Weekly Markets Update 38| New Appointments at HF Group, Dips in NSE Indices and Jittery Global Tech Stocks

Kenyan Wallstreet

Last Week, HF Group announced the appointment of Olive Mugenda, a known reformist and chairperson at the Kenyatta University Teaching and Referral Hospital. Benchmark indices ended the week lower as major stocks on the exchange went red, including Safaricom. However, the overall market activity was high. Equity turnover was up 53.2% to Ksh 3.2 billion traded while volume rose by 33.4% with 73.2 million shares traded. NBV's YTD performance has dipped from top position to 10th, pointing to its continuing high volatility.

Globally, tech stocks were jittery. Shares of Twitter, Alphabet, Microsoft and Snapchat were all down. Snap Inc, the company behind Snapchat released positive results but failed to meet analyst expectations. Revenue was up by 57% to $1.7 billion, a shortfall of 93 million dollars from what analysts expected, which is why the stock plummeted on Thursday and Friday, closing the week at $55 after shedding 27%. Facebook will be releasing its results today.

Listen to this podcast to understand what happened in local markets last week, and what to expect from global tech stocks following changes in Apple's privacy policy that is spelling doom giants like Snap and Facebook.

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This episode features:
Felix Ochieng - Chief Financial Analyst, Hisa