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Nairobi Stock Exchange Rises By 45%

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Nairobi Securities Exchange (NSE) closed trading on November 3, 2020 with a 45% rise. 20.79 million volume of shares caused this increase worth KSh 632.7 million.

The main force behind the move, Safaricom  traded 15.7 million shares at a price of KSh 31.2. The counter recorded 129 deals resulting in a turnover of KSh 490.22 million with 97.3% foreign investor participation.

Equity Group Plc, the second top mover had 2.74 million shares traded. Its share price was, however, down by1.80% to close at KSh 32.75 from the previous KSh 33.35. There were 115 deals posted on this counter with foreign investors accounting for 52.5% of the KSh 89.67 million turnover.

Bamburi was the third-largest mover with a volume of 492,800 shares changing hands at the price of KSh 24.00, a rise of 5.26% from the previous KSh 22.80 this Monday.

Centum Investments was the 4th largest mover with a volume of 431,800 shares at a lower price of KSh 17.50 compared to KSh 18.05 when trading closed yesterday.

Bank of Kigali closed the top 5 movers with a volume of 234,800 at a price of KSh 12.55 from the previous KSh 12.75.

The top price gainers were led by Olympia Capital Holdings, which gained 9.74% to trade at KSh 2.14. It was followed by Eveready which was up 7.07% to KSh 1.06, East African Cables which was up 6.04% to KSh 1.58, Bamburi Cement which edged 5.26% to close at KSh 24.00 and Stanbic Holdings which gained 5.19% to close at KSh 81.00.

The worst performers were led by Limuru Tea whose price was down 10% to close at KSh 360 from the previous KSh 400. This counter had one deal of 100 shares that resulted in a turnover of KSh 36,000.

Limuru Tea was followed by Nairobi Securities Exchange which fell 5.99% to KSh 7.54, Flame Tree Group which was down 5% to KSh 1.33, Centum Investments which declined 3.05% to trade at KSh 17.50 and KPLC which was down 2.84% to KSh 1.71.

The benchmark NSE All Share Index (NASI) declined 0.18 points to close at 140.58 while the NSE 20 Share Index also fell by 7.97 points to settle at 1755.75. The NSE 25 Share Index declined 5.84 points to close at 3165.51.

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Rwanda Cancels Plan to Increase RwandAir Fleet

The government says expansion of the airline’s fleet will wait until business goes back to normal.

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Rwanda has announced that it is putting on hold the acquisition of new airplanes for its national carrier RwandAir, mainly due to the impact of Covid-19 on businesses.


The additional planes were to enable RwandAir serve the increasingly opened skies through the Bilateral Air Services Agreement (BASA).


Due to the global pandemic, RwandAir was forced to suspend operations following the lockdown in March, and only resumed operations in August when the country started a gradual re-opening of the economy.


The airline has gradually re-opened routes, though passenger occupancy remains low as some parts of the world remain in a lockdown while in other countries, travel remain restricted.


The government says expansion of the airline’s fleet will wait until business goes back to normal.


RwandAir currently has 12 airplanes including two Boeing 737-700NG, two Bombardier CRJ-900 NextGen, four Boeing 737-800NG, two Bombardier Q-400 NextGen, one Airbus A330 – 300, and one Airbus A330 – 200.


Before the pandemic hit, the airline had planned to lease two Airbus A330neo and two Boeing 737 Max 8.

Read also: Rwanda, Qatar sign aviation pact


Rwanda’s Minister of Infrastructure Claver Gatete says “Even the planes we have are not being used to the maximum due to the Covid-19. We have to wait until the passengers are free to keep travelling in a safer environment, so that we can now expand as we cannot expand in this environment.”


He spoke during a press briefing on Friday after signing a bilateral air services agreement (BASA) with the Republic of Korea, bringing the total to 101 BASAs within and outside Africa. Out of these, 52 have been ratified, 17 signed, and 32 initiated.


According to the airline’s earlier plans, the A330neos were to be deployed on long-haul routes to Guangzhou, China, and New York, as well as boost capacity to Dubai, Lagos, and Johannesburg.


RwandAir recently secured clearance to serve New York on code-share and wet-lease basis; an arrangement where one airline provides an aircraft, complete crew, maintenance, and insurance to another airline or other type of business acting as a broker of air travel (the lessee), which pays by hours operated.


The 737 Max 8s were scheduled to serve Tel Aviv in Israel, and other regional flights such as Addis Ababa in Ethiopia.


Despite the halting of airplane acquisitions, the government says infrastructure investment to support the aviation sector will continue.
Qatar is set to acquire 60 per cent stake in RwandAir and is expected to complete construction of Bugesera Airport.


According to Gatete, negotiations with Qatar have advanced, and inking the deal between the two parties should take place anytime soon, under which the construction work should take off.

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NC Interview | African Startups Ecosystems

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Startups in Africa have become a phenomenon. The COVID-19 Lockdown encouraged many businesses to move online with the new normal of doing business virtually.

In the second quarter of 2020, African startups have raised more than $500 million according to Maxime Bayen of GreenTec Capital.

News Central had an exclusive chat with an investor and startup founder, Gulbet Kiros.

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Business Edge | Africa Continental Free Trade Agreement (AfCFTA)

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Today on Business Edge, Tolulope Adeleru Balogun discusses the Africa Continental Free Trade Agreement (AfCFTA) with Andrew Mold, Chief, Regional Integration and AfCFTA, Sub-Regional Office for Eastern Africa, United Nations Economic Commission for Africa.

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