…As Kenyan investors root for policy reforms to boost intra-Africa trade***
Activities on the nation’s bourse closed flat on Tuesday
with the All-Share Index increasing marginally by 0.01 per cent.
The News Agency of Nigeria (NAN) reports that the index rose
by 4.16 points or 0.01 per cent to close at 30,736.88 compared with 30,732.72
achieved on Monday.
Also, the market capitalisation, which opened at N11.460
trillion, grew by two billion naira or 0.02 per cent to close at N11.462
trillion.
An analysis of the price movement table shows that Seplat
led the gainers’ table, gaining N10 to close at N540 per share.
Red Star Express came second with 40k to close at N4.80,
while Guaranty Trust Bank gained 40k to close at N32.10 per share.
Custodian and Investment added 35k to close at N6.50, while
Oando advanced by 30k to close at N4.70 per share.
Conversely, Presco recorded the highest loss to lead the
laggards’ table, dropping by N2 to close at N60 per share.
Cement Company of Northern Nigeria (CCNN) trailed with a
loss of N1.90 to close at N25, while Nigerian Breweries shed N1 to close at N80
per share.
United Bank for Africa was down by 10k to close at N7.25,
while NEM Insurance declined by 10k to close at N2.50 per share.
However, the volume and value of shares traded dropped by
50.72 per cent and 55.88 per cent, respectively.
A total of 245.99 million shares worth N2.44 billion were
exchanged by investors in 3,320 deals.
This was against the 499.21 million shares valued at N5.53
billion traded in 3,874 deals on Monday.
Diamond Bank drove through activity chart having accounted
for 71.58 million shares worth N149.05 million.
Access Bank followed with an account of 26.99 million shares
valued at N151.13 million, while Guaranty Trust Bank traded 26.57 million
shares worth N847.79 million.
United Bank for Africa exchanged 21.96 million shares valued
at N159.78 million, while FBN Holdings traded 16.94 million shares worth
N123.62 million.
Meanwhile Kenyan investors on Tuesday called on African
governments to give priority to policy and legislative reforms in order to
boost cross-border trade capable of assisting to realising inclusive growth.
The members of the Kenya Private Sector Alliance, said this
in Nairobi during the announcement of the 7th edition of Africa Chief Executive
Officers (CEO) forum slated for March 25 to26 in Rwanda.
Rachael Muthoga, KEPSA’s deputy CEO said that a friendly
policy environment is key to promoting intra-Africa trade that currently stands
at 12 per cent.
“We can leverage on ongoing market reforms to accelerate
intra-Africa trade that is key to re-ignite economic growth in the continent,”
said Muthoga.
“Diversification from traditional sectors like agriculture
to financial services and ICT should be our main focus as African continental
free trade area (ACFTA) takes shape,” she added.
Kenyan business leaders, policy makers and budding
entrepreneurs will join more than 1,400 participants at the premier gathering
of African chief executives to brainstorm on emerging opportunities in the
continent.
Muthoga said the theme of the two-day summit, titled “Open
Africa: from continental treaties to business realities,” is in line with
Kenya’s investors lobby’s commitment to enhanced cross-border trade in goods
and services.
“There is need for renewed dialogue between governments and
industry to explore the opportunities provided by the vast African market,”
said Muthoga.
Kenyan business executives have rallied behind reforms aimed
at promoting market linkages across Africa and beyond.
Darshan Chandaria, CEO of Chandaria Industries, a leading
manufacturer of hygiene products, said that investments in modern
infrastructure is key to promoting intra-African trade.
“Indigenous companies are keen to exploit opportunities in
the regional and continental market subject to investments in modern roads,
ports and railway network to ease movement of goods and labor,” said Chandaria.
He noted that Kenya has a comparative advantage in
manufacturing and financial services sectors that it can harness to expand its
footprint across the African market.
