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Trans-Century Ltd Makes a Come-Back to Profitability Territory

BY Soko Directory Team · August 31, 2016 06:08 am

In the second of trading, the market continued its poor performance as indicated by all indicators. The NASI dipped by 0.13% to close at 133.32 points, while the NSE-25 share index displayed a similar trend, shedding 0.58%, to close at 3424.36 points.

NSE 20 share index lost 0.22% to close at 3116.82 points, weighed down by the sustained losses on the large caps.  Shareholders’ wealth contracted further by 0.13% to settle in at KES 1,919.90Bn, while the equity turnover followed a similar trend edging down by 6.36% to close trading at KES 1.81Bn, on account of robust volumes.

Trans-Century Ltd made a come-back to profitability after reversing a KES 676Mn loss to a KES 1.3Bn profit. This was on account of a write back of debt on bonds following a successful resolution with creditors and a capital injection by Kuramo which helped reduce their debt burden.

This came despite the company reporting a decline in revenues of 21% from KES 5.2Bn to KES 4.1Bn in June 2016. Investors reacted to the material news, resulting in a price appreciation of 10.10% to close at KES 5.45.

Currencies:

The Kenyan shilling did not fare any better against the US dollar today, sinking further into the red by 0.01%. The greenback has continued being battered by Fed’s chair Janet Yellen remarks, that she made on Friday, imposing a probability of a Fed rate hike.

Across the pond, the GBP and Euro weakened by 1.09% and 1.16% respectively. Expectations lie on the local currency remaining stable in the short-run as there are no macroeconomic shocks that may trigger otherwise.

 

 

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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