Kenya: Market Improves Slightly Amid Sluggish Trading

Nairobi Star (Nairobi)

Aly Khan Saatchu

24 June 2011

The shilling has rallied to 89.95 last +1.10% on the day so far and 2.121% firmer versus its 91.90 all time intra day low yesterday. The NSE20 traded 6.41 points higher to close at 3970.59 and this index -10.424% in 2011. The Nairobi all share closed 0.12 points higher at 90.85. Market Cap was 1.115241 trillion versus 1.113743 trillion. Equity Turnover was 209.789m versus 269.809m and light.

In Agriculture. Kapchorua Tea firmed 6.603% to close at 113.00 Kapchorua trades on a 2.00 PE Sasini Tea firmed 2.23% to close at 11.45 and traded 39,600 shares. Williamson Tea traded 3.211% lower to close at 211.00 and traded 20,400 shares. The PE has a 2.00 handle.

In Commercial and Services. Safaricom did not rank in the top five volume traded shares today. Safaricom firmed 1.28% to close at 3.95 and was trading at 4.00 +2.56% at the close. 1.951m shares worth 7.714m were traded. The 4.00 Level has held the price in check for quite a while but thinning volumes are signalling a break through 4.00.

TPS Serena traded sixth. TPS Serena traded 156,500 shares worth 10.642m all at 68.00 unchanged. TPS Serena has rallied 31.329% over one year. It is the only listed proxy for the East African tourism sector. TPS Serena has in fact displayed very low beta and sits 5.55% beneath 72.00 which was a five year closing high from earlier this year. ScanGroup firmed 2% to close at 51.00

ScanGroup is one of the best; if not the best performing share at the Nairobi bourse over one year having posted a 69.246% return. Kenya Airways eased 25 cents to close at 38.75 and traded 62,300 shares. Uchumi eased 2.755% to close at 12.45 and traded 207,300 shares.

In Banks. KCB was the most actively traded share in what was a slow session overall. KCB eased 1.03% to close at 24.00 and traded a 24.00-24.50 range and 1.137m shares worth 27.519m. KCB has rallied 15.506% in 2011, set a 40 month closing high of 27.00 earlier this year. KCB trades on an 8.695 PE and continues its Mckinsey recommended restructuring of its human capital. Equity Bank traded fourth. Equity Bank firmed 1% to close at 25.25 and traded 930,500 shares worth 23.623m. Barclays Bank firmed 0.56% to close at 17.45 and traded 929,000 shares. COOP Bank fell 1.79% to close at 16.45 and traded 415,700 shares.

Centum firmed 1.09% to close at 23.25 and traded a 23.25-23.75 range and 1.031m shares worth 24.236m. Centum trades on a 6.134 price earnings ratio and reported muscular FY results not so long ago where profit after tax increased 109.5% to 2.292b versus 1.094b the previous year.

Industrial and Allied. KenolKobil traded fifth. KenolKobil firmed 0.915% to close at 11.05 and traded an 11.00-11.15 range and 1.166m shares worth 12.909m. Demand exceeds supply by a factor of 3-1. KenolKobil has rallied 19.79% since releasing a bullish earnings first half update some two weeks ago.

EABL closed unchanged at 188.00 and traded a 185.00-190.00 range and 133,100 shares worth 25.105m. KPLC turned 1.16% higher to close at 21.75 on the same day that it rebranded itself. KenGen closed unchanged at 14.25. Mumias Sugar closed at 7.35 and traded 488,600 shares.

AllAfrica – All the Time