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

By Soko Directory Team / August 31, 2016 | 6:25 am



Barclays Africa Expect the Shilling to Hit 106 Against USD by End of 2018

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.

 

 





About Soko Directory Team

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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