Investors lose big as listed firms perform poorly
BUSINESS
By Valentine Kondo
| Nov 11th 2018 | 2 min read
BUSINESS

Investors lost big in the wake of poor financial performance by most listed firms according to Capital Markets Authority report released on Friday.
In the Statistical Bulletin Q3 report ending September, investors lost Sh364.9 billion in paper wealth with total turnover declining 32.27 percent and performance going south compared to quarter two.
Market capitalization went down to Sh2.21 trillion by 6.68 percent marking Sh364.9 billion drop in investor wealth while primary and secondary bond markets marginally improved.
CMA’s Director Regulatory Policy and Strategy, Luke Ombara said, “the steep drop in performance in the equities market was in tandem with significant equity portfolio outflows recorded throughout the quarter, attributable to a myriad factors including profit warnings and declining profitability of listed companies.”
Shares traded during the period went down to 1.04 billion from 2.01 billion, a 48.2 percent drop under the same period in 2017 with Equity turnover dropping by 40.04 percent to Sh31.9 billion compared to 2017’s Sh53.6 billion.
READ MORE
CMA states that general money markets underperformed during the period in review with Nairobi Securities Exchange posting a 2875.5 points from top 20 listed firms in relation to 2017 when NSE posted 3752.5 points with 149.7 points after NASI dropping 12.5 points.
In October, Kenya Power predicted a downward projection of its profits for the fiscal year ended June by 25 percent for poor economic environment, prolonged electioneering period, late review of electricity prices and unfavorable hydrological conditions.
This comes after CMA suspended cement manufacturer Athi River Mining from NSE over debts in August.
RELATED VIDEOS
Magufuli sacks ministers over cashew nuts
President fired two ministers and dissolved the cashew nut industry regulator in a row over the price of the commodity.China rejected Kenya's request for Sh32.8b debt moratorium
China is Kenya’s largest bilateral lender with an outstanding debt of Sh692 billion.MOST READ

- CBK fees waiver pushes M-Pesa daily deals with banks to Sh15b
BUSINESS
- Ex-Britam bosses to face trial over Sh1.1b 'theft'
BUSINESS
By Paul Ogemba
- Twelve per cent of Kenyans default on loans, says CRB
BUSINESS
- Suppliers could sue State in Sh134b pending bills row
BUSINESS
- Safaricom pulls NSE to 20-month low, sheds Sh40b
BUSINESS