Are Good Companies Good Stocks? Evidence from Nairobi Stock Exchange

The search for abnormal stock returns seems elusive for many investors in efficient markets unless there are anomalies in such markets. This has led to the development of numerous stock selection methods including the application of technical and fundamental analysis in an attempt to beat the market. There is uncertainty as to whether good companies that are defined by strong earnings and sales growth are also good stocks whose prices appreciate and outperform other stocks in the market. This research employs a study sample consisting of 32 companies listed in the NSE to establish the relationship between good companies and good stocks. The Pearson’s correlation coefficient and descriptive statistics techniques were employed. The results indicate that there is a strong positive correlation between the good companies and good stocks in the NSE.

Pathogenicity of Metarhizium anisopliae (Metch) Sorok and Beauveria bassiana (Bals) Vuill to adult Phlebotomus duboscqi (Neveu-Lemaire) in the laboratory

Background & objectives: Biological control of sandflies using entomopathogenic fungi is a possible alternativeto the expensive synthetic chemical control. It is potentially sustainable, less hazardous, and relatively inexpensiveand merits further investigations. The objective of this study was to identify the most pathogenic fungal isolate(s)to sandflies in the laboratory.Methods: Isolates of entomopathogenic fungi Metarhizium anisopliae and Beauveria bassiana were screenedfor their pathogenicity against Phlebotomus duboscqi. Adult flies were contaminated using the technique describedby Migiro et al (2010). Briefly, flies were exposed to 0.1 g of dry conidia evenly spread on a cotton velvet clothcovering the inner side of a cylindrical plastic tube (95 mm long × 48 mm diam). In all 25 sandflies weretransferred into the cylindrical tube and allowed to walk on the velvet for one minute, after which they weretransferred from the velvet into the cages in Perplex. Insects in the control treatments were exposed to fungusfree velvet cloth before being transferred into similar cages. The treatments were maintained at 25 ± 2°C,60–70% RH and 12L: 12D photoperiod. The experiment was replicated 5 times. The most pathogenic isolateswere selected for further studies.Results: A total of 19 isolates were screened against adult sandflies in the laboratory. Mortality in the controlswas approximately 16.8 ± 1.7 %. All the isolates were found to be pathogenic to P. duboscqi. Mortality rangedbetween 76.8 and 100% on all the fungal isolates tested. The lethal time taken to 50% (LT50) and 90% (LT90(mortality ranged from 3.0–7.8 days and from 5.3–16.2 days, respectively. The virulent isolates, causing mortalitiesof 97.5–100%, were selected for further studies.Interpretation & conclusion: The high susceptibility of sandflies to entomopathogenic fungi suggests that fungiare potential alternatives to chemical control methods. We conclude that application of entomopathogenic fungicould result in acute mortalities of sandflies and reduction of parasite transmission and subsequently, reductionof leishmaniasis risk. This method of biological control has great potential as a new strategy for leishmaniasiscontro

Testing Of Consistent Trends in Stock Performance In The Nairobi Securities Exchange

Consistent stock performance contradicts random adjustment of stock prices in efficient markets and is thus anomalous despite the potential of generating significant profits for investors. This research set out to test the existence of consistent stock performance in the NSE during the years 2001 to 2010 and to examine whether consistent stock performance is  associated with efficiency of NSE. Balanced monthly closing averagestock price data was employed for 32 sample stocks drawn using purposive sampling technique from a population of 56 stocks listed in the NSE during the study period. In order to identify consistent stock performance, frequency tests were employed. In order to test association between consistent stock performance and efficiency of NSE 3 tests were employed including: t-test to test the significance of abnormal returns of consistentstock performance. Runs serial correlation test was employed to test serial correlation of stock returns. Spearman rank correlation was also employed to test volatility of stock prices with time. The results indicated weak presence of consistent stock performance in the NSE and that abnormal returns of consistently performing stocks were insignificant.There was also zero serial correlation of stock returns and stock prices of consistently performing stocks exhibited low volatility with time. The overall results indicate that NSE may be weak form efficient. This research contributes to new knowledge by combining the alternative definitions of consistent stock performance to minimize on the inherent weaknesses of each definition(cross sectional and longitudinal) which havein the past been studied independently.Key Words: Consistent stock performance, serial correlation, volatility, abnormal returns, stock market efficiency

Knowledge Sharing, Organizational Learning and Performance of Top 100 Medium Enterprises in Kenya

This study was grounded on the view that organizations have hidden reservoirs of knowledge in terms of tacit and explicit knowledge, which can be tapped to improve performance. This is according to the postulations of the knowledge and resource based theories. Whereas there is evidence of the direct influence of knowledge sharing and performance, this study advanced a proposition that organizational learning has effect on such influence. Using a structured questionnaire, data on the variables were obtained from a cross-section of 65 medium-sized companies to empirically test the proposition. The companies were among 100 medium sized companies categorized as top performing medium-sized companies in Kenya by KPMG and Nation Media Group in the year 2013. The study established that knowledge sharing had a positive and statistically significant effect on organizational performance. Conversely andcontrary to expectation, the study established that organizational learning had neither direct nor mediating effect on organizational performance. In spite of this finding, the study supports the anchoring theories that performance differences across firms can be attributed to thevariance in firms’ resources and capabilities. Policy makers can utilize the findings of this study to formulate sound support strategies for medium enterprises. Further, areas of inquiry have been put forth based on the limitations inherent in the study.Key Words: Knowledge Sharing, Organizational Learning, Firm Performance, Medium- Sized Enterprise

Multiple Trypanosoma infections are common amongst Glossina species in the new farming areas of Rufiji district, Tanzania

<p>Abstract</p> <p>Background</p> <p>Tsetse flies and trypanosomiasis are among several factors that constrain livestock development in Tanzania. Over the years Rufiji District was excluded from livestock production owing to tsetse fly infestation, however, a few years ago there was an influx of livestock following evictions aimed at conserving the Usangu wetlands.</p> <p>Methods</p> <p>A study was conducted to determine the efficiency of available traps for catching tsetse flies, <it>Glossina </it>species infesting the area, their infection rates and <it>Trypanosoma </it>species circulating in the area. Trapping was conducted during the semi dry season for a total of 30 days (ten days each month) during the onset of the dry season of May - July 2009. Harvested flies after every 24 hours were dissected and examined under a light microscope for trypanosome infections and whole fly DNA was extracted from 82 flies and analyzed for trypanosomes by polymerase chain reaction (PCR) using different sets of primers.</p> <p>Results</p> <p>The proportions of total tsetse catches per trap were in the following decreasing order S3 (33%), H-Trap (27%), Pyramidal (19%), sticky panel (11%) and biconical trap (10%). Of the 1200 trapped flies, 75.6% were identified as <it>Glossina pallidipes</it>, 11.7% <it>as G. brevipalpis</it>, 9.6% as <it>G. austeni </it>and 3.0% <it>G. morsitans morsitans</it>. Dissections revealed the overall infection rate of 6.6% (13/197). Whole DNA was extracted from 82 tsetse flies and the prevalence of trypanosomes circulating in the area in descending order was 92.7% (76/82) for <it>T. simiae</it>; 70.7% (58/82) for <it>T. brucei </it>types; 48.8% (40/82) for the <it>T. vivax </it>types and 32.9% (27/82) for the <it>T. congolense </it>types as determined by PCR. All trypanosome types were found in all tsetse species analysed except for the <it>T. congolense </it>types, which were absent in <it>G. m. morsitans</it>. None of the <it>T. brucei </it>positive samples contained human infective trypanosomes by SRA - PCR test</p> <p>Conclusion</p> <p>All tsetse species found in Rufiji are biologically important in the transmission of animal trypanosomiasis and the absence of <it>T. congolense </it>in <it>G. m. morsitans </it>could be a matter of chance only. Therefore, plans for control should consider all tsetse species.</p

Antimicrobial resistance among migrants in Europe: a systematic review and meta-analysis

BACKGROUND: Rates of antimicrobial resistance (AMR) are rising globally and there is concern that increased migration is contributing to the burden of antibiotic resistance in Europe. However, the effect of migration on the burden of AMR in Europe has not yet been comprehensively examined. Therefore, we did a systematic review and meta-analysis to identify and synthesise data for AMR carriage or infection in migrants to Europe to examine differences in patterns of AMR across migrant groups and in different settings. METHODS: For this systematic review and meta-analysis, we searched MEDLINE, Embase, PubMed, and Scopus with no language restrictions from Jan 1, 2000, to Jan 18, 2017, for primary data from observational studies reporting antibacterial resistance in common bacterial pathogens among migrants to 21 European Union-15 and European Economic Area countries. To be eligible for inclusion, studies had to report data on carriage or infection with laboratory-confirmed antibiotic-resistant organisms in migrant populations. We extracted data from eligible studies and assessed quality using piloted, standardised forms. We did not examine drug resistance in tuberculosis and excluded articles solely reporting on this parameter. We also excluded articles in which migrant status was determined by ethnicity, country of birth of participants' parents, or was not defined, and articles in which data were not disaggregated by migrant status. Outcomes were carriage of or infection with antibiotic-resistant organisms. We used random-effects models to calculate the pooled prevalence of each outcome. The study protocol is registered with PROSPERO, number CRD42016043681. FINDINGS: We identified 2274 articles, of which 23 observational studies reporting on antibiotic resistance in 2319 migrants were included. The pooled prevalence of any AMR carriage or AMR infection in migrants was 25·4% (95% CI 19·1-31·8; I2 =98%), including meticillin-resistant Staphylococcus aureus (7·8%, 4·8-10·7; I2 =92%) and antibiotic-resistant Gram-negative bacteria (27·2%, 17·6-36·8; I2 =94%). The pooled prevalence of any AMR carriage or infection was higher in refugees and asylum seekers (33·0%, 18·3-47·6; I2 =98%) than in other migrant groups (6·6%, 1·8-11·3; I2 =92%). The pooled prevalence of antibiotic-resistant organisms was slightly higher in high-migrant community settings (33·1%, 11·1-55·1; I2 =96%) than in migrants in hospitals (24·3%, 16·1-32·6; I2 =98%). We did not find evidence of high rates of transmission of AMR from migrant to host populations. INTERPRETATION: Migrants are exposed to conditions favouring the emergence of drug resistance during transit and in host countries in Europe. Increased antibiotic resistance among refugees and asylum seekers and in high-migrant community settings (such as refugee camps and detention facilities) highlights the need for improved living conditions, access to health care, and initiatives to facilitate detection of and appropriate high-quality treatment for antibiotic-resistant infections during transit and in host countries. Protocols for the prevention and control of infection and for antibiotic surveillance need to be integrated in all aspects of health care, which should be accessible for all migrant groups, and should target determinants of AMR before, during, and after migration. FUNDING: UK National Institute for Health Research Imperial Biomedical Research Centre, Imperial College Healthcare Charity, the Wellcome Trust, and UK National Institute for Health Research Health Protection Research Unit in Healthcare-associated Infections and Antimictobial Resistance at Imperial College London