🇰🇪 Nairobi Securities Exchange

Fitch Ratings has downgraded the Long-Term Issuer Default Ratings (IDRs) of three domestically-owned Kenyan banks (KCB Bank Kenya Limited, NCBA Bank Kenya Plc and I&M Bank LIMITED) and their bank holding companies (BHCs; KCB Group PLC, NCBA Group PLC and I&M Group Plc) to 'B-' from 'B'. The Outlooks are Stable.

Kenyan stocks pared losses yesterday after a selloff rocked markets worldwide at the start of the week, with investor sentiment stabilising after a rush for exits amid fears of a US recession and signs of financial instability in Japan.

Jubilee Asset Management, a subsidiary of Jubilee Holdings, has launched a dollar-denominated fund that requires an initial minimum investment of $1,000 (Sh130,000), opening doors to retail and institutional individuals.

Tanzania-based conglomerate with diverse interests in energy, construction, food and transport has made a $180 million (Sh23.15 billion) bid to acquire the entire stake of Bamburi Cement in what will mark one of the largest takeover deals in the East African region.