Nairobi Star (Nairobi)
Aly Khan Satchu
21 July 2011
The shilling was trading at 90.04 last and currently sits 2.0696% away from its multi year intra day low of 91.95 from last month. The NSE20 fell 8 days in a row, bounced on Friday, set a new 2011 closing low on Monday, rallied on Tuesday and turned 3.86 points higher to close at 3780.93. The NSE20 IS -14.71111% in 2011. The Nairobi All share closed 0.40 points lower at 85.73. Market Cap was 1.067455 trillion versus 1.072522 trillion last time.
Equity Turnover was vigorous at 556.484m versus 615.502m last time and activity was once again concentrated in Kenya Commercial Bank and Scangroup, both of which have seen a material movement on their shareholder register in the last 10 trading sessions. In Commercial and Services, Safaricom traded less than 1m shares and closed -1.39% at 3.55. Safaricom traded a 3.50-3.60 range and 3.50 is a 52 week intra day low. Safaricom trades on a 10.66 trailing PE.
ScanGroup traded 2nd at the bourse and traded 2.7m shares [0.94806% of its shares and add Tuesday’s 1.8297% and ScanGroup has seen 2.77776% of its shares trade over the last 2 consecutive
sessions] worth 140.385m. ScanGroup edged 0.9625% lower to close at 51.50. The weighted average was 51.99. On a 12 month view, ScanGroup is the best performing counter at the bourse over 1 year having posted a 63.781% 1 year return. The float is thin and hence recent sharpened activity of interest.
Kenya Airways eased 0.719% to close at 34.50 and trades on a 4.51 Trailing PE and these fundamentals are being outweighed by a widely expected capital call. Nation Media was marked down 5.59% to close at 152.00 while Uchumi turned 1.442% higher to close at 10.55.
Among Banks, KCB was once again the most actively traded counter and closed unchanged at 22.75 and traded 6.424m shares [1.0706% of the shares] worth 147.081m which was 26.43% of the total turnover at the NSE. KCB trades on an 8.243 Trailing PE. KCB has transacted no less than 5% of its shares in the last 10 trading sessions.
Co-op Bank rallied 1.602% to close at 15.85 and closed at 21.50 on 25th Feb a 52 week high and subsequently has eased 26.27% since that date. We have been seeing good buy side demand as investors consider the pull back overdone. Barclays Bank eased 0.31% to close at 16.05 while Equity Bank retreated 1.086% to close at 22.75. StanChart was marked down 2.2212% to close at 221.00.
In the Industrial and Allied, EABL traded 3rd and eased 0.53% to close at 187.00. EABL has retreated 6.96% in 2011 and is therefore outperforming the NSE20 which is down 14.6209% over that same period.
KenGen bounced 3.33% to close at 12.40 and was trading at 12.55 +4.58% at the finish line and demand was 8 for every 1 of supply at the close. KPLC firmed 1.25% to close at 20.25 while Athi River Mining was the biggest absolute gainer on the day rebounding 9.146% to close at 179.00. Bamburi Cement eased 3 shillings to close at 175.00. Mumias Sugar rallied 1.3888% to close at 7.30 while KenolKobil eased 0.909% to close at 10.90. Transcentury dipped 1.0101% to close at 49.00 on 4,300 shares.
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