Mwebesa of the NSE commented on 14 Dec 2006 but IMHO never addressed the real issue but obfuscated it by attacking Njuguna.
As usual, my comments in RED.
NSE is a disappointment to investors in, out of Kenya
Note that the EA Standard can edit your subject header. Njuguna has little control over the letter's heading.
The Nairobi Stock Exchange’s website is a disappointment yet again. I am an avid investor in the US, and have been doing research on the stock market. I thought the best place to get the NSE’s daily progress was its website.
But anyone who frequents it can testify to its lack of innovation, information and creativity. The home page is poor in graphics, the picture’s resolution poor and most of the information is outdated.
Monday was December 4, but the daily market report was for November 30. The annual report on the website is 2004’s! Is it believable that last year’s information is not available?
How can the NSE have any moral fibre for insisting listed firms publish Financial Statements in a timely manner if the NSE does not do so? Even if the NSE is not a "public" company there is a duty of care (fiduciary responsiblity). Is the NSE insolvent?
The NSE Daily Price List for November 30, a Thursday, was not updated until the close of business on Monday. Does the NSE take a five-day weekend?
mwebesa... we are waiting???
Are investors supposed to wait until it is convenient for NSE to post the price list?
The NSE Handbook is available, but can’t there be online purchase? The last update of current events was in May, last year!
How can the NSE and the economy grow if the nation’s only stock exchange fails investors?
mwebesa NEVER addressed any of the issues in his letter but sought to "blame" Njuguna for his letter!
I thought automation of the trading system would boost the stock exchange. This was not to be. The NSE, under the stewardship of respected professionals, including the chairman Mr Jimnah Mbaru, should update its information technology.
NEXT: chris mwebesa's non-answer on 14 Dec 2006
Letter not a true picture of the NSE
A letter to the editor in The Standard on December 6 was misleading.
Huh? There is nothing misleading in the letter!
The headline, ‘NSE is a disappointment to investors in, out of Kenya’, implied that the bourse is a disappointment to all yet the letter from Mr Hosea Njuguna of Atlanta, US, was a comment on the Nairobi Stock Exchange’s website.
There were multiple issues addressed. There were questions not just a "comment". Addrress the "headline" to EA Standard.
However, we are the first to admit that technical problems with our website have frustrated the public. We commissioned a new website and it will be handed to the NSE tomorrow.
What does "first to admit" mean to them?
The lousy website has not been "upgraded" for years. What were they doing for the past few years. mwebesa has been CEO for a while!
As of 22 Dec 2006, the same old lousy website is available! Of course, I expect nothing until 2007.
What is the point of "reaching out" to the Diaspora if they can't get the relevant information?
Chris Mwebesa,NSE chief executive