11 July 2012

Kenya: EABL Trades Heavily Ahead of Earnings Report

The NSE20 edged 1.73 points lower to close at 3789.33. The NSE20 is +584 Points and +18.221% so far in 2012. The NSE20 Index closed at a 12-month high.

The index is 6 points off its 12-month high and the recent 3 day retreat defines a shallow correction. I believe the index will rally towards 4,200 through year end. The Nairobi All Share edged 0.07 points lower to close at 82.11. Market Cap was 1.074198 trillion. Equity Turnover was 204.289m versus 165.157m.

Commercial and Services

Safaricom traded 2nd and closed unchanged at 3.55 with 6.926m shares worth 24.589m traded. Safaricom has rallied 20.338% in 2012, closed at a 12 month closing high of 3.65 3rd July and has eased 2.739% off that level. I believe that the price targets 4.00. Uchumi edged 0.63% lower to close at 15.75 and traded 82,100 shares. The News that MassMart's Game had booked space in The Garden City Development on Nairobi's Thika Superhighway, might have turned the counter a little defensive today. Uchumi is +104.54% in 2012 and the best performer at the NSE this Year. Uchumi closed at 19.35 a 6+ Year closing high on May 23rd and has corrected 18.604% off that high. The supermarket sector is bleeping on the international radar and Uchumi remains inexpensive. Kenya Airways firmed 0.35211% to close at 14.25 and traded 122,500 shares. Kenya Airways has rebounded 13.095% since closing at a 6+ Year low on June 25th.


Kenya Commercial Bank closed unchanged at 23.25 and traded 269,200 shares worth 6.273m. Half Year Results are slated for release in the last week of July and I think they will comfortably beat the estimates. Barclays Bank firmed 1.11% to close at 13.65 and was trading 13.70 +1.48% at the Closing Bell. Barclays Bank traded 1.415m shares worth 19.32m. COOP Bank firmed 0.44% to close at 11.40 and traded 792,300 shares worth 9.062m. Equity Bank firmed 1.18% to close at 21.50 and traded 337,000 shares worth 7.245m. Stanchart firmed 0.526% to close at 191.00 and traded 6,700 shares. NIC Bank firmed 0.684% to close at 36.75 and traded 140,700 shares. NIC Bank has rallied 53.125% in 2012.

Industrial and Allied

EABL was the most actively traded share at the Exchange. EABL eased 0.42% to close at 236.00 [The weighted average was 236.94 and was rounded down] and traded 406,500 shares worth 96.316m, which represented 47.147% of the volume traded today. EABL has returned 38.662% on a total return basis so far in 2012. Mumias Sugar rallied 2.23% to close at 6.85 and traded 1.029m shares. KenolKobil eased 0.315% to close at 15.80 and traded 193,400 shares. KenolKobil is +63.11% on a total return basis in 2012 and the subject of due diligence which will lead to a takeover by Puma Energy a subsidiary of Trafigura. BOC Kenya was high ticked 7.43% to close at 130.00 on 100 shares traded. BAT corrected 3.968% lower to close at 363.00 on light trading of 3,600 shares.

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