The CMA has announced an investigation into the dramatic price rise of EA Cables in the last two weeks. I understand the price gains since the stock split was announced but what the CMA should really look at are the price surges before the split was announced, and which took place on very thin volumes traded.
Jaindi Kisero, editor of the East African, explains how a stockbroker can manipulate the price of a stock upwards through "transactions done across the books - where two nominee accounts belonging to the same broker outbid each other and move the price to the level they have predetermined in their office away from the scrutiny of other players". Maybe the result would look like this. EA Cables is likely to be innocent but brokers are not being candid about their nominee account dealings. The may also be a factor behind the steep day one price surges of Kengen and Equity Bank.
- Bank merger: EABS Bank is seeking a merger with another bank to propel it into the top 10 of Kenyan banks. It was formed by a merger of East African Building Society and Akiba Bank in 2005. from East African.
- CFC has cut back its Saturday banking hours to a more conventional 9a.m. to noon. It appears that longer hours don’t mean longer profits and such banking may be better left to ATM’s which are 24-hours. The pioneer of longer hours was NIC’s MOVE.
- NBK has linked its ATM’s with Pesa Point.
City vs. Justice
On Monday morning, the parking lot at the Law Courts operated by the Nairobi City Council had been fenced and had signs proclaiming the parking as the site of a new courthouse and police post. But within an hour, staff from the city council had demolished the mabati fence and resumed normal parking activities.
- New look KQ: Kenya Airways has advertised for the design of new uniforms and interior design of aircraft. Details at www.kenya-airways.com and deadline is September 30.
- Went to JKIA on Sunday Afternoon. The local terminal was clearly overcrowded with jets having nowhere to park and passengers had to walk past several other aircraft as there are no walkways. The airport authorities have scrapped plans to utilise the old (Embakasi) airport but something needs to be done soon. I remember arriving at Mumbai and being driven in a taxi out of the airport at 2.a.m. to the local terminal for a connecting flight, which was a bit scary for a first visit to India.
- African time If you get bumped by KQ as often happens these days it’s because the airline typically has about 5% no shows and so adjust their booking to ensure that there are no empty seats on flights. Sometimes everyone shows up hence someone has to get bumped.
Standard goes main
In January shares of the Standard Group will move from the alternative board to the main listing board at the NSE.
A shortage of baby diapers in Nairobi is to being blamed on the Lebanon-Israel war in the Middle East.
Chief financial officer at the Aga Khan Hospital Mombasa. Apply to firstname.lastname@example.org by August 25.
Programme officer at the Forum for African Women Educationalists (FAWE)> Apply through Deloitte at email@example.com
NGO Council: Deputy director finance & administration, finance manager, legal officer, IT operator, Project officer, and other vacancies. Deadline is August 25.
Africa region director at the American Red Cross. check www.redcross.org/jobs for derails
Apply to the Head of HR
- Senior accountant (Treasury) D/L is August 18
- Sales executives. D/L is 26 August
- Regional sales & distribution managers. D/L is 30August
World Bank: The deadline for applications to the WB Young Professionals Program is August 31.