East African Breweries Limited’s (EABL) distribution costs for the year to June dropped by KES502 million after the regional brewer set up its own warehouse in Ruaraka. EABL’s newly released annual report indicates that its distribution and warehousing costs during the past financial year decreased to KES4.7 billion from KES5.25 billion posted the previous year.
A weak exchange rate and increased borrowing dampened Athi River Mining Limited’s net profits for the third quarter. The cement maker posted a KES469 million net loss during the period compared to KES1.1 billion net profit realized during the same quarter in 2014. The firm’s finance costs went up to KES1.1 billion during the period under review from KES330 million in 2014 on the back of increased loan uptake.
Mortgage lender Housing Finance (HF) is banking on property sales by its development subsidiary to boost its full year performance after recording a 9.6 percent profit growth in the nine months to September. The company an after-tax profit of KES777 million as at the end of September, up from KES709 million during a similar period last year. The group performance however lagged behind the bank’s KES988 million after-tax profit, signalling that it was weighed down by its real estate arm, Housing Finance Development and Investment (HFDI).
Equity Bank has announced a 14 percent jump in after-tax profit for the nine months to September, driven mainly by sharp growth of its regional subsidiaries. The bank reported KES12.8 billion net profit for the third quarter, up from KES11.2 billion in a similar period last year. Profit for all regional banking subsidiaries and non-banking subsidiaries grew by 92 percent. The Kenyan banking outfit contributed 86 percent of profits down from 94 percent last year.
General Motors East Africa (GMEA) raised its market share to a new high of 31 percent in the first nine months of the year as the overall new vehicle market posted a 15.6 percent jump in sales. The motor dealer’s gains were driven by increased sales and market share losses by some of its top rivals including Toyota Kenya and DT Dobie.
The Co-operative Bank of Kenya is set to receive KES10.7 billion (USD 105 million) in long-term financing from the International Finance Corporation for onward lending to small and medium enterprises. IFC, the World Bank’s private lending arm, has disclosed its intention to advance the money to Co-op Bank, setting the lender up for a loan book boost. The loan, with a maturity period of up to seven years and a two-year grace period, will also be disbursed through Co-op’s mortgage arm to the construction industry.
The NSE 20 and NASI index declined 2.13 percent and 1.62 percent w/w respectively to close at 3,868.83 and 137.28.
Turnover, total volumes traded and total market capitalization stood at 5,930.26mn, 159.74 and KES 1,930.81 respectively at the end of the week.
Uganda: The USE ALSI and USE LSI rose 0.47 percent and 0.46 percent w/w respectively to close at 1,822.20 and 370.73
Rwanda: The RSE ALSI and the RSE RSI declined 0.16 percent and 0.96 percent w/w to close at 133.62 and 171.15. A total of 256,590
Tanzania: The DSE DSEI and DSE TSI index lost 0.27 percent and 0.18 percent w/w respectively to close at 2,394.50 and 4,598.55
The Standard & Poor’s 500 Index slipped 0.2 percent to 2,086.24, with the gauge up 8.7 percent this month. Stocks are also on track to extend their longest streak of weekly advances this year. The Dow
Jones Industrial Average declined 0.1 percent to 17,738.83. The Nasdaq Composite Index was little changed.
The MSCI Asia Pacific Index gained 0.4 percent to 134.48. The measure is heading for 8.6 percent advance this month, led by a rebound in energy shares.
The Stoxx Europe 600 was off 0.3 percent at 374.46, as the consumerservices, oil and gas and financial sectors fell into the red.