Market News

Equitel Eats Into Airtel’s Mobile Customer Base

BY · August 10, 2015 12:08 pm

Equitel eats into Airtel’s mobile customer base

Airtel Kenya lost 600,000 mobile subscribers in the three months to March while new entrant Equitel gained nearly the same number of customers, a quarterly report released by the Communications Authority of Kenya (CA) shows. The report indicates that Airtel’s subscribers declined by 7.8 percent to seven million in a period that saw its customers, however, talked longer.

KCB set to hive off its mortgage unit again

KCB Group plans to demerge S&L from its banking business, making it a subsidiary real estate developer by year-end. The process will reverse its absorption in 2009 when the bank turned it into a department. KCB Group plans to use the subsidiary to enter the construction sector by building cheaper houses targeting emerging the middle class. S&L to do now is shape itself as an independent entity of the company that builds affordable houses. KCB will provide mortgage financing for those who buy the houses built by S&L.

Co-operative Bank branches to issue vehicle insurance stickers

Co-operative Bank of Kenya through its Co-op Consultancy Agency will issue motor vehicle insurance stickers in all its branches. The bank says the product, launched in 2013, will be available in a maximum of 10 minutes on order. The certificates are normally printed at the head offices of insurers and sent to branches, taking one or two days.

Safaricom seeks TV station licence with eyes in Internet broadcast

Safaricom has applied for a licence to operate a commercial free-toair television station, signalling more competition for established broadcasters. Communications Authority of Kenya has given anyone with objections to Safaricom being awarded the licence 30 days to present his or her views to the regulator.

EABL to finalise sale of its bottles unit month end

East African Breweries Limited (EABL) expects to complete the sale of its glass bottles manufacturing subsidiary this month, after a delay in getting approvals from the competition watchdog saw it miss its initial target of June 30. The regional brewer is selling Central Glass Industries to South Africa’s Consol Glass for KES4.5 billion as part of a divestiture plan meant to help reduce its debt.

CIC Insurance targets matatus with loan repayment for accident vehicles

CIC Insurance is targeting matatu saccos with an insurance package covering loan repayments for vehicles taken off the road to be repaired after accidents. The insurer will also offer a tracking facilityfor vehicles signed under the insurance package to monitor their movement. The group also targets heavy commercial vehicles that are covered for operations across the Comesa region.

Centum gets geothermal plant cover

Centum Investment geothermal power plant has secured a risk cover from Munich Re, paving the way for funding of the well drilling. Centum Investments is in a consortium that is developing the USD300 million (KES30 billion) geothermal power project expected to produce 140 megawatts by December 2018.

Kenyan Stock Market

The NSE 20 and NASI index rose 0.24 percent and 1.39 percent w/w to close at 4,415.09 and 150.45.

Turnover, total volumes traded and total market capitalization stood at 6,163.49mn, 2,644.40 and KES 2,106.73 respectively at the end of the week.

EAC Markets

Uganda: The USE ALSI and USE LSI gained 3.72 percent and 7.27 percent w/w respectively to close at 1,911.94 and 359.74.

Rwanda: The RSE ALSI and the RSE RSI dropped 0.29 percent and 1.56 percent w/w respectively to close at 143.20 and 204.36.

Tanzania: The DSE TSI declined 0.793 percent w/w to close at 4,546.76 and DSE DSEI index rose 0.26 percent w/w respectively to close at 2,558.12

Global markets

The Standard & Poor’s 500 Index fell 0.3 percent to 2,077.16. The Dow Jones Industrial Average lost 0.3 percent, to 17,367.33, after falling to a six-month low. The Nasdaq Composite Index sank 0.4 percent.

European stocks fell for a second day, with media shares leading declines and U.S.-payrolls data fuelling bets the Federal Reserve will raise rates. The Stoxx Europe 600 Index dropped 0.7 percent to 397.72. The measure is heading for a weekly gain of 0.3 percent.

The MSCI Asia Pacific Index declined less than 0.1 percent to 140.83. Stocks across Asia’s largest markets rose, led by gains in China and Hong Kong, as speculation grew the mainland government.

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