaricom, KCB Group, Equity Group, and East African Breweries in the Frontier Market Index. The changes will take effect on August 30, 2024, and will also apply to the MSCI All-Country World Index. The four Kenyan companies added to the MSCI Frontier Markets Small Cap Indexes are British American Tobacco, Diamond Trust…
Author: Muindi
Muindi
Experience working on communication and marketing departments and in the broadcast industry. Interested in sustainable development and international relations issues.
The 2024 Paris Olympic Games concluded on Sunday, with the United States dominating the medal count. The U.S. finished at the top of the medal table, followed by China, Japan, and Australia. France, the host nation, rounded out the top five. Africa’s top performer was Kenya, securing four gold medals, two silver, and five bronze. Beatrice Chebet clinched gold in both the 5,000m and 10,000m races, while Emanuel Wanyonyi triumphed in the 800m. Faith Kipyegon set an Olympic Record in the 1,500m with a time of 3:51.29. Algeria claimed two gold and one bronze medal, with Kaylia Nemour making history…
Equity Group, Kenya’s largest bank by market capitalization, has announced a 12.5% growth in net profit for the first half of 2024. Despite challenging economic conditions, the bank’s strong interest income performance drove this positive result. The lender reported net profit of $229 million (KES29.6 billion), up from $203.4 million (KES26.3 billion) in the same period last year. Interest income rose 22% to $656 million (KES84.8 billion), outperforming the broader market. Equity Group’s robust performance is attributed in part to its strategic focus on regional expansion. As growth slows in Kenya, the bank has successfully expanded its operations across East…
Stanbic Holdings Plc registered a slight increase in net profit for the first half of 2024, reaching KES 7.2 billion from KES 7.1 billion in the same period last year. This growth was primarily driven by a combination of increased net interest income and reduced operating expenses. However, a decline in non-interest income tempered the overall profit increase. The company’s customer base expanded by 18% reaching 284,555 customers. While customer loans decreased slightly by 2.4%, deposits grew by a substantial 39%. “Despite a broadly positive economic outlook in Kenya and the region, the first half of 2024 was a mixed…
Kenyan car manufacturer Mobius Motors Ltd has announced its closure through liquidation. In a shareholder meeting on August 5, 2024, the company decided to voluntarily wind down its operations. KVSK Sastry has been appointed as a liquidator to oversee the process. A creditors’ meeting will be held on August 15, 2024, at the Mobius Factory in Nairobi to approve the liquidator’s appointment. Creditor information will be available for inspection at the company’s offices on August 9, 2024. Government to Rescue Struggling Mobius Motors The Kenyan government is exploring options to save struggling car manufacturer Mobius Motors from liquidation. Principal Secretary…
The Central Bank of Kenya (CBK) reduced its benchmark lending rate by 0.25% to 12.75% on Tuesday. This marks the first rate cut since March 2020, signalling a shift in monetary policy. The decision comes as inflation eases and the Kenyan shilling strengthens. The move aims to stimulate economic growth by making borrowing more affordable for businesses and individuals. “The MPC concluded that there was scope for a gradual easing of the monetary policy stance while ensuring continued exchange rate stability. Therefore, the Committee decided to lower the Central Bank Rate (CBR) to 12.75%,” CBK Governor Kamau Thugge said in…