Nairobi Star (Nairobi)
Aly Khan Satchu
17 December 2011
The Shilling touched an intra day high of 83.25 and was last trading at 83.754. Its been a miraculous turn around.
The bourse had a Friday feel about it after a sequence of brisk business during the week. The NSE20 rose 12.01 points to close at 3118.92. The Nairobi All Share firmed 0.12 points to close at 66.11. Market Cap was 843.633b versus 841.991b. Equity Turnover was 156.093m versus 171.187m.
In Commercial and Services
Safaricom traded 2nd at the bourse and closed unchanged at 2.80 with 10.363m shares worth 29.095m changing hands. Safaricom is -31.181% in 2011 and I do not see downside from here. Kenya Airways firmed 0.757% to close at 19.95 and was in fact trading at session highs of 20.50 +3.54% at the finish line. Kenya Airways traded 51,400 shares and had buy side demand for 300% of what was traded, showing on the board. Kenya Airways trades on a PE of 2.607,which is I believe a disequilibrium.
In Banks
Equity Bank was the most active share at the Securities Exchange. Equity Bank closed unchanged at 17.00 and traded a 16.50-17.25 range and 4.456m shares worth 75.763m, which represented 48.537% of the total volume traded in todays session. 17.00 is in fact a 20 Month closing low. Equity Bank previously closed at 17.00 October 6 through October 13 this Year, then bounced as high as 19.95 on the 14th of November before drifting back. If Equity Bank can rebound here, then it will have put in place a double bottom on the charts, which is constructive. If it sets a new and deeper 20 month closing low then it would not be constructive on the charts.
Equity Bank trades on a trailing PE of 8.808. Kenya Commercial Bank firmed 0.64% to close at 15.70 and traded a 15.65-15.95 range and 135,600 shares. There was buy side interest for 1000% of what was traded in the entire session confirming firm buy side interest for KCB. KCB has rallied 4.6822% since the 29th of October and is emerging from a deeply oversold position. KCB trades on a 5.68 trailing PE. Barclays Bank traded 3rd. Barclays Bank firmed 0.431% to close at 11.65 and traded an 11.60-12.00 range and 702,200 shares worth 8.189m.
Barclays Bank is -18.928% in 2011 without calculating the dividend flow and Barclays Bank trades on an 8.09 trailing PE. Britak rallied 3.41% today to close at 4.55. Britak was sold via an IPO at a Price of 9.00 in early September, then fell 54.444% through 8th December when it closed at an all time low of 4.10. Britak has rallied 10.975% off that all time low through today.
In Industrial and Allied
EABL closed unchanged at 169.00 and traded 27,100 shares. EABL has rebounded 12.666% since the 25th of October versus an index which trended lower over the same period. EABL is -11.44% versus an NSE20 which is down -29.00% over the same period. Investors continue to warm to the game plan, which is much more an offensive game regionally. BAT rallied 2.13% to close at 240.00 where 11,200 shares worth 2.688m were traded.
BAT has rallied 8.59% since 6th December through today as investors have watched its dividend yield and compared it to a rapidly sliding interbank rate this week. Mumias Sugar firmed 0.96% to close at 5.25 and traded 141,700 shares.Mumias Sugar has rallied 16.666% since closing at 4.50 on 5th December.
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