In a remarkable feat, Dangote Cement, Nigeria’s foremost cement producer, has achieved an extraordinary market valuation of N13 trillion, overshadowing its closest rival, BUA Cement Plc, whose market value falls short of half of Dangote’s. Investors continue to show confidence in BUA Cement, leading to a surge in its market valuation and positioning the company […]
On Tuesday, AI-related companies witnessed a staggering loss of $190 billion in stock market value, triggered by lackluster quarterly performances from industry leaders Microsoft (MSFT.O), Alphabet (GOOGL.O), and Advanced Micro Devices (AMD.O). The underwhelming results failed to meet the high expectations of investors who had previously driven these stocks to record highs during a recent […]
Centenary Bank, one of Uganda’s premier commercial banks, has launched CenteWhatsApp banking, a groundbreaking platform that allows customers to access a range of banking services instantly and securely through the widely used messaging app, WhatsApp. The innovative CenteWhatsApp banking service empowers customers to conveniently check account balances, make money transfers, pay bills, receive real-time notifications, […]
In a significant development, the Capital Markets Authority (CMA) has approved the application for an Over-the-Counter (OTC) trading license by the East African Bond Exchange (EABX), setting the stage for increased competition in Kenya’s bond market. The approval, granted on Tuesday, positions EABX to vie with the Nairobi Securities Exchange (NSE) for bond market dominance, […]
In a recent interview with Yahoo Finance, Rachel Aguirre, the U.S. Head of BlackRock’s iShares Products, expressed her satisfaction with the launch and initial performance of the iShares Bitcoin Trust (IBIT), the company’s spot-based Bitcoin exchange-traded fund (ETF). Within the first two weeks of trading since receiving approval from the Securities and Exchange regulator, IBIT […]
In a historic move, the African Development Bank, boasting a stellar credit rating of Aaa/AAA/AAA/AAA (Moody’s/S&P/Fitch/Japan Credit Rating, all stable), has successfully launched and priced its first-ever Sustainable US dollar-denominated 750 million perpetual subordinated hybrid capital notes. On January 30, 2024, the African Development Bank executed a hybrid capital transaction featuring a coupon rate of […]
In a bid to rejuvenate share trading on the Nairobi Securities Exchange (NSE), the Capital Markets Authority (CMA) is actively developing regulations for margin trading. Margin trading involves investing in shares using funds borrowed from a lender, typically a stock brokerage or investment bank.Despite the NSE experiencing a prolonged period of low volatility and low […]
In a significant market development on Tuesday, Nigerian non-deliverable currency forwards plummeted to unprecedented depths against the U.S. dollar, closely aligning with declines observed in the official spot market, as per data from the London Stock Exchange Group (LSEG). Non-deliverable currency forwards, financial instruments utilized for hedging against potential exchange rate fluctuations, signaled a market […]
Facing growing unease from traders over the safety of the world’s largest cryptocurrency exchange, Binance has yielded to customer pressure by enabling certain larger traders to hold their assets with independent custodians. This move comes in the wake of the exchange being fined by US authorities last year. Previously, Binance clients were limited to holding […]
In an effort to curb a deepening stock market decline, China has officially restricted short selling after previous informal measures failed to yield the desired results. The Shenzhen and Shanghai bourses announced on Sunday that investors purchasing shares will not be allowed to lend them for short selling within an agreed lock-up period. The new […]
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...
