More than 267,000 retail investors have sold their stakes in Safaricom since the telco’s initial public offering (IPO) in 2008, reversing the government’s move to broaden ownership in the country’s most profitable company. Stock market data shows that the number of investors holding between one and 100,000 shares dropped to 554,499 in July compared to 822,122 in March 2009, resulting in net exits of 267,623 shareholders or 32.5 percent of the owners. The trend, attributable to a mix of profit-taking and cutting losses over the years, further diminishes share ownership among small investors amid increased de-listings of other firms at the Nairobi bourse and drought in new IPOs. Retail investors sold 1.3 billion shares over the 11 year period, more than halving their holdings from 2.5 billion units during the IPO to 1.1 billion units. Despite the shrinking stake, the value of the retail investors remaining shares has grown more than four times from Sh8 billion to Sh32.4 billion, underlining the impact of Safaricom’s long-term share price rally.

The Lagos Chamber of Commerce and Industry, LCCI, has called on the Federal Government to reform the economy as some of its policy portend more danger for the economy than benefit. The President, LCCI, Mr. Babatunde Ruwase, said, “We need the right mix of policies to achieve the desired outcomes. I am aware that some policy choices have been made by the present administration to promote economic diversification, stabilize the foreign exchange market and promote small businesses. Ruwase said there should be engagement on macroeconomic policies, and sectoral policies, which would include foreign exchange, trade, tax, energy, transport, industrial, agricultural, and ICT among others. According to him, the indefinite closure of the country’s borders with its neighboring African neighbors will ultimately hurt the economy and cross-border economic activities.“The slow pace of reforms in the oil and gas sector, especially the fact that the Petroleum Industry Bill could not make it through the eighth National Assembly is a cause for worry. And the part that was passed was not signed by the President,”

The London Stock Exchange’s (LSE.L) board will meet in coming days to decide on the Hong Kong bourse’s surprise $39 billion takeover proposal, a source close to the British company said on Thursday, as the market poured cold water on the deal. The unsolicited takeover offer is not expected to succeed given preference among LSE investors for the exchange to complete its $27 billion proposed acquisition of data and analytics group Refinitiv, the source close to the LSE said. The exchange wants to focus on executing that deal, rather than risk it being derailed by the Hong Kong bourse, the source said. Hong Kong Exchanges and Clearing’s (HKEX) (0388.HK) offer requires the LSE to ditch the Refinitiv purchase.