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Refinitiv Partners With Nairobi Stock Exchange to Enhance Transparency of Secondary Fixed Income Market in Kenya

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Refinitiv Partners With Nairobi Stock Exchange to Enhance Transparency of Secondary Fixed Income Market in Kenya

 KENYA – Refinitiv partnered with the Nairobi Stock Exchange (NSE) to enhance Fixed Income (FI) price discovery and raise market transparency in Kenya.

As part of the partnership, the NSE will roll out Refinitiv Fixed Income Callouts in Kenya, an automated workflow that facilitates negotiations and agreements of secondary Fixed Income (FI) bond trading among banks, brokerage firms, and real-time integration with the Central Securities Depository (CSD).

The primary FI market has been steadily growing in Sub-Saharan Africa (SSA) as governments explore better access to financing. According to the 2020 Refinitiv investment banking review, SSA debt issuance totalled US$19.0 billion in 2020. With the increased accessibility to technology, electronic trading has emerged as a significant channel to the growth of a secondary FI market across the continent.

The deployment of Refinitiv’s solution will enable the NSE to benefit from an automated Over the Counter (OTC) FI workflow that is integrated in real time with both, the Securities Exchange and the CSD in Kenya.

Geoffrey Odundo, Chief Executive Officer, Nairobi Securities Exchange, said: “We are excited to be working with Refinitiv and the fixed income community to drive innovations in our market and adopt global best practices. Refinitiv’s trading workflow combined with NSE’s post-trade system will help us improve trade life cycle, reduce operational risks and encourage price discovery and transparency in the market.”

Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv, said, “We are proud to partner with the NSE and the local regulators to foster transparency, latency and liquidity. Refinitiv Fixed Income Callouts will allow market participants to benefit from real-time price discovery across bonds and bills. The deployment will also facilitate collaboration among Kenyan banks, brokerage firms, and the CSD.”

“The Kenyan financial markets have seen significant growth over the past few years. This partnership reinforces our commitment to enable the local regulators and financial community with advanced technologies and workflows to achieve efficiency and growth. The adoption of Refinitiv Fixed Income Callouts will create an effective market infrastructure, build greater long-term confidence amongst investors, and ensure strong governance processes,” he added.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigerian Stock Exchange

NGX Index Sheds 0.79 Percent on Thursday

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited (NGX) Index dipped by 0.79 percent on Thursday to extend its bearish trend to 38484.82 index points.

Investors traded 259.968 million shares worth N1.982 billion in 4,975 transactions during the trading hours of Thursday, against 237,510,446 shares worth N1.882 billion traded in 4,305 transactions during the trading hours of Wednesday. 

Market capitalisation of listed stocks declined by N16 billion from N20.211 trillion recorded on Wednesday to N20.051 trillion on Thursday.

Top Gainers 
Symbols Last Close Current Change %Change
TRIPPLEG N 0.90 N 0.99 0.09 10.00 %
REGALINS N 0.41 N 0.45 0.04 9.76 %
CHIPLC N 0.54 N 0.59 0.05 9.26 %
PRESTIGE N 0.45 N 0.49 0.04 8.89 %
ACADEMY N 0.35 N 0.38 0.03 8.57 %

Top Losers

Symbols Last Close Current Change %Change
OANDO N 5.26 N 4.75 -0.51 -9.70 %
UACN N 11.20 N 10.20 -1.00 -8.93 %
LINKASSURE N 0.65 N 0.60 -0.05 -7.69 %
FTNCOCOA N 0.53 N 0.49 -0.04 -7.55 %
UPDC N 1.26 N 1.19 -0.07 -5.56 %

Top Trades

Symbols Volume Value
OANDO 56252236.00 288491744.30
GTCO 15287119.00 444928298.75
JAIZBANK 14898700.00 9218505.98
FIDELITYBK 14392576.00 34243927.81
WEMABANK 12215080.00 10084097.72

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Robinhood Falls in Trading Debut Closes 8.4% Lower at $34.82 Per Share

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Robinhood Markets Inc - Investors King

The investing app tumbled in its highly anticipated trading debut on Thursday, closing 8.4 percent below its initial public offering price.

Robinhood stock opened at $38, matching the IPO price, and quickly fell more than 10 percent. The stock later climbed to approach the IPO price before falling again in the final hour of trading to close at $34.82, Robinhood’s market capitalization was about $29 billion.

It was a disappointing debut for the company that brought the markets to the masses. Robinhood and its bankers tried to avoid a poor first-day performance by pricing shares at the bottom of its targeted range at a value of about $32 billion. A successful first day was the more important because Robinhood sold a big chunk of its shares to its own customers.

According to people familiar with the matter, breaking the Wall Street convention of giving individual investors only a minuscule slice of hot IPOs, Robinhood sold between 20 percent and 25 percent of its offering to its customers.

“One of our company values is ‘participation is power,’” Chief Executive Vlad Tenev said in an interview. “It didn’t seem right for us that IPOs had typically been reserved for the top 1 percent.”

Trading for the first time under the ticker HOOD, the online brokerage hit the public markets it seeks to democratize for amateur investors.

Robinhood, whose stock trading app has surged in popularity among retail investors is valued at 10.5 times forward EBITDA.

The company sold 52.4 million shares, raising close to $2 billion. Co-founders Vlad Tenev and Baiju Bhatt each sold about $50 million worth of stock. The company was last valued in the private markets in September at $11.7 billion.

Goldman Sachs and JPMorgan Chase are the investment banks that led the deal. Underwriters will have an option to buy an additional 5.5 million shares.

Unlike many recent IPOs, Robinhood was profitable last year, generating a net income of $7.45 million on net revenue of $959 million in 2020, versus a loss of $107 million on revenue of $278 million in 2019.

However, the brokerage had a loss of $1.4 billion in the first quarter of 2021 tied to emergency fundraising-related losses during January’s GameStop trading mania. The company generated $522 million in revenue in the quarter, up 309 percent from the $128 million earned a year earlier.

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Nigerian Stock Exchange

Nigerian Exchange Limited (NGX) Dips Slightly on Wednesday

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Nigerian Exchange Limited - Investors King

The Nigerian Exchange Limited closed lower on Wednesday as listed companies started releasing their first half of the year financial results. The Nigerian Exchange Limited dipped by 0.03 percent to 38791.03 index points.

Investors traded 237,510,446 shares worth N1.882 billion in 4,305 transactions during the trading hours of Wednesday. While the market capitalisation of listed equities moderated to N20.211 trillion.

Oando led the most traded stocks with 442.901 million shares valued at N232.963 million. This was followed by bank stocks as shown in the table below.

Capital Hotel Plc led gainers with N0.26 or 9.85 percent to close at N2.90 a unit.  This was trailed by Oando as shown in the table below.

Top Gainers

Symbols Last Close Current Change %Change
CAPHOTEL N 2.64 N 2.90 0.26 9.85 %
OANDO N 4.79 N 5.26 0.47 9.81 %
BOCGAS N 8.45 N 9.20 0.75 8.88 %
FTNCOCOA N 0.49 N 0.53 0.04 8.16 %
LIVESTOCK N 2.29 N 2.40 0.11 4.80 %

Top Losers 

Symbols Last Close Current Change %Change
CHIPLC N 0.60 N 0.54 -0.06 -10.00 %
TRIPPLEG N 1.00 N 0.90 -0.10 -10.00 %
PHARMDEKO N 1.21 N 1.09 -0.12 -9.92 %
REGALINS N 0.44 N 0.41 -0.03 -6.82 %
ETERNA N 7.60 N 7.10 -0.50 -6.58 %

Top Trades

Symbols Volume Value
OANDO 44290171.00 232963299.46
UBA 19347045.00 150748119.55
WEMABANK 14241504.00 11875243.28
ACCESS 13291234.00 123732885.50
JAIZBANK 12296486.00 7584191.02

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