September 2023 Review
NSE Launches New Indices – During the month, NSE announced the introduction of two new indices, NSE 10 Share Index (N10) and NSE Bond Index (NSE-BI). The new NSE 10 index is a weighted index comprising of 10 companies based on market capitalization, benchmarked at 1,000 points that will be revised on a semi-annual basis. Currently the index is based on Safaricom, Equity Group, KCB Group, Cooperative Bank, Absa Bank, EABL, NCBA Group, KenGen, KenyaRe and Centum Investments.
Sanlam-Allianz Joint Venture – During the month, Sanlam and Allianz received regulatory approval for the joint venture that will operate as SanlamAllianz in 27 African countries. As stipulated during the inception of the agreement in June 2021, the two major insurance companies agreed to divide ownership of Sanlam-Allianz shares in a 60:40 ratio, based on the assessed value of the assets.
What does October '2023 Hold ?
October MPC Meeting – The sixth meeting of the Monetary Policy Committee (MPC) will be held in October 2023. We expect the CBR rate to be maintained at 10.50% with the committee considering the impacts of previous hike as well as the prevailing macro factors.