Category Archives: NSE investor awareness

AFMI 2020 shows African financial markets resilience

The findings of the 2020 African Financial Markets Index (AFMI) report were highlighted in Nairobi today for a year in which countries face economic and medical challenges from COVID-19.

The fourth edition of the AFMI report by the Absa Group and the Official Monetary and Financial Institutions Forum (OMFIF) now measures 23 countries that encompass two-thirds of the continent’s population and 80% of its GDP. The countries are ranked by six assessments of investment attractiveness and this year, Eswatini, Lesotho and Malawi were added to the Index. 

South Africa remained on top, followed by Mauritius, and surprisingly Nigeria, which, along with Morocco, Ghana and Seychelles, made great strides to improve. Kenya, which was number three in 2019, dropped to number seven this year. Overall, 14 of the 23 countries scored above the median mark, a great improvement from the first index when only 6 of the 17 countries achieved this.

COVID-19 has had different impacts on African countries, but as Jeremy Awori Absa Kenya CEO said, even with the slowed-growth in the first half of the year, much was still expected from the continent that has a rising middle-class, and rising urban population. He added that growth would come from developing open, transparent and well-regulated financial markets.

Absa Economist, Jeff Gable said Africa cited some developments on the continent towards financial inclusion and making exchanges accessible to retail investors. These included Eswaitni’s automated trading platform and the Nairobi Securities Exchange’s revamped mobile app for retail investors with Dar es Salaam also working on a similar one. He spoke of moves to encouraging more funds to invest within the continent that saw Lesotho require its pension fund managers to invest locally (currently just 3% of assets are in the country), the launch of a derivatives market in Nigeria, and Ethiopia drafting legislation for a stock exchange.

In terms of sustainable finance, Kenya had its first green bond, Egypt had the first one in the MENA region, and Nigeria is working on its third green bond. Also, the African Development Bank was one of the first institutions to issue a financial instrument to fight the COVID-19 pandemic as it issued a $3 billion social-bond tranche. 

Danae Kyriakopoulou of OMFIF spoke of Kenya’s drop which was mainly in the “access to foreign exchange” measure where which it was ranked tenth after having topped the pillar just two years ago. This was partly due to the perception of the currency exchange rate. And on market transparency, she said that Kenya has few firms that have global credit ratings, compared to Nigeria, South Africa, and Mauritius.

She added that a strong local investor base was a source of long-term capital and a financial markets shock absorber of volatility, and that Namibia has the highest pension assets under management per capita on the index.  In terms of protection of minority shareholders, Kenya does well on that but it also needs to adopt enforcement of international financial master agreements (ISDA) as a key area of improvement. Kenya is also part of a pilot Africa Exchange Linkages Project to promote intra-African investment flows between the stock exchanges of Nairobi, Johannesburg, Casablanca, Egypt, Nigeria, Mauritius and the BRVM in West Africa.

George Asante, Head of Global Markets at Absa, said that the impact of COVID-19 was not as drastic on African financial markets as they had developed more resilience through having regulators work in uniform. This was in comparison to the 2008 global financial crisis which had a big disruption on African markets resulting in bond yields shooting up 30%. But he cautioned that African governments should work hard to remove the uncertainties that are still in the prices of their bonds, to attain lower borrowing costs in future.

The 2020 AFMI report by Absa Group and OMFIF can be downloaded here.

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Money-WiseKE: Safeguarding families using Wills

Last week, Money-Wise with Rina Hicks had a nice talk on “Safeguarding your Family after you’re gone: Wills and More”. Her guest was Leah Kiguatha, a family law expert who said that in the court processes encountered, only 10% of Kenyans of African descent have written wills.

Other excerpts of new stuff (from a male perspective!)

  • Why write a will? Make a decision, as if you don’t decide, someone else, who is handling a hundred other disputes, who does not know the pain and peculiarities of a family, will make that decision for you. Whether you write a will or not, there will be a court process.
  • Spousal Status Changes with Death: If a man has a secret wife and kids, he should mention and provide for them in the will. When he is alive, they may not be recognized, but once he dies, the law allows them to become wives and dependents for purpose of succession. (Laws made by a heavily-male parliament in the 1980s!)
  • Register Land: As joint ownership or in common as this enables you to by-pass the will process. Register land with someone so they are not harassed when you die. Also if a wife dies, and she expects that her spouse will remarry, through in-common ownership, she can ensure that 50% of the matrimonial house passes to her children.
  • Bank Access: Have your spouse or some older children to be signatories to a bank account and know your card PINs. If you are the only one who can access money, your family will be scrambling to feed mourners, pay school fees, and be disturbed by landlords – as it will be a year before they can access that money and after hiring a lawyer.
  • Update Records: Check your will every 5 years. Also, update your insurance, SACCO and pension beneficiary details every few years. Insurance does not have to go through a court process if a beneficiary is nominated a beneficiary, but if different people show up to claim it, they will leave it to courts to settle. Sometimes, as a widow is mounting, a brother or mother of the deceased has rushed to the employer to claim they are the intended beneficiary.
  • Reduce Unintended Beneficiaries: A will safeguards your family and minimizes disputes, and as dependent fight it out, assets and estates go to waste, or are exploited by opportunistic people. If you don’t have good records, squatters or a county government will benefit along with banks, insurance, and the Unclaimed Financial Assets Authority. It is estimated that over Kshs 200 billion deposited in banks belongs to families who are awaiting court grants to release the money to them.
  • Oral wills: Are only valid for three months unless one is in the military. Also, they must be witnessed (heard) by two people, who are not beneficiaries.

The full hour is online, and you can watch it here.

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Helios & Fairfax to partner on Africa investments

July 2020 saw the announcement of a proposed strategic transaction between Helios Holdings and Fairfax Africa Holdings to create a new entity known as the Helios Fairfax Partners Corporation that aims to become the leading pan-Africa focused listed alternative asset manager with unique capabilities to invest across the continent.

Helios will contribute some management and performance fees it currently earns in exchange for 46% of the venture while Fairfax will retain control of the combined entity.

Helios, founded in 20004, manages $3.6 billion of assets, as Africa’s largest private equity fund with stakes in Nigerian oil (49% of Oando), e-commerce (Mall for Africa), payments (Interswitch) and South African telecom tower firms.

Helios will be the sole investment advisor to the partnership on all deals including Fairfax’s purchase of a stake in Atlas Mara for $40 million. The Co-Founders and Managing Partners of Helios, Tope Lawani and Babatunde Soyoye, will be Joint CEO’s while the current CEO of Fairfax, Michael Wilkerson, will become the Executive Chairman of the new entity.  

In Kenya, Helios first made a splash in 2007 buying 25% of Equity Bank and then going on to sell its stake in 2015 netting $500 million. They have since been involved in deals such as the Acorn green bond, Telkom Kenya, Wananchi Group and Vivo Energy.

Current investors in Helios include CDC which has invested over $100 million, and the IFC. Fairfax Africa shareholders will be asked to approve the deal that has been unanimously approved by a special board committee, that was advised by Alvarium, and have it completed in the third quarter of 2020. The partnership will be listed on the Toronto Stock Exchange, where Fairfax shares currently trade.  

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Nairobi Stockbroker Moment: Changes in 2020

  • African Alliance Kenya Investment Bank announced its exit from stockbroking, to focus on asset management, digital and treasury business. Clients are to transfer their CDS accounts to other stockbrokers by July 22. It will continue to operate as a licensed investment bank and fund manager and plans to launch several new funds. 
  • AIB Capital and Apex Africa are finalizing a deal announced in February 2020 to merge their stock-broking, bond-trading, derivatives, research and corporate finance businesses that will operate as AIB-AXYS Africa. To effect this, all Apex Africa capital accounts will migrate to AIB by June, without disrupting services, and AIB Capital will move to Apex Africa premises in Westlands, Nairobi.
  • Genghis Capital and EGM Securities have announced a partnership to give investors a wider range of alternative asset classes including online currencies, commodities, precious metals, oil, and biotech company stocks. EGM runs FX Pesa and the partnership, which is on a revenue share basis, envisions enabling Genghis clients to purchase shares of Amazon, Alphabet, Facebook, Zoom, Moderna and Gilead Sciences. 
  • NSE App: Finally the Nairobi Securities Exchange (NSE) has also launched online share trading through a new app that enables people to open CDS accounts on their phones and start trading listed company shares. The app, available on Android and iPhone, makes it easier to get live share prices, and view data of ongoing trade activity, with personalized notifications, chats, and financial news. 
  • NSE Training: The NSE has also been conducting investment training classes virtually to show people how to invest online, open accounts, choose stockbrokers, manage portfolios, and invest in derivatives.  
  • CMA stats: Statistics from the Capital Markets Authority (CMA) show that Nairobi had a net outflow by foreign investors worth Kshs 11 billion in the first quarter of 2020, compared to inflows of Kshs 601 million in the first quarter of 2019. 

Also:  

  • Market capitalization was down 15% down to Kshs 2 trillion, from 2.3 trillion in Q1 2019. CMA stats also show that while Kenyan equity trades in the first quarter of 2020 were down 5% compared to the previous year, in (much smaller) Uganda and Tanzania, trades were up astronomically, by 315% and 433%, respectively.
  • Ultimately, Nairobi stockbrokers need a new IPO to fuel investor interest in the trading shares, and it should probably be through a huge government privatization on par with Safaricom, which the last major government IPO in 2008. Since then there have been IPO’s from Co-op Bank, British American (2011), the NSE itself in 2014, and the Stanlib Fahari I-REIT (2015).
  •  On the derivatives counter, introduced in 2019, there was 47% more activity in Q1 2020 to compared to Q4 in 2019. KCB was the most active (138 contracts worth Kshs 6.6 million), followed by Safaricom and Equity Bank. Meanwhile,  the New Gold ETF is 93% traded by foreign investors.  NSE stats show that AIB is the leading arranger of NSE futures deals, doing about 41% of deals worth 5.2 million, followed by Sterling Capital (28%) and Standard Investment Bank (9%).
  • Collective investment schemes currently have 52% of their portfolios in government securities, 26% in fixed deposits and 12% (Kshs 9.2 billion) in listed NSE firms.  
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E.A. Power & Lighting, 1929

The financial results of the East Africa Power & Lighting Company were published in London in July 1930 and reported by the East African Standard in Nairobi later that month.

Excerpts:

  • Revenue from sales for the year after generation costs was £86,891. Other revenue was £1,334 from the meter department.
  • Repairs, maintenance and distribution cost £11,964, salaries were £11,649, while directors fees and head offices expenses were £5,265, leaving a balance on the revenue account of £65,044.
  • The authorized share capital of the company was £700,000 with £570,000 issued, of which £270,000 are (7%) preference shareholders. Capital expenditure of the company was £432,462, with investments of £50,000.
  • The profit carried forward of Shgs 1,334,797 (equivalent to £66,739/17) was allocated as a dividend of Shgs 378,000 to the preference shareholders, depreciation was Shgs 220,000, to the general reserve was Shgs 60,000, re-issue of capital of Shgs 120,000 and a reduction of capital expenditure of Shgs 45,857.
  • This left a balance of Shgs 330,940 out of which a final dividend of 4% (making a total of 7% for the year) would be paid, and the staff provident fund would get Shgs 60,000, while Shgs 30,490 would be carried forward.
  • The company was negotiating with the Government for permission to develop further hydro-electric resources. The Financial Times described the discussions as “progressive” and that a favourable decision would soon be reached to hasten the execution of the work. They were also considering an additional plant in the Mombasa area to meet the increasing demand.
  • The number of consumers in Nairobi in 1929 was 3,084, an increase from 2,292 in 1927, while Mombasa had 1,424 consumers, an increase from 994 in 1927.
  • Owing to his absence from the Colony, Mr. J. Cumming, who joined the board in 1928, resigned his position as a director. The Hon. D. Finch Hatton was re-elected, while Mr. R. G. Vernon of Nairobi was appointed to fill a temporary vacancy on the board.

More:

  • From KPLC: In 1922, two utilities in Nairobi and Mombasa merged under a new company incorporated as the East African Power and Lighting Company (EAP&L).
  • See a more detailed story on the history of the company and a recent one on investing.
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