Litre of fuel 74.29 shillings (+1.8%)
a year ago: 72.99
Maize meal (2 kg. unga) 50 shillings (-7.4%)
a year ago: 54
Sugar (2 kg. Mumias pack) 150 shillings (+30%)
a year ago: 115
Tusker beer: 100 shillings at local (-9%)
a year ago: 110
Safaricom promotion: Saasa – with 8 shillings per minute calls during off peak hours
a year ago: bamba 50 – low denomination airtime top up card costing 50 shillings
US Dollar exchange rate: 69.97 shillings (-2.4%)
a year ago: 71.69
The Government will implement a scriptless securities settlement and central depository system for private listed securities and government debt instruments through the FLSTAP program.
Share performance of financial institutions listed at the Nairobi Stock Exchange in 2006.
Share prices as at: Dec 05 Dec 06 Change
Barclays Bank 263 77 (385) 46%
C.F.C Bank 75 89 19%
Diamond Trust 32.25 72.5 125%
Equity (listed in August ’06) 70 139 99%
Housing Finance 13.95 48 244%
I.C.D.C Investments 72.5 325 348%
Jubilee Insurance ]83 323 289%
Kenya Commercial 113 241 113%
National Bank 28.75 58 102%
NIC Bank 51 102 100%
Pan Africa Insurance 40 91.5 129%
Standard Chartered 139 205 47%
Other share activity
– Barclays had a 5-for-1 share split and a bonus issue of 1 for 3 and still paid the highest dividend of about 14 sh. per share in 2006
– Standard Chartered paid a 7.5 sh per share dividend
– Jubilee paid 4.25 sh dividend
– KCB paid a much improved dividend of 4 sh per share
– NIC paid a 2.5 sh dividend
– Equity joined the NSE as the entire shareholding was listed in August 2006 at 70 shillings per share after earlier paying a dividend of 2 sh per share.
– ICDCI shares rocketed up into the stratosphere as the company announced a 10 for 1 share split
– Pan Africa Insurance paid a 1.2 sh dividend
– CFC paid a dividend of 0.84sh per share
– Diamond Trust paid a 0.7sh dividend
– National Bank and Housing Finance had improved earnings but no dividend.
from the daily papers this week
jobs
Principal consultant – corporate financial services at Deloitte Tanzania. Apply to dloitte@deloitte.co.tz by 16/3
East African Breweries: marketing manager (MM/MD/02.07), brand manager (BM/MD/02.06). apply to hr.recruitment@eabl.com by 14/2
East African Cables: marketing manager (MM/07), group procurement & logistics manager (GPLM/07) and other engineering positions. Apply to hr@eacables.com by 10/2
Family Finance: Apply online for company secretary, works officer, and executive secretary by 16/2
Hilton Hotel: Managers (operations, credit, Food & Beverage, Sales Account), Internal Auditor, Trainees (front office, F&B). send one page CV to nbohitwhrd@hilton.com
Government of Kenya: Account managers (210 positions) at the Constituency Development Fund national management committee secretariat to be based at constituency level. Applicants must be degree holders with accounting or project management experience, good computer skills, and be under 45 years of age. Those selected will undergo 3-month probation after which they will be awarded 3-year contracts. Apply to cdf@wananchi.com by 28/2
IFC (modern lighting program): senior program manager (Kenya or Ghana), program manager Kenya. details online D/L is 24/2
Head of forensics (HF/32/07) at KCB. Apply through KPMG at esd@kpmg.co.ke by 16/2
Simba technology limited: functional consultant – oracle e business suite (3
positions), functional consultants Orion enterprise/advantage (3), functional consultants – banking (2), functional consultants – insurance (3). Apply to jobs@simbanet.co.ke by 10/2 ( REF: 150106)
UNDP Kenya election assistance program: communications & education specialist, finance officer, procurement officer, and administrative associate. Apply to jobs.ke@undp.org by 7/2
scholarships
Aga Khan Foundation: for development -related overseas postgraduate apply by
(50% grant 50% loan payable 5 years after completion that covers tuition & living expenses only) . D/L for applications to the Nairobi office is 15/3
Ford foundation: Details at international fellowship program and D/L is 9/3
The banking amendment act (2006) and finance act (2006) were gazetted in January 2007. Some changes that will affect the banking system in a busy year, in addition to possible merger activity, include;
– Ban on bank charges within savings accounts. In fact banks must pay interest as long as the account minimums are maintained
– Section 44A (in duplum rule) – banks can only recover principal amount lent, interest to an amount not exceeding principal, and recovery expenses from bad debts. (Fortunately for banks this will not be applied retroactively)
– CBK gets a deputy governor appointed by the president
– CBK also gets to vet the professional and moral suitability of owners (of more than 5%), directors, and senior managers of banks
– All banks must get permission from the finance minister to open branches or establish subsidiaries outside Kenya
– Banks are allowed to invest in real estate. They can also hold land for as long as it takes to realize/recover debt
– Allows sharing of non performing assets information with the Central bank, others banks and credit reference bureaus