The trading floor witnessed a somber atmosphere today as Access Holdings’ share price plummeted by 6.26% following the untimely demise of Herbert Wigwe, leaving shareholders mourning the loss of the esteemed leader. After a bearish week that saw Access Holdings experiencing a 2.25% decline, the stock’s share price took another hit, shedding N1.55 to close […]
In a move signaling a significant shift in the banking landscape, commercial banks have raised the returns offered to cash-rich firms and high-net-worth depositors to double-digit levels, reaching a new 24-year high record. Data released by the Central Bank of Kenya (CBK) indicates that the average commercial bank deposit rate, which represents the yield offered […]
In a significant milestone for the cryptocurrency market, Bitcoin surged to its highest price since December 2021 on Monday, surpassing the $50,000 price level for the first time in over two years. This remarkable move triggered a rally not only for cryptocurrencies but also for related stocks, with notable gains seen in Coinbase stock and […]
In a remarkable rally, Bitcoin surged to close the week, breaching the $47,000 mark for the first time in almost two years. On Friday, the premier cryptocurrency witnessed a gain of over 4%, reaching $47,307.00, according to data from Coin Metrics, marking a level unseen since March 2022. Alongside, Ether also saw an uptick, rising […]
Mauritius, foreign direct investment (FDI) inflows surged by 27% to 23.1 billion rupees ($503 million) in the nine months leading up to September compared to the previous year. This notable rise was primarily propelled by increased property sales, reflecting the nation’s appeal to international investors. Real estate transactions dominated the investment landscape, constituting a substantial […]
In a notable development, the Central Bank of Kenya (CBK) recently conducted its Weekly Treasury Bills auction, witnessing a significant redemption of KSh 48.5 billion out of KSh 51.1 billion in bids received. The CBK accepted KSh 48.8 billion at this auction, marking a substantial movement in the market. This surge in redemptions, according to […]
The Nigerian naira experienced a marginal gain against the dollar at the official market, even as forex turnover plummeted by 56.17% to $203 million. In contrast, the exchange rate deteriorated in the black market during the same period, highlighting the contrasting trends between official and unofficial forex markets despite efforts from the Central Bank of […]
In a significant milestone for the climate tech sector, Kenyan startup Amini has successfully secured funding from prominent investors, including Salesforce Ventures, Female Founders Fund, Pale Blue Dot, and Rally Cap VC. This investment round marks the entry of Rally Cap VC into the climate tech arena, signaling a burgeoning interest in environmentally-focused ventures among […]
Investor enthusiasm for the highly anticipated spot Bitcoin ETFs appears to be waning, with Wednesday recording the lowest single day of investor gross inflows since trading commenced on January 11th. According to a report from JPMorgan Chase & Co., the nine newly launched funds collectively received approximately $270 million in inflows on Wednesday. However, after […]
Mastercard has successfully concluded the acquisition of a minority stake in the fintech arm of MTN Group, the continent’s foremost mobile operator. This strategic move, valued at $200 million (R3.8 billion), not only bolsters the valuation of MTN Group Fintech to an impressive $5.2 billion (R99 billion) but also heralds a transformative era for digital […]
Kenya's electricity sector has reached a critical juncture as the nation recorded unprecedented peak demand of 2,411.98 megawatts (MW) and...
The Federal Reserve announced a quarter-point reduction to its benchmark interest rate on Wednesday, bringing the federal funds rate to...
The United Arab Emirates has solidified its position as one of Africa's most strategic economic partners, ranking fourth globally in...
Emirates Airlines is strategically positioning Kenya as its primary gateway to East and Central Africa, capitalizing on the recently implemented...
