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    KBL Celebrates 100 years of existence by Awarding Consumers.

    KBL Celebrates 100 years of existence by Awarding Consumers.

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    IEBC begins enlisting voters in the diaspora

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    Portugal settles on Kenya as its gateway for investments in Africa

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    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

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  • Markets
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

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    Epson Scanners Shine at the Seven Data Master Lab Awards

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    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

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    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

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    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

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  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

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    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

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    NEMA Re-Introduces Another Tax for Developers

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    Centum Digitalizes Real Estate Sector

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    Superior Homes Launches Reward Program for Investors

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    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

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    Regional property summit kicks off in Nairobi

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    Five Reasons Why Real Estate Increases in Value

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    Optiven Foundation Launches TVET Sponsorship Program

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  • Tech
    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

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    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

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    Fathers Day Deals: Samsung Honors Fathers With Great Discounts

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    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

  • World Business
    Why Mercedes Benz is Recalling Their Old Models

    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

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    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

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    Netflix Stock Collapses After Losing 200,000 Subscribers

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    How new regulations are shaking up the world’s fastest sport

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    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

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    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    NBK partners with Kodris Africa to enable easy payments for new coding programme

    NBK partners with Kodris Africa to enable easy payments for new coding programme

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    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

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    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    • Agribusiness
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      NBK partners with Kodris Africa to enable easy payments for new coding programme

      NBK partners with Kodris Africa to enable easy payments for new coding programme

      Procedure for funding your Metropolitan National Sacco account through MPESA

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      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

      DIB Bank Opens Its 6th Branch

      DIB Bank Opens Its 6th Branch

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      Bank of Kigali Profits Rise to Sh1.8 Billion

      Bank of Kigali Profits Rise to Sh1.8 Billion

      KCB Sustainability Efforts Win Global Award

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    • Insurance
      Zamara Feted as the Overall Best Insurance Broker of the Year

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Kenyan Business Feed
  • Home
  • News
    KBL Celebrates 100 years of existence by Awarding Consumers.

    KBL Celebrates 100 years of existence by Awarding Consumers.

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    Auditor General raises red flag over Education ministry’s Sh10 million per day perdiem

    IEBC begins enlisting voters in the diaspora

    IEBC picks Greek firm Lykos to print ballot papers

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Portugal settles on Kenya as its gateway for investments in Africa

    Portugal settles on Kenya as its gateway for investments in Africa

    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

    CBC Headache: KNUT pushes to have learners use primary schools for Junior Secondary Education

  • Markets
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Epson Scanners Shine at the Seven Data Master Lab Awards

    Epson Scanners Shine at the Seven Data Master Lab Awards

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    Emirates Takes Triple Gold For The Third Year In a Row For Safety

    IBL Group acquires Amethis stake in Naivas International

    IBL Group acquires Amethis stake in Naivas International

    Revealed: The number of Kenyans with over Sh100 million in their account

    The raging debate on Twitter over the lack of US dollar in Kenya and the downplaying of the issue by the Central Bank of Kenya

    Agricultural subsidies unfair – Kenya tells WTO

    Agricultural subsidies unfair – Kenya tells WTO

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

    Criminal Syndicate Defrauding Kenyan Accounts and Buying Bitcoins Thwarted

  • Real Estate
    National Construction Authority Suspends Licences of 18 Contractors

    National Construction Authority Suspends Licences of 18 Contractors

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    CCI Global, Gateway Real Estate Africa start Construction of new Contact Centre in Kenya

    NEMA Re-Introduces Another Tax for Developers

    NEMA Re-Introduces Another Tax for Developers

    Centum Digitalizes Real Estate Sector

    Centum Digitalizes Real Estate Sector

    Superior Homes Launches Reward Program for Investors

    Superior Homes Launches Reward Program for Investors

    Report: High Demand for Luxury Houses in Nairobi Fueling  Increase in Prices

    Report: High Demand for Luxury Houses in Nairobi Fueling Increase in Prices

    Regional property summit kicks off in Nairobi

    Regional property summit kicks off in Nairobi

    Five Reasons Why Real Estate Increases in Value

    Five Reasons Why Real Estate Increases in Value

    Optiven Foundation Launches TVET Sponsorship Program

    Optiven Foundation Launches TVET Sponsorship Program

  • Tech
    Africa Avant-Garde explores the art of filmmaking on the continent

    Africa Avant-Garde explores the art of filmmaking on the continent

    DCI arrests COVID-19 scammers

    Mobile Loan: Telkom Kenya set to launch M-shwari competitor

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Tecno Kenya Announces Launch Of Camon 19 Series & Spark 9 Series

    Nairobi Women to start offering online outpatient services

    mTek Secures Sh340m to Accelerate Paperless Insurance in Kenya

    This is the New Way to Share Your Data Bundles , Minutes, Voice and SMSs

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    Samsung Introduces Its 2022 Lineup of Appliances to Dealers

    Fathers Day Deals: Samsung Honors Fathers With Great Discounts

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    Samsung Showcases its Premium Consumer Electronics Range

    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

    OPPO Launches its Flagship Device Find X5 in Kenya to Retail for Sh100,000

  • World Business
    Why Mercedes Benz is Recalling Their Old Models

    Why Mercedes Benz is Recalling Their Old Models

    Cold comfort awaits a springtime Davos

    Cold comfort awaits a springtime Davos

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    Meet The Richest Man Who Can Fund Kenya’s Budget Alone for 10years

    EA Sports End 29 Years of Video Game Partnership With FIFA

    EA Sports End 29 Years of Video Game Partnership With FIFA

    Central African Republic Adopts Bitcoin as an Official Currency

    Central African Republic Adopts Bitcoin as an Official Currency

    Netflix Stock Collapses After Losing 200,000 Subscribers

    Netflix Stock Collapses After Losing 200,000 Subscribers

    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

    Putin spokesman refuses to rule out use of nuclear weapons if Russia faced an ‘existential threat’

    How new regulations are shaking up the world’s fastest sport

    How new regulations are shaking up the world’s fastest sport

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

    President Uhuru Urges International Community to Lift Sanctions on Zimbabwe

  • KBF
    • All
    • Agribusiness
    • Banking
    • Insurance
    • Manufacturing
    • Opinion
    Naivas Opens its 83rd Store in Kiambu

    Government Subsidizes Maize Flour by Sh 2

    Showmax slashes subscriptions paid for via M-PESA

    Showmax slashes subscriptions paid for via M-PESA

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    Exposed: How Police are Running Illegal Trade Cartels in Kenya

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    CIC urges Kenyans to Invest in Last Expense Covers to Cushion From Financial Instability

    Good news for Kenyans as fuel prices drop

    Hope for Cheap Fuel as Kenya Looks to the Middle East

    NBK partners with Kodris Africa to enable easy payments for new coding programme

    NBK partners with Kodris Africa to enable easy payments for new coding programme

    Johan ICT Kenya launched to offer data protection for firms

    Johan ICT Kenya launched to offer data protection for firms

    Winfall For Tea Farmers as Bonus Set to Increase

    Winfall For Tea Farmers as Bonus Set to Increase

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

    St John Ambulance Seeking Sh12 million to Train Bodaboda Operators

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      NBK partners with Kodris Africa to enable easy payments for new coding programme

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      Procedure for funding your Metropolitan National Sacco account through MPESA

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      KCB Group Shareholders Approve Sh9.64B in Dividend Payout

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      Bank of Kigali Profits Rise to Sh1.8 Billion

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Safaricom’s market worth is now more than all the 62 NSE listed firms combined

by Kenyan Business Feed
August 30, 2019
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The country’s biggest telecoms operator, Safaricom’s market worth is now more than all the 62 NSE listed firms combined

Safaricom has hit a new peak in NSE dominance after it’s market valuation exceeded 50 per cent of the Sh2.22 trillion stock market.

Its valuation of Sh1.13 trillion at close of trading Thursday is now 50.7 per cent of total investors’ wealth at the Nairobi Securities Exchange (NSE), a factor that is largely attributable to the bear run that has precipitated a sharp drop in the market capitalisation of other listed firms.

Crossing the 50 per cent threshold means that Safaricom’s market worth is now more than the combined valuation of all the other 62 listed companies.

Safaricom is still shy of its highest-ever market capitalisation of Sh1.27 trillion achieved in March last year, but the company has avoided the deep erosion of value that other companies have suffered, pulling down the benchmark NSE 20-Share Index to a 10-year low.

The telco’s share price has gone up by 25 percent or Sh5.70 this year to hit Sh28.25, adding more than Sh228.4 billion to its market valuation at a time when many other companies, including other blue chip counters, are stuck in a price slump. Advertisement

The firm’s huge dominance in the market has seen a sharp contrast in the performance of key indicators, where the NSE All-Share Index and market capitalisation have gained 5.1 and 5.7 percent respectively since January, but the NSE 20-Share Index is down 13 percent to a 10-year low of 2,467 points.

Investors who track the indices are therefore presented with a situation where overall market wealth has gone up by Sh120 billion, but the benchmark index is touching multi-year lows.

The divergence in the direction of the two indices is due to the huge influence the Safaricom stock has on the All-Share Index, which is market cap weighted.

On the price-weighted NSE 20-Share Index, other blue chips such as East African Breweries Limited #ticker:EABL, BAT #ticker:BAT, Standard Chartered #ticker:SCBK and Bamburi #ticker:BAMB that carry a higher nominal share price have a greater weight.

The Capital Markets Authority (CMA) regularly flags the influence the top firms have in terms of traded activity and investor wealth as a market risk.

Should such companies encounter a shock or fall into difficulties, the effect on the stock market would be far pronounced.

“During the second quarter of the year, the top five companies by market capitalisation accounted for 70.8 percent, the highest in the last four quarters, confirming their dominance in the Kenyan securities market,” said CMA in its quarter two market soundness report released earlier this month.

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This top-end concentration of market wealth has partly been caused by a lack of large listings at the NSE in the past decade, which has coincided with the growth of the Safaricom share price by more than 700 percent in the period.

The telco’s valuation gain has been helped by its high profitability that has in turn driven up shareholder dividends.

Safaricom reported a 14.7 percent growth in net profit to Sh63.4 billion in the year ending March 2019, on the back of strong M-Pesa and mobile data performance, marking a seventh straight year of a rising bottom-line.

The firm is paying shareholders a dividend of Sh1.25 per share, totalling Sh50.08 billion, and on top of that a special dividend of Sh0.62 a share totalling Sh24.84 billion.

This performance sharply contrasts with that of many other NSE firms, which are struggling to remain profitable in a tough economy.

Since June 2018, a total of 16 listed firms across different market segments have issued profit warnings, with their earnings collectively plunging by more than Sh14 billion.

A firm’s share price normally suffers when it issues a profit warning, which carries the promise of reduced dividend earnings for shareholders.

Nine out of the 13 segments of the market have recorded a drop in market capitalisation, the worst hit in relative terms being the commercial and services sectors whose collective valuation has fallen by 55 percent or Sh43.5 billion this year to Sh35.2 billion.

The manufacturing segment has seen a marginal decline of 1.4 percent in capitalisation from Sh219.2 billion to Sh216 billion, while construction has gone down by 15.7 percent from Sh61 billion to Sh51 billion.

Insurance firms have also declined in value, by 18.6 percent or Sh15.7 billion to Sh68.8 billion, while the energy segment’s collective market capitalisation has come down by 15.8 percent or Sh12 billion to Sh63.7 billion.

The banking sector, which is the second-largest at the NSE after the single-stock telecommunications segment, has eked out a 0.3 percent gain in market capitalisation to stand at Sh626.5 billion. Bank stocks have recorded a mixed performance in the market despite the sector remaining one of the most profitable at the NSE, with five out of the 12 listed lenders seeing their share prices fall this year.

Central Bank of Kenya data shows that in the six months to June, banks in the country recorded a 12.6 percent increase in gross profits to Sh85.8 billion.


Kenyan Business Feed is the top Kenyan Business Blog. We share news from Kenya and across the region. To contact us with any alert, please email us to [email protected]

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