Umeme Suspends Trading on USE and NSE as E.A. Portland Postpones FY16 Results Announcement

Umeme Ltd (NSE: UMME) issued a notice indicating its suspension from trading for a period of 2 weeks -7th November 2016 to 15th November 2016- from the Uganda Securities Exchange Ltd (USE) and Nairobi Securities Exchange Ltd (NSE).

The suspension is as a result of sale of shares by its major shareholder, Umeme Holdings Ltd – with a 14.3 percent stake – to selected institutional investors through private placement. Last week the share price closed at 15.75 shillings on the NSE.

Meanwhile, E.A. Portland Cement (NSE: PORT) has joined Uchumi Supermarkets Ltd (NSE: UCHM), to inform investors that there will be a delay in announcing their FY16 results. Portland will announce on the 14th of November while Uchumi has pledged to announce on or before 31st December 2016.

On the bourse, Nairobi bourse reopened on Monday in a fraught state as all indicators posted a downward trajectory.

The NSE 20 Share index depreciated by 0.09 percent to 3248.54 points from 3251.46 points, while the NASI followed a similar trend, to close 0.71 percent lower at 140.49 points. The NSE 25 Share index curved a negative movement, losing 0.67 percent to end the day at 3687.75 points from 3712.74 points recorded last week. Investors’ wealth contracted by 0.71 percent, to close at 2035.44 billion shillings.  Equity turnover closed in the red, declining by 23.24 percent to 0.45 billion shillings from 0.58 billion shillings, on the back of subdued volumes.

The Kenyan shilling on the other hand reopened the week on a lackluster note, as it weakened against all international currencies under review.

The shilling lost value against the USD by 0.07 percent to 101.66, even as anxiety continues to build up in international markets over US elections to be held Tuesday 8^th November 2016.

Across the basket, the shilling weakened by 0.38 percent and 0.29 percent against the GBP and Euro to close at 126.98 and 112.79 respectively.

Expectations indicates victory for the Democratic Party Nominee, Hillary Clinton.

(The information come from Kingdom Securities)