Equity Market Commentary The market closed the week in the green, with the NASI, N10, NSE 20, and NSE 25 rising by 1.9% w/w, 2.1% w/w, 1.9% w/w, and 2.4% w/w, respectively. Market activity jumped to USD 32.2m (+184.0% w/w). Safaricom dominated market activity, accounting for 48.7% of the week’s turnover. The counter’s price function…
Executive Summary In this report, we have updated our valuation on Kenya’s only listed downstream oil marketer, TotalEnergies Marketing Kenya. We reinitiate coverage and retain a BUY recommendation on TotalEnergies Marketing Kenya (TKNL KN) with a fair value estimate of KES 56.30, a 60.4% upside. In 2024, the counter’s price function gained 11.1%, albeit underperforming…
Highlights. Markets closed in the red as the S&P 500 and Nasdaq Composite snapped their three-week upward streak, shedding 0.10% and 0.35% respectively. In Europe, the pan-European Euro STOXX 600 was lower by 2.63%, undoing over two weeks of gains. Concerns about the potential erosion of the Federal Reserve’s independence garnered attention during the week…
Highlights Global stock markets maintained the state of euphoria, notching a second consecutive week of gains. Expectations that the Federal Reserve will soon start interest rate cuts and an assumption that the ECB will continue cutting rates, albeit less aggressively than the Fed, boosted market sentiment leading to the S&P 500 and the Nasdaq composite…
Harnessing momentum to grow value: Listing planned in 2026 Executive Summary We initiate coverage on Family Bank Group, with the fair value estimate of KES 16.54. In 1Q25, the bank posted a +15.4% y/y PAT increase, supported by a 32.4%y/y jump in operating income, with loans up by 10.1% y/y – a commendable performance compared…
Banks struggle to protect profitability in 2025 as FX and interest incomes fall Full Report: Overview: Listed banks in our coverage for the period 1Q25 exhibited flat overall profitability, weighed down by sluggish credit demand amid struggling interest and FX income. Notably: Review of banking sector multiples: Low valuation, long-term potential Definitions: Stock Recommendation Absa…
Farewell to the Concession, Hello to Arbitration Umeme’s 20-year electricity distribution concession in Uganda officially ended on 31st March 2025, following the government of Uganda’s decision not to renew its concession agreement with Umeme. Post concession, Umeme’s distribution assets and operations were to be handed over to the state- owned Uganda Electricity Distribution Company Limited…
Highlights In the week, investors received comfort after it became clear that peak uncertainty did not necessarily mean that bad news was certain. U.S. equities posted strong gains for the week, with positive sentiment largely driven by news that the U.S. and China had agreed to a substantial de-escalation of trade tensions following talks in…
Turbulence, tariffs and the tech unwind Stocks went into the start of 2025 with the bull market solidly intact, albeit with valuations beginning to look stretched. The Fed appeared to have achieved a soft landing for the economy, and investors were still looking forward to rate cuts. That backdrop began to change as news that…
Highlights: The way to make the markets cheerful about a 10% tariff is to start from a 245% tariff rate. U.S. equities surged during the week, with the S&P 500 advancing by over 4.5% and the Nasdaq Composite gaining 6.43% from the previous week’s close. Several reports emerged within the week indicating that the ongoing…
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