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“As at the end of September, the NSE 20 Share Index —which tracks the movement of share prices and which consists of a basket of stocks representative of the entire market —had dropped to 3,284 points from 4,432 points at the close of trading in December 2010″…..comparatively..”Last year the Kenyan market was one of the most robust in the continent giving investors high returns on the back of low inflation and interest rates and strong economic growth that hit 5.6 per cent, lifting the earnings of majority of the stocks at the bourse”.|Source:Business Daily|

Nairobi Stock Exchange Website

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• British-American IPO raises Ksh3.5 billion (siku-moja.blogspot.com)

When:29-31 October 2010

Where:Nairobi,Kenya

What: IPO48 is a boot-camp-style initiative to build new web and mobile services in just 48 hours.

IPO48 starts already 10 days before the actual get-together in Nairobi. Everybody can submit business ideas on HumanIPO, that way all participants can learn and evaluate ideas, ask questions, give their comments and find the potential ideas they would like to work on. On 26th of October we will announce 20 most popular business plans, which will be presented by the authors on Friday evening in IPO48.

IPO48 will peak with the new product demonstration on Sunday evening where the judges will pick the winner of the event. Besides of having strong technological solution for the product/service, the winning team needs to highly focus on their business model

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• Kenya Airways Flies to Angola (flightafrica.blogspot.com)
• Supporting Socially Innovative Tech Startups (readwriteweb.com)
• Tandaa Announces Winners of Kenya Government Information Portal grant (siku-moja.blogspot.com)

Equity Bank is a [NSE :EQTY]financial services organization in East Africa with an estimated asset base of over US$1.1 billion.

The Group’s headquarters are located in Nairobi, Kenya, with subsidiaries in Kenya, and Uganda, Rwanda and Southern Sudan.

Their  product line consists of loans,mortgages,investments,debit cards and credit cards,mobile banking,retail internet banking.See more here

Equity Bank

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• Kenya joins outsourcing fast track (telegraph.co.uk)

The  Kenya Capital Markets Authority (CMA) has made law the following  new regulations

:

- Sets minimum share capital for stockbrokers at Kshs. 50 million (~$650,000) and investment banks at 250 million (~$3.25 million) some stockbroker are investment banks in name only name
- Agents may work for one stockbroker only and may not handles client cash
- They must use International Financial Reporting Standards (IFRS)for reporting
- They must publish audited accounts and ½ year un-audited accounts in newspapers and also dispaly the same in their branches so by August 09 we should get a clearer picture of who’s up or down
- They must obtain indemnity insurance
- They are to notify the CMA before appointment of executives, directors, and auditors as well as prior to branch openings/closing

source

Go to Bankele who has more to say about the impact these rules have.

West African banks include big players like,United Bank for Africa[6 million customers],Ecobank[500 branches], Access Bank, and Bank of Africa [Monitor]

Last Wednesday, the Monetary Policy Committee retained the Central Bank Rate (CBR) at nine per cent, validating the Central Bank’s move in recent treasury debt auctions to take money at higher rates despite evident revenue gaps. [ BDaily;must be registered]