Blog Archive

Friday, December 22, 2006

NSE Website woes continue...

Njuguna of Atlanta, Georgia sent this letter to the EA Standard on 6 Dec 2006.

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 The home page is poor in graphics, the picture’s resolution poor and most of the information is outdated.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?

Waiting???

The NSE Handbook is available, but can’t there be online purchase? The last update of current events was in May, last year!

Still waiting???

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.


Hoseah Njuguna,
Atlanta, Georgia

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


104 comments:

Anonymous said...

i sometime think that the mwebesa's and jimnah mbaru's of the stock exchange think that information especailly on the NSE is a privilege and not aright. of the public.

Also didnt the current CEO of the CMA have he's brokerage firm suspended from the nairobi stock exchange at some point in thepast - how then was he appointed the CEO of the CMA?

we need some fresh blood both at the NSE and CMA.

Anonymous said...

How about phone2phone pennsylvania , why not post something on that for a change?

J K said...

It's the proverbial Ostrich with it's head buried in sand. Mwebesa is trying to defend the indefendible and attacking the deliverer of the bad news. See no evil, hear no evil and say no evil attitude will not do NSE any good. They must address real issues and not mere headlines.

Bob said...

I just find it odd tha Mbaru is a member of Dyer & Blair, TransCentury and the NSE.

TransCentury has done really well recently, especially with East African Cables. The original about 200mn KSH investment has risen alot.

I think accross the book transactions played a large part.

Anonymous said...

the problems with the NSE are common amongst most African stock exchanges even the bigger ones. They either cannot provide basic info because they are inefficient (not underresourced) or they rent seek by charging for basic information. Try an get ANY information on Nigeria. The answer1 : regulate the exchanges properly: the answer 2: take the exchanges away from the brokers' influence

Anonymous said...

ehhh....boss....r u on strike ama?
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Empower Kenya said...

CT,
This is my first time logging on to your blog, I have found it insightful. I want to thank you for posting my letter to the Standard and addressing how Mwebesa evaded the issues that I raised. The only thing that he seemed to addressed was the website--He claimed there is a new website coming up. It has been a month since his letter and we have yet to see any new site or improvement to the old.
Kudos on your blog and keep up the good work

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