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Transcript

NSE vs. Wall Street : Where’s the Money? · The Mwango Capital Podcast

0:00
SPEAKER_02: Good evening, everyone.
0:01
SPEAKER_02: I hope you are all feeling well this evening.
0:04
SPEAKER_01: As always,
0:05
SPEAKER_01: it's such a pleasure to be here and have the kind of conversation
0:09
SPEAKER_01: that we have been having on Spaces.
0:12
SPEAKER_01: The conversation is the NSC versus Wall Street.
0:16
SPEAKER_02: Where is the money?
0:19
SPEAKER_01: But the conversation we'll be having today,
0:22
SPEAKER_01: we'll examine the NSE's position,
0:24
SPEAKER_01: of course, that's the Nairobi Securities Exchange, relative to Wall Street.
0:28
SPEAKER_01: And of course,
0:29
SPEAKER_01: through the length of HITA's multi-market platform covering
0:33
SPEAKER_01: the opportunity shift that's driven by the NSE IPO revival,
0:38
SPEAKER_01: the access barriers that HITA removes to Kenyan investors in capital between local
0:44
SPEAKER_01: and global markets, the valuation and liquidity gap.
0:48
SPEAKER_01: Between the NSC's 2026 rally, the research coverage gap on midsize, the me names.
0:54
SPEAKER_01: I want to briefly introduce my panelists before I ask them to introduce us to Hita.
1:00
SPEAKER_01: Leah Wakarima,
1:01
SPEAKER_01: Leah is the operations lead at HISA,
1:05
SPEAKER_01: and Gertrude Njeri, who is the head of research.
1:09
SPEAKER_01: And of course,
1:10
SPEAKER_01: if you haven't already engaged with HISA,
1:13
SPEAKER_01: HISA is a mobile and web investing platform that lets people Users trade Kenyan,
1:19
SPEAKER_01: Nigerian and US stocks and ETFs from a single account alongside portfolio tracking
1:26
SPEAKER_01: and market needs.
1:28
SPEAKER_01: The platform is, of course, regulated.
1:30
SPEAKER_01: It operates under the Capital Markets Authority,
1:32
SPEAKER_01: that's the CMA in Kenya,
1:33
SPEAKER_01: and the Security and Exchange Commission, that's SEC in Nigeria.
1:37
SPEAKER_01: We'll quickly start off and I'd like to welcome...
1:41
SPEAKER_01: Gertrud and Lea, please say good evening.
1:44
SPEAKER_01: Tell us a little bit about what you expect this evening and then one
1:48
SPEAKER_01: of you can take us through who Hisa is and what to expect out
1:53
SPEAKER_01: of our conversation this evening.
1:56
SPEAKER_02: Good evening, everyone.
1:57
SPEAKER_02: I'm glad to have all of you here.
1:59
SPEAKER_02: From this conversation,
2:00
SPEAKER_02: we're really trying to see Investment opportunities that are available for Kenyans,
2:05
SPEAKER_02: especially beyond just the Kenyan markets,
2:09
SPEAKER_02: beyond just what is available for us and what has been known to be
2:13
SPEAKER_02: the medicinal investment methods that users or other Kenyans have been used to.
2:19
SPEAKER_02: I'd like my colleague Gertrude to introduce you to Hissa,
2:22
SPEAKER_02: take you through Hissa and what you're about.
2:25
SPEAKER_02: But yeah, I believe that's what you're looking to get through from this conversation.
2:29
SPEAKER_00: Thank you, Cleo.
2:30
SPEAKER_00: Thank you, Cheyenne.
2:31
SPEAKER_00: So as you've heard, HISA is simply a platform or how I like describing HISA.
2:39
SPEAKER_00: It is simply a gateway that gives you access to the Kenyan market and US market.
2:46
SPEAKER_00: For retail investors,
2:48
SPEAKER_00: this is simply a tool that you can use to start
2:52
SPEAKER_00: and accelerate your wealth creation journey.
2:55
SPEAKER_00: That is by accessing these opportunities in the various markets.
3:00
SPEAKER_00: Ideally, we'll simply talk more about Hista as we continue the conversation.
3:05
SPEAKER_00: Terian, back to you.
3:07
SPEAKER_01: Thank you so much.
3:09
SPEAKER_01: Gertrude, we'll just kick off with you by looking at the opportunity shifts.
3:13
SPEAKER_01: Of course, at the NSC, there has been an IPO drought that lasted around 11 years.
3:19
SPEAKER_01: And then we saw Kenya Pipeline listed in March of this year,
3:24
SPEAKER_01: raising over 106 billion Kenya shillings.
3:27
SPEAKER_01: Then after that, Family Bank followed by Introduction in June.
3:31
SPEAKER_01: How much of a structural shift does this represent for the NSE's opportunity set
3:36
SPEAKER_01: and what kinds of companies or sectors should investors expect to see list next,
3:42
SPEAKER_01: especially with government being very keen on getting more companies to be listed?
3:48
SPEAKER_00: That's a very good question.
3:50
SPEAKER_00: And the return of new listings is an important development because one of
3:54
SPEAKER_00: the NSC's biggest challenges over the years has been the limited supply
4:00
SPEAKER_00: of new quality investment opportunities.
4:03
SPEAKER_00: Keyword being quality investment opportunities.
4:06
SPEAKER_00: So we saw KPC raise $106.3 billion,
4:11
SPEAKER_00: making it the first IPO on the NSC in 11 years' World Funding Bank.
4:17
SPEAKER_00: Please stand through introduction.
4:20
SPEAKER_00: What's encouraging is that we are beginning to see the market broaden beyond
4:25
SPEAKER_00: the traditional large names that we all know them.
4:28
SPEAKER_00: All right.
4:29
SPEAKER_00: So as an investor who looks at companies,
4:32
SPEAKER_00: the likes of Safaricom,
4:34
SPEAKER_00: Equity, KCB or Cooperative Bank, now you have more opportunities to consider.
4:40
SPEAKER_00: So going forward.
4:42
SPEAKER_00: I'd expect interest in areas such as infrastructure, energy,
4:46
SPEAKER_00: financial services,
4:48
SPEAKER_00: manufacturing,
4:49
SPEAKER_00: consumer businesses,
4:50
SPEAKER_00: and as you mentioned, state-owned enterprises are undergoing privatization.
4:56
SPEAKER_00: But I wouldn't say every new listing is automatically a good investment.
5:01
SPEAKER_00: The real structural shift comes if...
5:05
SPEAKER_00: We can create a consistent pipeline of quality businesses,
5:10
SPEAKER_00: attractive valuations, sufficient liquidity.
5:12
SPEAKER_01: Thank you so much.
5:13
SPEAKER_01: And that really does set the pace for the conversation that we're having and some of
5:18
SPEAKER_01: the things that you've mentioned I'd like us to pick up as we go along.
5:22
SPEAKER_01: Lea, come to you.
5:23
SPEAKER_01: The NSE market cap sits at around $4.3 trillion.
5:27
SPEAKER_01: That's about $2.3.
5:29
SPEAKER_01: $33 billion against roughly $40.7 trillion on the NYSE alone.
5:36
SPEAKER_01: Does that scale difference translate into a more genuine opportunity on Wall Street?
5:42
SPEAKER_01: Or does it just mean more competition chasing the same misprisings?
5:47
SPEAKER_02: I'd first say that.
5:48
SPEAKER_02: The pricing that is around the Kenyan market,
5:52
SPEAKER_02: I wouldn't talk about it as it's a less opportunity when it comes to
5:56
SPEAKER_02: the Kenyan market compared to the NYC.
5:58
SPEAKER_02: Ideally,
5:58
SPEAKER_02: the NYC does reward feed,
6:00
SPEAKER_02: does reward people who are able to have more information and be able to just catch
6:06
SPEAKER_02: the opportunities very fast.
6:07
SPEAKER_02: But on the Kenyan market,
6:08
SPEAKER_02: we'll see that we're still rewarding patients,
6:10
SPEAKER_02: we're still rewarding people who are doing Lately,
6:13
SPEAKER_02: we've seen companies like Sky in general come up.
6:16
SPEAKER_02: We've also seen KTLC come up.
6:18
SPEAKER_02: Companies that many people would not have thought they were actually going
6:22
SPEAKER_02: to give people the gains that they've given them.
6:24
SPEAKER_02: Because they know one of the things that people always see is in the US market,
6:27
SPEAKER_02: it's fun because there's, as they said, more opportunity.
6:31
SPEAKER_02: People are able to invest fast, people are able to get more returns.
6:35
SPEAKER_02: The market is growing, so there's a lot more shift, there's a lot more cross there.
6:39
SPEAKER_02: But in the Kenyan market as well,
6:40
SPEAKER_02: as currently we've always been saying,
6:43
SPEAKER_02: the Kenyan market has been undervalued for such a long time.
6:46
SPEAKER_02: And that has also provided the shift that we're seeing today.
6:49
SPEAKER_02: I see the NIC being worth more than 40 billion.
6:53
SPEAKER_02: So what we're seeing is companies are increasing in value,
6:57
SPEAKER_02: more and more people are investing,
6:58
SPEAKER_02: and this is also shifting the culture, even in the Kenyan market.
7:03
SPEAKER_02: Ideally,
7:03
SPEAKER_02: the New York market is valued more,
7:06
SPEAKER_02: it has more opportunities, but so does the Kenyan market.
7:09
SPEAKER_02: It's the time at which it is growing, at the time where it's getting to its peak.
7:12
SPEAKER_02: So we are still expecting to see growth in all these companies.
7:15
SPEAKER_02: We're still expecting to see companies like Safaricom continue to grow,
7:18
SPEAKER_02: continue to provide growth into the Kenyan market.
7:21
SPEAKER_02: Ideally,
7:22
SPEAKER_02: unfortunately for us,
7:23
SPEAKER_02: the market has really been driven by one company,
7:27
SPEAKER_02: which has been Safaricom, owning 36% of the whole market.
7:31
SPEAKER_02: But I think we're also starting to see a structural shift in that since
7:35
SPEAKER_02: before I believed Safari Chrome owns 60% and it has now come to that 6%.
7:40
SPEAKER_02: So that means as much as the Korean market is not to be where
7:44
SPEAKER_02: the New York market is,
7:45
SPEAKER_02: they still grow for growth,
7:47
SPEAKER_02: which also does bring in a lot of room for investors to be able to invest
7:52
SPEAKER_02: and also grow their money.
7:53
SPEAKER_01: You do bring in that balance that we should look at.
7:56
SPEAKER_01: And I'm just curious.
7:58
SPEAKER_01: And I'd like to ask those of us that are here in the spaces, just one question.
8:03
SPEAKER_01: If you were to pick somewhere to invest,
8:05
SPEAKER_01: let's say you had a thousand dollars,
8:07
SPEAKER_01: would you put it on the NSC or would you put it on the NYSC?
8:12
SPEAKER_01: Please answer in the comments.
8:13
SPEAKER_01: I'm just curious to see, and then we can take that conversation on later.
8:17
SPEAKER_01: But please let us know if you've got a thousand dollars.
8:21
SPEAKER_01: Would you invest that in the NSC or would you invest it on the NYC and perhaps on
8:27
SPEAKER_01: which stocks that you'd be looking at?
8:29
SPEAKER_01: Getrid, let's now come to you on building a portfolio.
8:32
SPEAKER_01: So for an investor who already owns,
8:34
SPEAKER_01: let's say,
8:35
SPEAKER_01: Safaricom or Equity Group,
8:36
SPEAKER_01: what's the practical case for also holding names like NVIDIA or Apple?
8:42
SPEAKER_01: And how should someone weigh that?
8:44
SPEAKER_01: That local conviction against global diversification when deciding where new capital goes.
8:50
SPEAKER_01: Please just take us through what that looks like.
8:52
SPEAKER_01: I'm already investing, let's say, in Safaricom.
8:55
SPEAKER_01: What do I weigh?
8:56
SPEAKER_00: That's a very good question, Sirian.
8:59
SPEAKER_00: So the practical case is diversification of both the geography and economic exposure
9:06
SPEAKER_00: of your portfolio.
9:07
SPEAKER_00: So if you own Safaricom and equity, you already have meaningful exposure in Kenya.
9:14
SPEAKER_00: There Your performance is influenced by Kenyan economic growth,
9:18
SPEAKER_00: local interest rates, regulations, the shielding, and domestic consumer activity.
9:25
SPEAKER_00: Adding Apple or Nvidia doesn't mean you're abandoning Kenya.
9:30
SPEAKER_00: You are simply adding exposure to different economies,
9:34
SPEAKER_00: currencies, sectors, and sources of earning growth.
9:38
SPEAKER_00: And this is where I think Investors sometimes look at diversification too in a narrow way.
9:45
SPEAKER_00: You shouldn't ask, should I pick Safaricom or Apple?
9:49
SPEAKER_00: I think you should ask,
9:51
SPEAKER_00: what risks are already sitting in my portfolio and what can I do to reduce
9:57
SPEAKER_00: that concentration?
9:59
SPEAKER_00: That's why I prefer thinking about portfolio construction rather than picking a winning market.
10:05
SPEAKER_00: So both, not one.
10:07
SPEAKER_01: Leila, I've come to you on the retail access shift.
10:10
SPEAKER_01: The detrader and single share trading have removed that old lot size barrier
10:15
SPEAKER_01: to NSE investing and the exchange added over 49,000 new investor accounts
10:22
SPEAKER_01: in 2025 alone.
10:23
SPEAKER_01: Where does HISA fit into that shift and what specifically does the platform remove
10:29
SPEAKER_01: from the process of getting started?
10:32
SPEAKER_02: Those 49,000 accounts really tells you that it was not a problem
10:36
SPEAKER_02: or people don't invest in the market.
10:38
SPEAKER_02: It was mostly because there was a lot of friction.
10:41
SPEAKER_02: There was a lot of paperwork that was involved.
10:43
SPEAKER_02: You'd have to go to a broker,
10:45
SPEAKER_02: take up to seven working days for you to actually get an account because you have
10:49
SPEAKER_02: to fill out the paperwork,
10:51
SPEAKER_02: wait for your paperwork to be sent to the CDS, CT Bridge into CDS account.
10:55
SPEAKER_02: Then it's brought back to you.
10:57
SPEAKER_02: The broker provides all those documents.
10:59
SPEAKER_02: This actually,
11:00
SPEAKER_02: the fact that even in this,
11:02
SPEAKER_02: in 2025 alone,
11:03
SPEAKER_02: we're able to have 49,000 new investors since that people actually don't want
11:08
SPEAKER_02: to invest.
11:09
SPEAKER_02: And as he said, what we've actually done is remove all those buyers to invest in Mwango.
11:14
SPEAKER_02: You don't have to now walk into a traditional broker to have your account open.
11:18
SPEAKER_02: You just do it from the top of your phone.
11:20
SPEAKER_02: So you're able to open your CDS account, register your details.
11:24
SPEAKER_02: And from that, you're able to invest in the stock market.
11:27
SPEAKER_02: In the U.S. market, once you're verified on our account, you're able to start as soon as that.
11:32
SPEAKER_02: And the execution would take about 24 to 48 hours.
11:36
SPEAKER_02: So what that does is it removes that barrier of people having to think, I wanted to invest.
11:41
SPEAKER_02: That is taking so long and now I have to take my money elsewhere
11:44
SPEAKER_02: or I found something else to do with money.
11:46
SPEAKER_02: Because we all know that investing is really timely.
11:48
SPEAKER_02: When people want to invest,
11:49
SPEAKER_02: they don't have all these delays, all these processes that were there before.
11:54
SPEAKER_02: And that's where this actually now came in.
11:56
SPEAKER_02: Because you saw the issue was,
11:57
SPEAKER_02: yes, there is access to the market, but it was mostly the traditional way.
12:00
SPEAKER_02: And most people,
12:01
SPEAKER_02: if you want to even place a trade,
12:03
SPEAKER_02: you had to go call your broker,
12:04
SPEAKER_02: tell them, please, please, from your trade, what's the current price?
12:08
SPEAKER_02: And they'd have to do all those things for you.
12:10
SPEAKER_02: So once you've signed up,
12:12
SPEAKER_02: you have your CDS account going,
12:14
SPEAKER_02: you're able to buy in the Kenyan market, you're able to sell at ease.
12:17
SPEAKER_02: You're also able to just do all this without having to call anyone,
12:20
SPEAKER_02: deposit your money, withdraw your money.
12:23
SPEAKER_02: And it also changed in the game in that we are finding that more people,
12:26
SPEAKER_02: especially younger people are able to participate in this market.
12:30
SPEAKER_02: They're able to also understand what is happening in the market and also not get
12:34
SPEAKER_02: into these positions whereby they're able to also influence change in this market.
12:38
SPEAKER_01: Before we got into the next question,
12:40
SPEAKER_01: and you were just telling us a little bit about the 49,000 new investor accounts
12:45
SPEAKER_01: and what that means.
12:46
SPEAKER_01: And of course, where HISA fits into that shift.
12:49
SPEAKER_01: For somebody who would like to set up an account, let's say today.
12:54
SPEAKER_01: Where do they start?
12:55
SPEAKER_01: What do they do?
12:56
SPEAKER_01: And I'd like you to answer that before we get into all the other things
13:00
SPEAKER_01: about fractional investing, valuation gaps, cross-border friction, etc.
13:05
SPEAKER_01: Where does somebody start if they want to get exposure into Wall Street?
13:09
SPEAKER_02: A Wall Street way to get exposure is that you just have to download the app.
13:13
SPEAKER_02: That is for the App Store English.
13:15
SPEAKER_02: So you're able to download the app.
13:17
SPEAKER_02: You sign up.
13:18
SPEAKER_02: So you'll just provide the double QIC details.
13:21
SPEAKER_02: Which are your ID card,
13:23
SPEAKER_02: a liveness check whereby we just confirm that you're the same person has donated
13:27
SPEAKER_02: the ID card.
13:28
SPEAKER_02: Then you're also the carrier ping,
13:31
SPEAKER_02: which is required for all investment in Kenya and all over the world.
13:35
SPEAKER_02: So after you're able to provide that,
13:38
SPEAKER_02: the next stage is you're just your home check whereby you just provide us with
13:42
SPEAKER_02: a proof of address.
13:43
SPEAKER_02: Once you do that and your documents are verified,
13:46
SPEAKER_02: which takes 24 to 48 hours, as I had mentioned.
13:50
SPEAKER_02: You're able to now start investing in Wall Street.
13:53
SPEAKER_02: So Wall Street investment is easier as that.
13:55
SPEAKER_02: There's no need processes.
13:57
SPEAKER_02: There's no needless account creation,
13:59
SPEAKER_02: which I think is one of the things in where you'd also see the mutual investment
14:04
SPEAKER_02: in Wall Street is higher
14:05
SPEAKER_01: than maybe in the Kenyan market.
14:07
SPEAKER_01: Oh, nice.
14:07
SPEAKER_01: I'm seeing some responses on the question we asked about where would you invest.
14:12
SPEAKER_01: Macrotrader investor says, I'd place it on the NYST, on Chevron.
14:17
SPEAKER_01: Interesting.
14:18
SPEAKER_01: Then we've got Saruni who's asking,
14:20
SPEAKER_01: is the current bull market at the NSEA a result of the ending of the IPO drought?
14:26
SPEAKER_01: Or simply a shift in interest from Kenyans towards the stock market.
14:30
SPEAKER_01: And then Teddy Omondi says, the NFT, I'm not conversant with the NYSE process.
14:36
SPEAKER_01: Well, that's interesting.
14:37
SPEAKER_01: What are your thoughts about those responses and specifically Saruni's question on
14:42
SPEAKER_01: whether the current bull market is a result of the ending IPO drought or a shift
14:48
SPEAKER_01: in interest from Kenyans towards the stock market?
14:51
SPEAKER_00: I believe it's a mixture of both because yes,
14:54
SPEAKER_00: for example,
14:55
SPEAKER_00: as we started,
14:56
SPEAKER_00: we shared that PPC was listed at 9 shillings for Midlip Bank later on was listed
15:04
SPEAKER_00: at 18 shillings,
15:05
SPEAKER_00: but Based on the price changes,
15:08
SPEAKER_00: you can see there's a difference because for KPC,
15:11
SPEAKER_00: I believe there were 70,000 retail investors who took part in the IPO.
15:17
SPEAKER_00: Yet for Family Bank,
15:18
SPEAKER_00: we saw a great chase in the share price within the first day it was glistening.
15:24
SPEAKER_00: It glistening at 18 shillings and by the end of the day,
15:28
SPEAKER_00: four hours into trading, it had reached 50 shillings.
15:32
SPEAKER_00: So I believe that it is...
15:35
SPEAKER_00: The investors in the Kenyan market are becoming more interested in the specific fee.
15:41
SPEAKER_02: I think I would also attribute the bull market into the strong investor sentiment
15:45
SPEAKER_02: and confidence that people are now having in the Kenyan market.
15:48
SPEAKER_02: The IPOs, yes,
15:49
SPEAKER_02: they have also helped,
15:51
SPEAKER_02: but I'd also see more and more people are interested and there's also access
15:55
SPEAKER_02: to this market.
15:56
SPEAKER_02: So we're also seeing more people participating.
15:58
SPEAKER_02: We're seeing more people wanting to be part of the conversations
16:01
SPEAKER_02: and even Having conversation flexes,
16:03
SPEAKER_02: having apps like HISA who are all participating in bringing more investors into
16:07
SPEAKER_02: the space,
16:08
SPEAKER_02: there's more confidence that the bull is getting into the market and
16:12
SPEAKER_02: which has also contributed to a strong bull run that we're seeing currently.
16:17
SPEAKER_01: And I'm also curious about something
16:19
SPEAKER_01: of Kenyans that's also been growing interest investing in other markets.
16:23
SPEAKER_01: We've seen the Nigerian change, for instance, really go on a bull run this year.
16:29
SPEAKER_01: Is there interest that you're seeing from the HISA up towards?
16:31
SPEAKER_01: Yes, they are
16:34
SPEAKER_02: getting a lot of interest from other markets as well.
16:38
SPEAKER_02: The Nigerian market has been one of the most requested markets as well as
16:41
SPEAKER_02: the South African market.
16:43
SPEAKER_02: We are looking into introducing all this for seniors as well,
16:46
SPEAKER_02: but having them on his side, the Nigerian market is currently active on his side.
16:51
SPEAKER_02: However,
16:52
SPEAKER_02: you won't need a BVN number for people to invest for retail investors,
16:57
SPEAKER_02: which I think most seniors don't have.
17:00
SPEAKER_02: So that's So it would be interesting to see how Kenyans participate in it through either.
17:03
SPEAKER_02: But I believe we can always have another conversation after that.
17:25
SPEAKER_02: Gertrude, we can come to you now on
17:27
SPEAKER_01: cross-border friction.
17:28
SPEAKER_01: Buying your stocks directly usually means forex conversion,
17:32
SPEAKER_01: non-resident dividend withholding,
17:34
SPEAKER_01: and extra account paperwork for a Kenyan investor, some of which you have mentioned.
17:38
SPEAKER_01: How does HISA handle these frictions, specifically on the operations side?
17:42
SPEAKER_01: And what should a first-time user expect the actual process to look like?
17:47
SPEAKER_02: Leo Gertrude, any of you can take that.
17:49
SPEAKER_02: One of the things that we've been able to do is also introduce USD deposit
17:54
SPEAKER_02: on our platform,
17:55
SPEAKER_02: whereby users don't have to go through the whole process of combating.
17:59
SPEAKER_02: You can be able to just deposit directly in USD and you are able to invest your funds.
18:05
SPEAKER_02: However,
18:05
SPEAKER_02: I think one of the things that mostly people actually fear is the fact
18:10
SPEAKER_02: that they do not understand how the pricing,
18:12
SPEAKER_02: maybe if a stock is valued in the US at this certain price,
18:15
SPEAKER_02: how does it compare with The pricing in the Kenyan market,
18:18
SPEAKER_02: how are we able to also defend that?
18:21
SPEAKER_02: So mostly has been,
18:22
SPEAKER_02: we do have active conversions on the app and also being able to ensure
18:26
SPEAKER_02: that you are able to just see the price in both the USD and you can convert
18:30
SPEAKER_02: the price to be able to just see it in Kenya savings for you to be able to value
18:33
SPEAKER_02: the stock.
18:34
SPEAKER_02: I don't know whether I'm answering the question to what you asked
18:36
SPEAKER_02: because you also asked about operation in how we are able to just navigate that from
18:40
SPEAKER_02: an operational standpoint.
18:42
SPEAKER_00: And maybe I can add, so on Hisa, you can maintain two wallets.
18:47
SPEAKER_00: That is for the Kenyan stocks, you can maintain the Kenyan Shilling wallet.
18:52
SPEAKER_00: And for the USD stocks, you have a USD wallet.
18:57
SPEAKER_00: So that brings you access to both markets in the different currencies.
19:03
SPEAKER_01: Did it get rude or leer I should be coming to now on fractional investing?
19:08
SPEAKER_01: And perhaps you can also just explain for those who might not know what it is.
19:12
SPEAKER_01: PASA allows fractional ownership of eligible U.S. securities.
19:16
SPEAKER_01: So an investor doesn't need the full price of a stock like, let's say, Nvidia to get exposure.
19:22
SPEAKER_01: How does that work mechanically on the platform?
19:25
SPEAKER_01: And who does it realistically open investing up to that couldn't participate before?
19:33
SPEAKER_00: So for fractional invest,
19:34
SPEAKER_00: that changes to the question from can I afford one share to how much do I want
19:39
SPEAKER_00: to invest?
19:40
SPEAKER_00: So for example, if a stock costs $200 and I have $20, I don't necessarily have to wait.
19:47
SPEAKER_00: So that becomes relevant to well-known companies whose whole share
20:03
SPEAKER_00: Prices can be too expensive for the common investor.
20:07
SPEAKER_00: But the bigger benefit is diversification.
20:10
SPEAKER_00: Someone investing a thousand shillings doesn't necessarily have to put
20:14
SPEAKER_00: the entire amount into just one stock.
20:18
SPEAKER_00: They can spread that small amount that you have into several stocks.
20:23
SPEAKER_00: So fraction investing doesn't make investing risk-free.
20:27
SPEAKER_00: It simply makes access and diversification possible with the smaller amounts
20:32
SPEAKER_00: that you have access to.
20:33
SPEAKER_01: Thank you so much, Gertrude, for that information.
20:36
SPEAKER_01: Lea,
20:37
SPEAKER_01: NSE banks currently trade around six times trailing earnings with dividend yields of
20:41
SPEAKER_01: between 5% to 9% rain,
20:44
SPEAKER_01: while the S&P 500 trades near 26% to 29% earnings with a yield under 1.5%.
20:51
SPEAKER_01: Is the NSE genuinely cheap or does that gap reflect a real difference
20:56
SPEAKER_01: in earnings quality, governance and currency risk?
21:00
SPEAKER_01: I'd say four things are true at one.
21:03
SPEAKER_02: It's a mistake to pick one.
21:04
SPEAKER_02: The NEC banks at roughly six times earnings with the five
21:08
SPEAKER_02: to nine percent yield achieved by any historical standard.
21:11
SPEAKER_02: That's the truth.
21:12
SPEAKER_02: It's an opportunity for someone who's comfortable with a risk profile,
21:15
SPEAKER_02: but the S&P at 26 to 29 times isn't also sadly sore.
21:21
SPEAKER_02: It is pure in fire.
21:22
SPEAKER_02: It should assess the quantity of earnings in this market,
21:25
SPEAKER_02: as well as the governance consistency,
21:27
SPEAKER_02: the currency stability,
21:28
SPEAKER_02: and also things that The NEC ideally does not offer it to some degree.
21:33
SPEAKER_02: So the honest answer from me won't be that the NEC isn't cheap because the market is wrong.
21:39
SPEAKER_02: It's cheap partly because its pricing is in the real risk.
21:43
SPEAKER_02: That is in volatility of the current shillings,
21:45
SPEAKER_02: less liquidity, but the economy we are currently facing.
21:49
SPEAKER_02: So those are the things that would actually make someone say the NEC is cheap,
21:53
SPEAKER_02: but Thanks, Leia.
21:59
SPEAKER_01: And I'm seeing some feedback on the faces and I think one or two questions.
22:03
SPEAKER_01: So allow me to just engage.
22:06
SPEAKER_01: So the man says, I don't think it is as a result.
22:09
SPEAKER_01: I believe he's talking about the bull run.
22:11
SPEAKER_01: Based on the sectors which are rallying,
22:14
SPEAKER_01: if it was for that case,
22:15
SPEAKER_01: I think we would see more activity on the KPC stock, maybe Family Bank as well.
22:20
SPEAKER_01: Maybe you can give the feedback, Gertrude, when we come to you.
22:24
SPEAKER_01: And MetroTrader is asking,
22:25
SPEAKER_01: what about other global markets like the NSE and the Shanghai Stock Exchange?
22:31
SPEAKER_01: And I guess a question that you were both expecting from Saruni,
22:34
SPEAKER_01: will Hisa up give us access to Dangote's IPO?
22:38
SPEAKER_02: I can start with the comment on HISA be able to give us access to the DAKOTI IPO.
22:44
SPEAKER_02: So right, it's something we are working on actively.
22:47
SPEAKER_02: It is closed for retail investment.
22:49
SPEAKER_02: It is really mostly closed to Nigerian retail investors.
22:53
SPEAKER_02: That is because of what I had also mentioned,
22:55
SPEAKER_02: the BVN number,
22:56
SPEAKER_02: which is ideally something that they use as a unique identifier for them.
23:01
SPEAKER_02: Then they also do have a CSCS number, which is what we have for CDSC accounts.
23:06
SPEAKER_02: So for someone to surpass all those would have to be an institutional-based investment.
23:12
SPEAKER_02: And it's something we're looking at how we can work with them so
23:15
SPEAKER_02: that you can be able to provide that for our users on HISA.
23:18
SPEAKER_02: But it will mostly be through an omnibus account as DDTrader just does it.
23:24
SPEAKER_02: So that's again what we're looking at actively working on it
23:28
SPEAKER_02: and seeing how we can also make it possible for Kenyan users to invest with the IPO.
23:33
SPEAKER_01: How about the question by MacroTrader on other global markets like the MSC and
23:38
SPEAKER_01: the Shanghai Stock Exchange?
23:40
SPEAKER_01: Deirdre, could you take that?
23:41
SPEAKER_00: In the near future, we will be announcing new markets.
23:45
SPEAKER_00: So this is something we are working on internally.
23:49
SPEAKER_00: Once we are ready to give Canadians access to more markets, we will definitely...
23:57
SPEAKER_01: Thanks, Deatru.
23:58
SPEAKER_01: We'll take another question from Muniria who says bond yields are rising globally.
24:03
SPEAKER_01: Won't this be a drag on the NSC more than nature will be on the NYSE?
24:08
SPEAKER_01: Lea, would you like to take that?
24:10
SPEAKER_02: The NSE market is mostly a bond market whereby we're still investing,
24:15
SPEAKER_02: we're still trying to position our market to become more of a retail market
24:20
SPEAKER_02: as it is, more like a bond market.
24:22
SPEAKER_02: So would it be a drag to the NSE?
24:24
SPEAKER_02: I wouldn't say it would.
24:25
SPEAKER_02: So I don't think it's going to be a drug one day.
24:27
SPEAKER_02: So we'll go to our next question on China.
24:43
SPEAKER_01: The rally composition,
24:44
SPEAKER_01: and of course,
24:44
SPEAKER_01: this is one of the topics I'm sure we will be listening to quite a bit as we watch,
24:50
SPEAKER_01: not just the Nairobi Stock Exchange,
24:51
SPEAKER_01: but also some of the other African exchanges that are quite on a rally this year.
24:55
SPEAKER_01: So the NASI is up over 24% year to date,
24:58
SPEAKER_01: but foreign investor participation swung from a 15-year low,
25:02
SPEAKER_01: near 28% in September of last year,
25:05
SPEAKER_01: to 8.8 billion shillings net outflow in the first quarter of 2026.
25:11
SPEAKER_01: So how should investors read a rally that has been largely local investor led
25:18
SPEAKER_01: and what happens if foreign flows come back or stay away?
25:22
SPEAKER_02: One of the things that we really need to point out is
25:25
SPEAKER_02: that foreign participation went from a 16 year low of 28% to a net
25:30
SPEAKER_02: of 8.8 billion outflow in just Q1.
25:33
SPEAKER_02: So the rally happened anyway, it still happened.
25:36
SPEAKER_02: So It's actually a healthier signal than it sounds.
25:40
SPEAKER_02: It means that Kenyan investors are the ones who are actually now investing
25:44
SPEAKER_02: in this market,
25:45
SPEAKER_02: which is more durable than when the market relies on foreign money,
25:48
SPEAKER_02: that it just leaves it as fast as it comes,
25:51
SPEAKER_02: especially currency as we are gearing up to the election year.
25:54
SPEAKER_02: One of the things that happens in electrons is that foreign investors always,
25:59
SPEAKER_02: they all just go and now we are less in our culture.
26:02
SPEAKER_02: The market is just relied on foreign investments.
26:05
SPEAKER_02: So currency,
26:05
SPEAKER_02: given that And local,
26:08
SPEAKER_02: actually,
26:08
SPEAKER_02: I'd say local investors have started growing to
26:10
SPEAKER_02: the part whereby We do not need foreign investors for the market to start.
26:15
SPEAKER_02: It means that we're actually seeing a healthy shift.
26:18
SPEAKER_02: We're actually being able to see that the market will not shut down if they all decide to up.
26:24
SPEAKER_02: And it's not like they're divided to,
26:26
SPEAKER_02: but ideally, if they were to leave, would we still be able to start in our market?
26:31
SPEAKER_02: And what we are seeing is, yes, there's more interest than there is.
26:35
SPEAKER_02: The market growing more locally means that we're also able to hold ourselves So
26:40
SPEAKER_02: if they do come back,
26:41
SPEAKER_02: it is going to be an upside for us because it will go to
26:43
SPEAKER_02: the already existing local market situation.
26:46
SPEAKER_02: But it also does mean on the downside of the foreign investors being absent,
26:52
SPEAKER_02: it also does mean that there's less liquidity depth.
26:55
SPEAKER_02: The kind of liquidity that they would offer the market is not honestly the same kind
26:59
SPEAKER_02: of liquidity that we local investors would offer.
27:03
SPEAKER_02: And that's because of things like what we talked about,
27:05
SPEAKER_02: the depreciation of the shilling,
27:06
SPEAKER_02: the currency valuation that we are experiencing against the dollar.
27:09
SPEAKER_02: So they're also able to offer more liquidity, which is an advantage on their side.
27:14
SPEAKER_02: And maybe that's one of the downsides that people see from them going.
27:17
SPEAKER_02: But I do believe that the market has been also able to hold our own weight
27:22
SPEAKER_02: and local investor participation growing is also an upside in its own way.
27:27
SPEAKER_01: Thanks, Claire.
27:27
SPEAKER_01: And that leads us into the question on liquidity risk.
27:31
SPEAKER_01: And Gertrude,
27:32
SPEAKER_01: do tell us,
27:33
SPEAKER_01: so the daily NSE equity turnover has dropped as low as 398.7 million
27:39
SPEAKER_01: on quiet sessions,
27:40
SPEAKER_01: while a single mid-cap NASDAQ name can trade tens of millions of dollars in a day.
27:45
SPEAKER_01: How much should thin liquidity factor into how an investor sizes
27:49
SPEAKER_01: an NSE position versus a U.S. one?
27:52
SPEAKER_00: Specifically, when you eventually need to sell, it's a little look at a stock.
27:57
SPEAKER_00: For example, let's take the best performance stock so far in general.
28:01
SPEAKER_00: During a period of strong price appreciation and focus on the return.
28:06
SPEAKER_00: But some small NSE counters can experience very large price movements
28:11
SPEAKER_00: because there isn't the same depth of buyers and sellers you would find in
28:17
SPEAKER_00: a large US listed company.
28:20
SPEAKER_00: That's why liquidity should influence your position size.
28:24
SPEAKER_00: It's one thing to find a stock you believe is undervalued.
28:28
SPEAKER_00: But it's another thing to be able to exit that position efficiently
28:33
SPEAKER_00: without significantly moving the price.
28:36
SPEAKER_00: So investors should think about not only the price movement at which they can buy,
28:42
SPEAKER_00: but also how easily they can sell that stock.
28:46
SPEAKER_00: So liquidity is part of the risk you are taking on as an investor and therefore part
28:51
SPEAKER_00: of the return you should be demanding from the market.
28:55
SPEAKER_01: Thank you for sharing that.
28:57
SPEAKER_01: Let's talk about the coverage gap.
29:00
SPEAKER_01: A single specialist bank on Wall Street can cover
29:03
SPEAKER_01: over 600 financial services companies,
29:07
SPEAKER_01: while the entire NSC has around 69 listed securities and only
29:11
SPEAKER_01: a handful get regular sell-side attention.
29:14
SPEAKER_01: Why does that gap exist and what does it mean for how mispriced a mid-cap NSC stock can stay?
29:22
SPEAKER_02: Lea?
29:22
SPEAKER_02: Lea?
29:23
SPEAKER_02: This just tells you that research does not work the same year and it does work in
29:28
SPEAKER_02: the U.S. market.
29:29
SPEAKER_02: So one of the things is that there isn't enough trading volume
29:32
SPEAKER_02: or even institutional assets under management on most NAC mid-cap to justify
29:38
SPEAKER_02: the analyst salary that would actually be on the U.S. side.
29:42
SPEAKER_02: So the consequence of this,
29:44
SPEAKER_02: unfortunately, is mispricing that actually can go on for such a long time.
29:49
SPEAKER_02: Because there's nobody to actually now give the actual value of this company.
29:53
SPEAKER_02: It does not mean that the market is inefficient in any sense, but we need to.
29:59
SPEAKER_02: Is there anyone who's willing to do the work with the sales energy?
30:03
SPEAKER_02: An analyst on Wall Street wants to, for us,
30:05
SPEAKER_02: for them to be able to price these banks and be able to ensure that all
30:09
SPEAKER_02: the banks are on the NEC.
30:11
SPEAKER_02: That's quite interesting and curious at the same time,
30:14
SPEAKER_02: I would be curious to wonder why the research is not at the same level.
30:16
SPEAKER_02: We've got a smaller market.
30:18
SPEAKER_02: I would think it would be easier, but
30:21
SPEAKER_01: perhaps we can get to that later on in the conversation.
30:38
SPEAKER_02: So let's talk about if an in-house research fits into that gap and
30:43
SPEAKER_01: what kind
30:43
SPEAKER_01: of coverage or analysis does the desk provide that
30:46
SPEAKER_01: a retail investor wouldn't otherwise have access on their own?
30:51
SPEAKER_01: Gertrude, would you like to take that?
30:53
SPEAKER_00: One of the biggest issues we've identified is that access to
30:57
SPEAKER_00: the market doesn't necessarily mean access to understanding.
31:02
SPEAKER_00: So an investor can open an account, deposit money, and see hundreds of stocks.
31:07
SPEAKER_00: By the way, on the Hista app, you can get access to 12,000 stocks.
31:12
SPEAKER_00: So the difficult question is, what am I looking at?
31:16
SPEAKER_00: So our research function is about closing some of that context gap,
31:21
SPEAKER_00: taking company financial results,
31:23
SPEAKER_00: financial metrics,
31:25
SPEAKER_00: dividends,
31:26
SPEAKER_00: corporate actions,
31:27
SPEAKER_00: market movements,
31:28
SPEAKER_00: and broad economic developments,
31:30
SPEAKER_00: and making them easier for the everyday investor to understand.
31:35
SPEAKER_00: For example,
31:36
SPEAKER_00: if KCB reports strong profits,
31:39
SPEAKER_00: the headline number isn't enough,
31:41
SPEAKER_00: an investor may want to understand How their books are growing,
31:45
SPEAKER_00: asset quality,
31:46
SPEAKER_00: margins,
31:47
SPEAKER_00: return on equity and how valuations compare to the likes of equity
31:53
SPEAKER_00: and cooperative bank.
31:54
SPEAKER_00: So one such tool that we have integrated in addition to the research work
31:59
SPEAKER_00: that we are doing internally is a tool called Atlas.
32:03
SPEAKER_00: And this is an AI-powered research assistant that can help you,
32:08
SPEAKER_00: the everyday investor, look at the company information and make comparisons.
32:14
SPEAKER_00: So the objective isn't to tell someone what to buy.
32:18
SPEAKER_00: Note, we don't tell you what to buy.
32:21
SPEAKER_00: It is to give you better tools so that you can make your own decisions.
32:28
SPEAKER_01: Thank you so much, Gertrude.
32:30
SPEAKER_01: Leah, I'll come to you now on disclosure standards.
32:33
SPEAKER_01: NSE listed companies generally report half-year and full-year results,
32:38
SPEAKER_01: while U.S. listed companies file quarterly under the SEC rules.
32:43
SPEAKER_01: How does that difference in reporting cadence affect the quality
32:47
SPEAKER_01: of research HISA can produce on NSE names compared to the U.S. names?
32:53
SPEAKER_02: Dr. Khalid?
32:54
SPEAKER_02: It seems that we actually have to rely more on primary tunnels for the NSE research stocks.
33:00
SPEAKER_02: So mostly we rely on the management engagements,
33:03
SPEAKER_02: the sector data,
33:04
SPEAKER_02: the regulator filings,
33:06
SPEAKER_02: macro indicators, which such as the shielding movement and interest rates.
33:10
SPEAKER_02: That is for us to be able to keep fresh updates.
33:14
SPEAKER_02: Rather than just for the next updates that the company will produce.
33:18
SPEAKER_02: So it also means that for the NEC stocks,
33:21
SPEAKER_02: we also need to do more research and more work for us to be able
33:24
SPEAKER_02: to give out information that is more credible than just what we get
33:29
SPEAKER_02: in every half year.
33:32
SPEAKER_02: And it is a bit different from the NYSE,
33:35
SPEAKER_02: given that with the quarterly filings,
33:38
SPEAKER_02: we're able to get much more insights into the company,
33:40
SPEAKER_02: understand how the company is performing.
33:42
SPEAKER_02: But that does not also deter us from doing the teamwork for the NEC listed stocks,
33:47
SPEAKER_02: as well as being able to ideally just recommend to our users on how
33:53
SPEAKER_02: the companies are performing,
33:54
SPEAKER_02: what would affect the stocks,
33:56
SPEAKER_02: and also be able to give out Gertrud,
34:02
SPEAKER_01: I'd like to rope you back into beyond return potential.
34:05
SPEAKER_01: What's the core argument for a Kenyan investor to hold assets outside BNSC?
34:10
SPEAKER_01: And how much of that case is about currency,
34:13
SPEAKER_01: liquidity, or sector access rather than simply chasing higher returns?
34:18
SPEAKER_00: For me, the strongest argument isn't simply that U.S. stocks might make more money.
34:24
SPEAKER_00: It's risk diversification.
34:27
SPEAKER_00: So your income may be in shillings.
34:30
SPEAKER_00: Your business may be in Kenya.
34:32
SPEAKER_00: Your property may be in Kenya.
34:34
SPEAKER_00: Your pension.
34:35
SPEAKER_00: How many of us have a pension?
34:38
SPEAKER_00: Your pension may also have significant local exposure.
34:43
SPEAKER_00: If most of your financial assets are then also tied to the Kenyan economy and
34:48
SPEAKER_00: the shilling, you have a very concentrated financial life.
34:53
SPEAKER_00: So ideally,
34:54
SPEAKER_00: global investments introduce exposure to different economies,
34:58
SPEAKER_00: currencies,
34:59
SPEAKER_00: industries,
35:00
SPEAKER_00: and So global investing isn't necessarily about abandoning home or leaving Kenya.
35:04
SPEAKER_00: It's about not having your entire financial future depending on just one economy.
35:27
SPEAKER_01: Let's look at beyond single stocks.
35:30
SPEAKER_01: So Hitha also offers access to ETFs, gold-related investments, US-related rates.
35:38
SPEAKER_01: What is the case for using these instruments instead of
35:41
SPEAKER_01: or alongside picking individual global stocks?
35:45
SPEAKER_02: At the single stock,
35:46
SPEAKER_02: whenever you do it, it requires research and it requires a lot of conviction.
35:50
SPEAKER_02: It requires you to follow all these companies so that you can be able
35:54
SPEAKER_02: to understand how they're performing.
35:56
SPEAKER_02: And what is affecting their performance?
35:58
SPEAKER_02: So now comes in the ETFs,
36:00
SPEAKER_02: which is like,
36:01
SPEAKER_02: it is in layman's language,
36:02
SPEAKER_02: a basket of stocks whereby we are able to get access much more stocks and
36:08
SPEAKER_02: in one single basket.
36:10
SPEAKER_02: So without having to see that,
36:12
SPEAKER_02: I have to go for all, understand how each and every one company is performing.
36:17
SPEAKER_02: And also if I suffer the loss of one company,
36:20
SPEAKER_02: does this mean maybe now my investments are at a negative?
36:24
SPEAKER_02: With an ETF,
36:25
SPEAKER_02: it's more controlled in that one company might be gaining,
36:28
SPEAKER_02: another one might be losing,
36:30
SPEAKER_02: and Trump might also be gaining more than they're losing.
36:32
SPEAKER_02: So your investment, it's kind of more balanced, if I'd say that.
36:36
SPEAKER_02: It helps you balance out even your gains,
36:38
SPEAKER_02: your losses,
36:39
SPEAKER_02: as well as you're able to have both stocks in one basket and follow up
36:44
SPEAKER_02: without having to follow into all of them.
36:47
SPEAKER_02: And I think you also talked about the gold-related instruments.
36:50
SPEAKER_02: For gold-related instruments, they serve a different job.
36:53
SPEAKER_02: They're less about growth.
36:54
SPEAKER_02: And more about a hedge.
36:55
SPEAKER_02: That is more when both the local market and the global market are under pressure at
36:59
SPEAKER_02: the same time.
37:00
SPEAKER_02: Most people go to the traditional method of investing,
37:04
SPEAKER_02: which was mostly the metals, gold and silver.
37:07
SPEAKER_02: As people go back to the gold-related instruments that we also have on HESA,
37:11
SPEAKER_02: you'll see that they actually do gain more when markets are under pressure.
37:15
SPEAKER_02: When we are seeing that, as people call it, a bloodbath in the market.
37:19
SPEAKER_02: And there's a lot of people panicking.
37:22
SPEAKER_02: There's now smart investors,
37:23
SPEAKER_02: you'll see most of them,
37:24
SPEAKER_02: they now start turning into gold and they invest in more gold-related instruments.
37:30
SPEAKER_02: So there's also a,
37:32
SPEAKER_02: that's it,
37:32
SPEAKER_02: in between the three incomes generating exposure without needing
37:36
SPEAKER_02: to individually underwrite each single company.
37:39
SPEAKER_02: So as you can understand their model, how do they work?
37:42
SPEAKER_02: What are they doing?
37:43
SPEAKER_02: You're able to get exposure into all these companies without having to do.
37:47
SPEAKER_02: I'd say a lot of work,
37:49
SPEAKER_02: which is one of the biggest hurdles that investors face when coming to the market.
37:53
SPEAKER_02: Most people will see hardware.
37:54
SPEAKER_02: Maybe I want to invest in tech stocks, but I don't even know which companies to start from.
38:00
SPEAKER_02: These ETFs that actually have more tech-related companies.
38:03
SPEAKER_02: So you're able to get a basket of that and follow into your investments
38:08
SPEAKER_02: as you even now branch out into more single stocks,
38:10
SPEAKER_02: understanding each and every company.
38:12
SPEAKER_02: How do they work?
38:13
SPEAKER_02: And how do I understand the valuation of a company and its price and all those things?
38:18
SPEAKER_02: So I'd say it's actually a good way for someone to start investing
38:22
SPEAKER_02: because it also gives you a broader understanding and it kind
38:26
SPEAKER_02: of balances out your risk as compared to having only one single stock
38:31
SPEAKER_02: as you're exposed to much more issues in that way.
38:35
SPEAKER_01: Thanks, Leia.
38:35
SPEAKER_01: And we're almost coming to a close,
38:38
SPEAKER_01: but I would like us to take one more question from me and then we can take some of
38:42
SPEAKER_01: the questions from our listeners.
38:44
SPEAKER_01: And just to push it a little bit farther on balancing and diversification,
38:49
SPEAKER_01: Gertrude,
38:50
SPEAKER_01: with Kenyan and global assets sitting on the same platform,
38:54
SPEAKER_01: does that change how an investor should think about balancing a portfolio or does
38:59
SPEAKER_01: the same diversification logic still apply regardless of where the assets are held?
39:04
SPEAKER_00: It should change how investors look at their portfolio,
39:08
SPEAKER_00: not the fundamental principles of diversification.
39:12
SPEAKER_00: So, for example,
39:13
SPEAKER_00: if I have 1 million shillings invested,
39:17
SPEAKER_00: I shouldn't think this is my Kenyan portfolio and this is my US portfolio.
39:22
SPEAKER_00: I should think this is my 1 million portfolio.
39:25
SPEAKER_00: How much is exposed to Kenya?
39:28
SPEAKER_00: How much is in dollars?
39:30
SPEAKER_00: How much is in financials, tech, consumer companies or other sectors?
39:36
SPEAKER_00: So how much is in equities, birthdays, other assets?
39:40
SPEAKER_00: So having Kenyan and global investments in one environment makes
39:45
SPEAKER_00: that portfolio level thinking easier.
39:48
SPEAKER_00: But the platform doesn't determine the right allocation.
39:52
SPEAKER_00: A young investor with stable income and
39:55
SPEAKER_00: a long time horizon will have different needs from someone approaching retirement.
40:01
SPEAKER_00: So ultimately, I think that's the biggest shift we're seeing.
40:06
SPEAKER_00: We're moving from how do I access the market to how do I build the right portfolio
40:13
SPEAKER_00: across different economies.
40:15
SPEAKER_00: And HISA gives you access to that.
40:18
SPEAKER_01: Thank you, Gertrude.
40:19
SPEAKER_01: So we'll take some questions or some comments from our listeners.
40:23
SPEAKER_01: So many interesting names next today.
40:25
SPEAKER_01: So somebody called Vinwire says,
40:28
SPEAKER_01: could you predict the future NSC in the next 10 years compared to local,
40:33
SPEAKER_01: regional and foreign investment,
40:35
SPEAKER_01: as well as global market trends in terms of the various sectors?
40:40
SPEAKER_00: Gertrude Nair, one of you would like to take that?
40:42
SPEAKER_00: The unfortunate thing is that no one can predict how these markets will behave in
40:48
SPEAKER_00: the near future.
40:50
SPEAKER_00: However,
40:51
SPEAKER_00: we can position ourselves in such a way that no matter what changes in
40:57
SPEAKER_00: the economies, in the market, we are positioned to come out strong.
41:03
SPEAKER_00: One of the best quotes that I love from one of the people I look up to
41:08
SPEAKER_00: that is Warren Buffett is that you cannot time the market,
41:13
SPEAKER_00: but you have to spend time in the market.
41:16
SPEAKER_00: I've paraphrased it, but you get it.
41:18
SPEAKER_00: So ideally, don't look to predict, rather position yourself to come out on top.
41:25
SPEAKER_01: From Robert Luther who said,
41:27
SPEAKER_01: what international IPO markets do you have actively available to purchase?
41:33
SPEAKER_01: Lea,
41:33
SPEAKER_01: would you like to take that?
41:35
SPEAKER_02: On the U.S. Securities, where you're able to participate in all upcoming IPOs.
41:41
SPEAKER_02: Currently for Canadians in the U.S.
41:43
SPEAKER_02: Securities and in the Canadian market,
41:45
SPEAKER_02: we actually do have an IPO feature on GitHub whereby once you log in your app,
41:50
SPEAKER_02: You're able to do all the planning IPOs, first IPOs and closed IPOs.
41:57
SPEAKER_02: So you can be able to plan ahead of the coming IPOs if there's anything you'd like to invest in.
42:03
SPEAKER_02: You can also be able to see the closed IPOs,
42:06
SPEAKER_02: how they performed and Maybe you can also understand more
42:10
SPEAKER_01: about these buckets.
42:12
SPEAKER_01: Thanks.
42:13
SPEAKER_01: I think we'll close it there for now.
42:15
SPEAKER_01: But if you do have any questions, Mwango Capital is always online and ready to respond.
42:21
SPEAKER_01: And of course,
42:21
SPEAKER_01: the HISA team also has quite an active X handle as well,
42:26
SPEAKER_01: as well as within other social media platforms.
42:28
SPEAKER_01: And I'm sure you can also reach them directly.
42:31
SPEAKER_02: So may I get through
42:33
SPEAKER_01: it as we close.
42:33
SPEAKER_01: Some final words, perhaps some calls to action.
42:37
SPEAKER_01: What can we expect from HISA going forward?
42:39
SPEAKER_01: For somebody who doesn't have the app, what can you tell them as we come to a close?
42:44
SPEAKER_02: One of the things that I've had most people ask me even about investing is where to start.
42:50
SPEAKER_02: They don't know which stocks to pick.
42:52
SPEAKER_02: They don't know how to choose a stock.
42:55
SPEAKER_02: I think HISA has been able to simplify that process for you.
42:58
SPEAKER_02: You're able to get your collections, you're able to get an AI that helps you with investing.
43:04
SPEAKER_02: And ideally, you're able to follow your investment to what you would want to see.
43:09
SPEAKER_02: So when you're wondering where to start, that's today, start with GISA.
43:13
SPEAKER_02: We also do give out recommendations on how the market is performing,
43:17
SPEAKER_02: give out insights on what to expect with a market.
43:21
SPEAKER_02: And if there's any news that might affect your portfolio,
43:24
SPEAKER_02: you're also able to get all that information on GISA.
43:27
SPEAKER_02: It is not something that is left for others.
43:30
SPEAKER_02: Investing is not something for people with maybe a certain amount of money or people
43:35
SPEAKER_02: who have reached a certain place maybe in their life.
43:38
SPEAKER_02: Investing is for everyone.
43:39
SPEAKER_02: At least we've been able to break that barrier by just investing.
43:42
SPEAKER_02: Having the minimum investment for the U.S.
43:44
SPEAKER_02: market at $1 for the Kenyan market at the price of one single share.
43:49
SPEAKER_02: It's currently even companies trading from as low as 10 shillings.
43:52
SPEAKER_02: So be part of it.
43:54
SPEAKER_02: Don't wait for people to make the change when all you want to see is,
43:58
SPEAKER_02: I hope I could have done it.
43:59
SPEAKER_02: You're able to do it and it has been simplified.
44:03
SPEAKER_02: It has been brought to the comfort of your phone.
44:05
SPEAKER_02: If you have any questions, we are always ready to serve you.
44:08
SPEAKER_02: And yes, looking forward to all of you joining.
44:10
SPEAKER_02: Download his hour on either,
44:12
SPEAKER_02: so please stop, and we'll be looking to have you in any possible way that we can.
44:18
SPEAKER_01: Thank you, Leanne.
44:18
SPEAKER_01: I'm going to do that right after this.
44:21
SPEAKER_01: Gertrude, say something as we
44:23
SPEAKER_00: come to our close.
44:24
SPEAKER_00: Gertrude has said it all.
44:26
SPEAKER_00: However,
44:26
SPEAKER_00: I would like to add that we have granted Kenyans access to these markets
44:33
SPEAKER_00: in You are not yet investing.
44:36
SPEAKER_00: What are you waiting for?
44:37
SPEAKER_00: We have made it every for you.
44:39
SPEAKER_00: So start investing today.
44:41
SPEAKER_00: If you've not, if you have any questions, reach out to us.
44:45
SPEAKER_00: We are active on all social media platforms, DM us,
44:49
SPEAKER_00: and you can still reach out to us through our WhatsApp numbers,
44:54
SPEAKER_00: which will be shared after this.
44:56
SPEAKER_00: So start investing that today.
44:59
SPEAKER_00: It's not that expensive.
45:01
SPEAKER_00: It's that hard.
45:03
SPEAKER_00: And start investing through history today.
45:06
SPEAKER_01: Thank you, Getrid.
45:07
SPEAKER_01: I almost feel like you're talking to me directly.
45:09
SPEAKER_01: But yes, I have been challenged pretty much enough.
45:12
SPEAKER_01: You know, the world, as they say, the oyster.
45:15
SPEAKER_01: Yes, we do have great rally in African markets,
45:18
SPEAKER_01: but there's still so much more to look out for in those international markets.
45:22
SPEAKER_01: And HESA has made that a lot easier for us as Kenyans and I know eventually
45:26
SPEAKER_01: as Africans to access both African markets and the global markets.
45:31
SPEAKER_01: So thank you both so much for this conversation.
45:34
SPEAKER_01: It has been wonderful.
45:35
SPEAKER_01: Quite incredible, really great insights, and I believe we all have learned quite a bit.
45:40
SPEAKER_01: So I'd like to thank our panelists,
45:42
SPEAKER_01: Leah Wakarima,
45:43
SPEAKER_01: who's the Operations Lead at HESA,
45:46
SPEAKER_01: and Gertrude Njeri, who's the Head of Research at HESA.
45:50
SPEAKER_01: Thank you very much.
45:52
SPEAKER_01: Thank you very much.
46:09
SPEAKER_01: Investors moving between local and global markets,
46:13
SPEAKER_01: the valuation and liquidity gap behind the rally that we've seen this year so far,
46:17
SPEAKER_01: the stock market, the research coverage gap on midsize SME names and so much more.
46:24
SPEAKER_01: I'd like to thank all our listeners as well for just listening in, contributing.
46:30
SPEAKER_01: We really have enjoyed you interacting with us.
46:33
SPEAKER_01: And as always, I'd like to thank Mwango Capital, our host this evening.
46:37
SPEAKER_01: If you haven't already followed, please do.
46:39
SPEAKER_01: Mwango Capital is a research company that leverages digital media
46:43
SPEAKER_01: to share information on East Africa's financial market.
46:47
SPEAKER_01: Mwango seeks to inform investors about what organizations and firms do and,
46:52
SPEAKER_01: of course, help them digest company financials and financials.
46:56
SPEAKER_01: So I'd like to thank you all so much for being here this evening.
47:00
SPEAKER_01: Conard, I'd like to say good night.
47:02
SPEAKER_01: Thanks again to Lea and Getrid from HISA,
47:05
SPEAKER_01: to Mwango Capital, and to all of you for being here this evening.
47:09
SPEAKER_01: Have a wonderful night.