Crude oil spiked more than 3% higher after Saudi Arabia’s Khalid Al-Falih said during an event with Russia’s Alexander Novak: “Therefore we came to the conclusion that ending will probably be better by the end of first quarter 2018.”
Essentially they have agreed to lengthen the duration of the production cuts.
Trading at the Securities Exchange was very thin and lackluster and clocked just Sh141.133m.
The Nairobi All Share eased -0.03 points off a 6 and 1/2 month high to close at 137.77m.
The Nairobi NSE20 Index eased -15.42 points off a 6 month high to close at 3229.30m.
Vodacom Group will buy a 34.94% stake in Safaricom from mutual holding company Vodafone for about $2.6-billion (Sh268.84 billion) calling Safaricom a “prized asset on the African continent” Vodafone, which owns 65% of South Africa-based Vodacom, will still own 5% of Safaricom, in which Kenya’s government still owns 35%.
Vodacom Group chief executive officer Shameel Joosub said: “This is an exciting occasion for Vodacom and a unique opportunity to diversify our revenue growth and profitability. Acquiring a strategic stake in Safaricom will provide our shareholders with access to a high growth, high margin, high cash generation business operating in a high growth market.
In addition to producing mutually beneficial opportunities for growth, it will create further incremental value through the close cooperation between the two businesses, particularly in driving M-Pesa adoption across our operations.”
Clearly the intent is to list sub-Saharan Africa’s telco assets under the Vodacom structure.
Safaricom closed unchanged at 20.25 and traded 2.144m shares and remains +5.744% year to date.
Kenya Airways followed on the previous session’s +6.25% gain to rally a further +5.88% to close at a Fresh 2017 High of 7.20 and traded 1.388m shares. Kenya Airways is +23.07% in 2017.
Co-op Bank firmed a further +0.3% to close at a Fresh 2017 high of 16.70 and is +26.515% in 2017.
Liberty Holdings traded 5,000 shares all at 9.75 +9.55%. Liberty remains -25.855% in 2017.
The Nairobi Securities Exchange was high-ticked +3.571% to close at 14.50 and traded just 1,400 shares.
Aly-Khan is a financial analyst