Kenya: Shares As Traded

The NSE20 rebounded 14.96 points to close at 3942.40. The Nairobi All Share eased 0.12 points to close at 86.29. We are in a shallow correction phase of a bull move, which has been in play since the start of the year. Equity Turnover was 313.971m versus 521.771.

Nation Media set a fresh all time closing high and has been a succession of them since the release of its H1 2012 earnings.

In Agriculture, Kapchorua Tea ticked 6.8376% higher to close at 125.00 and traded 300 shares. All the agricultural counters at the Nairobi Securities Exchange trade on single digit PEs [in Williamson Tea’s case the PE has a 2 handle] and steep and egregious discounts to their net asset values.

In Commercial and Services:

Safaricom closed unchanged at 4.00 and traded 1.22m shares. Buyers exceed sellers by a factor of 14 versus 1.3 and this level of 4.00 is the floor of the new trading range. Its bona fides are established by the size of the buyers at 4.00. The next objective is 4.45. Nation Media traded 4th and rallied 1.88% to close at 216.00 which is a fresh all time closing high. Nation Media has posted a +67.29% total return in 2012, trades on a trailing PE of 16.9876.

Standard Group firmed 3.125% to close at 24.75 and traded 10,100 shares. Standard Group is +8.791% in 2012 and has underperformed Nation Media by 5844 Basis Points in 2012. Kenya Airways rebounded 2.608% to close at 11.80 and traded 65,800 shares. Kenya Airways 13.8576% fall Sep 14th through Sep 21 was overcooked big time.

In Banks:

Kenya Commercial Bank was the most active counter at the Securities Exchange but eased 1.82% to close at 27.00 and traded a 26.75-27.50 range and 4.346m shares [making that 12.646m shares over the last 2 Sessions] worth 117.398m, which was 37.34% of the volume traded. KCB is +71.21% on a total return basis in 2012 and has corrected 3.571% off a 52 week closing high of 28.00 from Sep 13th. KCB trades on a trailing PE of 7.2581 and posted a 48.18% H1 2012 PBT acceleration.

Standard Chartered firmed 2.5% to close at 205.00 and traded 4,100 shares. Last week’s down drift from 220.00 was not justified Equity Bank traded 3rd and closed unchanged at 23.50 and traded 1.302m shares worth 30.602m. Housing Finance announced it will sell the second tranche of its 7-year bond next month to raise Sh3 billion. As a result, HFCK rallied 1.865% to close at 13.65 and traded 85,800 shares. Housing Finance trades on a 5.0555 Trailing PE. COOP Bank closed unchanged at 12.25 and traded 651,700 shares.

Industrial and Allied:

BAT traded 2nd at the securities exchange and closed unchanged at

422.00 which is an all time closing high. BAT traded 100,000 shares. BAT is +101.345% in 2012 on a total return basis and trades on a trailing PE of 13.622.

KenolKobil improved 0.643% to close at 15.65 and traded 331,400 shares. There are not many sellers around ahead of the Puma Energy announcement. EABL eased 1.32% to close at 223.00 and traded 47,200 shares. Kenya Power KPLC shaved off 5 cents and closed at 17.45 and traded 986,900 shares while KenGen closed unchanged at 8.40 and traded 168,900 shares.

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