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Capital Expenditure Announcements and Stock Returns of Firms Listed at the Nairobi Securities Exchange, Kenya
(Kenyatta University, 2025-11) Jackson Sankale Keton
Capital expenditure announcements by listed companies constitute one of several avenues through which rational investors seek to realize gains in the form of stock returns. Within the framework of market efficiency, such announcements would not be expected to generate excess returns, as the information should already be incorporated into prevailing stock prices. Empirical research conducted in both advanced and emerging economies has produced mixed evidence regarding the market response to capital expenditure announcements, with some studies reporting positive investor reactions while others find no statistically significant effects. At the Nairobi Securities Exchange (NSE), episodes of inconsistent stock return patterns suggest deviations from strict market efficiency. The aim of this study was to investigate the impact of capital expenditure announcements on stock returns of firms listed at the Nairobi Securities Exchange, Kenya. Specifically, the study sought to determine the effect of product diversification announcements, examine the effect of asset expenditure announcements, and investigate the effect of research and development announcements on stock returns at the NSE. The study was grounded on four key theories: Efficient Market Hypothesis (EMH), Random Walk Theory, Arbitrage Pricing Theory (APT), and the Theory of Rational Expectations. A causal research design was adopted, encompassing all sixty-three companies listed on the NSE between 2012 and 2025. From this population, a purposive and judgmental sampling strategy was applied to select six firms that had issued capital expenditure announcements during the study period. Secondary data were obtained from the NSE and Financial Times databases, and data collection was facilitated through a desk review instrument. Analytical procedures were undertaken using Microsoft Excel. The study employed an event study methodology, utilizing the market model to estimate abnormal stock returns within the event window surrounding announcement dates. The analyzed data were found to be normally distributed. The study found that product diversification announcements had an effect on stock returns, whereas asset expenditure and research and development announcements had no effect on stock returns at the NSE. Aggregation of the three categories revealed that, overall, capital expenditure announcements have no significant effect on stock returns at the NSE. The study recommends that organizations should strategically use product diversification announcements to boost investor confidence, supported by sound financial analysis. Investors and analysts should monitor these announcements closely while adopting a long-term view for asset expenditure and R&D disclosures. Regulators such as the CMA and NSE should enforce timely and transparent disclosure of material information to enhance market efficiency and reduce information asymmetry. Strengthening disclosure standards and best practices in investor communication will improve market integrity and optimize decision-making.
Immune Enhancing Potential of Moringa Oleifera Leaf Powder in Hiv/Aids Patients at Mbagathi County Hospital, Nairobi, Kenya
(Kenyatta University, 2025-10) Wasonga,Wilbroda
Human immunodeficiency virus (HIV) infection is managed by the use of ARVs,
which are expensive, cause side effects, and are associated with drug resistance and
drug failure. The use of nutritional remedies in the management of HIV/AIDS is
becoming popular. The purpose of the study was to investigate the immune
enhancing potential of Moringa oleifera in the treatment of HIV/AIDS patients. The
information obtained from this study will provide insight into alternative remedies
to reduce the burden of HIV/AIDS. A Quasi-Experiment of the regression
discontinuity type was carried out at the Comprehensive Care Center, Mbagathi
County Hospital, Nairobi, Kenya. One hundred and seventy-three HIV seropositive
participants on ARV treatment and also attending the regular clinic were allocated
to either the intervention group (n=99) supplemented with Moringa oleifera leaf
powder, or the control group (n=74), which was a separate comparative group not
supplemented. The participants were followed for six months from February 2019
to July 2019. Immune functions were assessed by CD4+ T cell counts, CD8+ T cell
counts, total lymphocyte counts, and viral load measurements. All these tests were
taken at baseline, at the end of the third and sixth months of the study period.
Hematological parameters were assessed by white blood cell (WBC) counts,
platelet (PLT) counts, red blood cell (RBC) counts, and hemoglobin (HB) levels.
Toxicity was assessed by determination of liver and kidney functions by using the
Cock Croft formula (CGF). Data was analyzed using STATA 12.1. Estimates of
mean and standard deviation were obtained by descriptive analysis. The normality
test for the data was conducted by using the Shapiro-Wilk test. One-way Analysis
of variance tests (ANOVA) followed by Tukey’s post hoc tests were used to
determine the significance of the mean difference in immunological, hematological,
weight, body mass index (BMI), and creatinine levels between the two groups. The
study group was further subdivided into subsets based on their baseline immune
parameters and levels of immunity. All these tests were conducted at 95%
confidence intervals. Over the study period, the results showed no significant
difference in CD4+ T cell counts (p= 0.523), CD8+ T cell count (p= 0.908), total
lymphocyte counts (p= 0.185) WBC (p= 0.327), HB (p= 0.490), PLT (p= 0.250)
weight gain (p= 0.251), BMI (p= 0.868), and creatinine levels (p= 0.103) between
the two groups. The RBC count of the control group was significantly higher
compared to that of the intervention group (p= 0.003). It was observed that
supplementation with M. oleifera has no effect on the immune functions and
hematological parameters of HIV patients. It was also observed that consumption
of M. oleifera has no effect on the weight, BMI, and creatinine levels of HIV
patients. It was also observed that the number of participants with nondetectable
viral load in the intervention group increased while that of the control group
decreased. The study concluded that while supplementation with M. oleifera has no
effect on immune functions, hematological parameters, weight, and BMI, it
enhances the efficacy of ARVs in suppressing the viral load of HIV/AIDS patients
and is safe; therefore, nutritional supplementation with M. oleifera should form part
of the strategy to improve treatment outcomes.
Antagonistic Potential of Local Endophytic Fungi Against Root-Knot Nematodes (Meloidogyne Spp.) on Tree Tomato (Solanum Betaceum) In Nyandarua County, Kenya
(Kenyatta University, 2025-11) Waswa,Stanlous Juma
Tree tomato (Solanum betaceum Cav.) is a significant emerging horticultural
cash crop in Kenya with an estimated economic value of over KES 0.5 billion and has
many nutritional and health benefits. Root-knot nematode (RKNs) infestations which
results in significant yield losses, pose a threat to tree tomato growing in Kenya.
Chemical nematicides have been the main method of controlling RKNs. However,
chemical nematicides can be harmful to the environment and human health. Thus, safer
alternatives to current techniques of management are needed. The study's objectives
were: (i) to determine effects of the endophytic fungi associated with tree tomato roots
on second stage juveniles (J2s) of RKN in vitro; (ii) to characterize endophytic fungi
with potential against J2s of RKN; (iii) to ascertain whether Velum® Prime SC 500 (ai =
fluopyram 500g/L) is compatible with endophytic fungi in vitro and under greenhouse
conditions, and (iv) to assess the effectiveness of combining Velum® Prime, Lantana
camara L. leaf extract, and the most effective endophytic fungus (Colletotrichum
nigrum) against RKNs on tree tomatoes in both in vitro and in vivo settings. The
experiments were laid down in completely randomized and randomized complete block
designs in the greenhouse and in the field, respectively, with four replicates per
treatment and terminated 90 days after transplanting. Data on initial and final nematode
populations, total number of RKN J2s, the galling and egg mass indices, the nematode
reproduction factor, height of shoot, and weights of dry roots and shoots were all
recorded. The data were analysed using ANOVA with SAS software version 9.2, and
significant means were separated using Tukey's Honest Significant Difference test at a
5% level (P≤0.05). Regression and correlation analyses were performed to ascertain the
connections between RKN disease parameters. Forty four endophytic fungi isolated
from tree tomato roots belonged to nine genera (Fusarium sp., Colletotrichum sp.,
Aspergillus sp., Penicillium sp., Didymella sp., Periconia sp., Microsphaeropsis sp.,
Rhizoctonia sp. and Purpureocillium sp.). Fusarium sp. (37%) and Purpureocillium sp.
(34%) were most abundant in roots and eggs of RKNs respectively. Colletotrichum
nigrum caused the highest mortality of J2s of 87 % followed by Aspergillus ustus and
Fusarium solani with 63.5% each in-vitro. Velum® Prime did not inhibit colony growth
of C. nigrum on PDA media. Colletotrichum nigrum combined with Velum® Prime
significantly reduced J2s in soil and nematode reproduction factor in the greenhouse
and were therefore compatible. Undiluted Lantana leaf extract + 1 × 106 C. nigrum
caused mortality of J2s with 81% and 83 % in tests I and II, in-vitro. Colletotrichum
nigrum + Lantana leaf extract + Velum® Prime significantly reduced plant disease
parameters (J2s, gall and egg mass indices and nematode reproduction) and also
increased plant growth parameters (shoot height and dry weights) in the greenhouse and
in the field compared to control. New knowledge on integrated nematode management
using endophytic fungi and Lantana leaf extract against second stage juveniles of RKNs
will help farmers in adopting affordable and eco-friendly methods to improve tree
tomato production and increase yield. There is need to commercialize C. nigrum
product and promote use of safe strategies to manage RKNs.
Spatial Distribution of Maize-Raiding by Monkeys, Damage Level and Economic Loss in Farms Bordering Saiwa Swamp, Trans-Nzoia County, Kenya
(Kenyatta University, 2025-07) Wafula, Moses Muyala
Maize-raiding by monkeys has often been cited as the leading source of HumanMonkey Conflict (HMC) around conservation parks. Monkey species such as Vervet
and De Brazza’s are considered to be serious pests because of their adaptability,
intelligence, opportunism, agility and reliance on maize crops for nutritional value.
Often, their habitats border those of humans and in most cases extend their foraging
ranges to cultivated farms making HMC a frequent occurrence. Communities bordering
conservation parks often engage in small scale farming. Apart from the menace of
maize-raiding by monkeys, the farmers also face other challenges like high cost of
inputs, unpredictable weather conditions and poor market prices for their produce. Such
was the situation for farmers surrounding Saiwa Swamp National Park (SSNP). This
study was carried out in three areas bordering SSNP i.e. Saiwa, Sitatunga and Sinyereri.
The purpose of the study was to evaluate the status of HMC in SSNP through mapping
of the incidents of maize-raiding by monkeys, establishing the damage and economic
levels as a result of maize-raiding by monkeys and determining the relationship between
the incidents of maize- raiding by monkeys and distance from the park boundary. The
Garmin GPS was used to obtain the coordinates of areas foraged by monkeys. The
coordinates were downloaded into the Esri ArcGis software where spatial maps on the
conflict areas, levels of maize damage and resultant economic losses, maize-raiding
distances as well as the monkey species involved were generated. Chi-square goodness
of fit and Chi-square for contingency tables were the main tools of statistical analysis
and null hypothesis rejected at p<0.05. Linear regression was carried out and an
equation generated to predict the incidents of maize damage with distances of the farm
from the park boundary. The results showed that maize-raiding incidents varied by area,
X
2
(2, N=24) =7, P=0.0302. The levels of maize damage also varied by area, X
2
(2,
N=24) =8.533, P=0.01403. As one moved from the park boundary into the cultivated
maize fields, the number of maize-raiding incidents reduced, X2
(3, N=24) =27.667,
P=0.0001. A linear regression line of y=-0.01x+6.74 that predicted the incidents of
maize damage(y) with the distance of the farm from the park boundary (x) was
generated. The results were also significant for the monkey species raiding maize, X
2
(3,
N=24) =9.75, P=0.00764 with the vervet monkey being the most problematic monkey
species. Colobus monkeys were never recorded raiding maize. The results indicated that
the monkeys of SSNP pose a great danger to maize farming and therefore their
population ought to be managed.
Application of Online Church Services and Participation by Kenya Anglican Youth Organization in Cathedral Deanery, Thika Diocese, Kiambu County, Kenya
(Kenyatta University, 2025-11) Ngari, Jackline Gaceri
This study investigated the adoption of online church platforms on youth participation within the Anglican Church of Kenya (ACK) deanery, addressing the decline in traditional youth attendance versus growing digital engagement in online church participation. Since 2017, the ACK has been promoting platforms like Facebook, YouTube, WhatsApp, and Twitter. Guided by Siemens' (2005) Connectivism Learning Theory, the research examined technology implementation at ACK’s St. Andrew’s and St. Monica’s Mugumo-ini parishes. Since 2017, the Anglican Church of Kenya (ACK) has actively promoted the use of online church platforms such as Facebook, YouTube, WhatsApp and Twitter driven by a decline in youth church participation. However, despite such initiatives, church attendance by the youth, stood at 10%. This shift aligns with the growing number of young people engaging with online platforms. The study explored the adoption of online church services and youth participation within ACK deanery, focusing on the involvement of young people in planning services and the challenges they face in online worship. Guided by George Siemens' (2005) Connectivism Learning Theory, the research examined how technology and innovation are implemented at ACK’s St. Andrew’s and St. Monica’s Mugumo-ini parishes. Empirical data on online services, youth engagement, and platform-related challenges were reviewed. A mixed-methods approach with a descriptive research design was employed, targeting a population of 1,055 and drawing a sample of 15% (159) through proportionate and purposive selection. A semi-structured questionnaire was administered to members of Kenya Anglican Youth Organisation (KAYO) and parents/guardians, FGD was carried out among church leadership and technical staff, whereas the bishop was interviewed. A pilot study was conducted in Memorial Parish and was not considered in the final study. This was done by calculating Pearson’s correlation and Cronbach Alpha, which met the 0.7 threshold. Face validity was carried out to ensure the accurateness of the questionnaire and interview schedule. Data collected was then analysed descriptively and thematically. The findings of the study showed that the church adopted Facebook at (84.6%), Twitter (0%), YouTube (38.5%), and WhatsApp (61.5%). On involvement of the youth, the study found that the church involved the youth in technical support 61.5%. Challenges faced by the youth in online church participation included distraction by other social media (61.6%), internet connectivity at 23% and cost of data at 15.4%. The study found that overall online church attendance among the youth stood at 38.5%. The study overall recommendations were that; the church ought to utilize YouTube and Facebook for live streaming, run online church services for the youth for a maximum 30 minutes, and use of WhatsApp for online bible study services. Further, the study recommends that the church should involve the youth, in planning, and implementing online church services and activities rather than limiting them to technical support. These may include offering strategic training on innovative online technologies to church leadership and monitor online youth participation by assessing statistics after each online service/activity.