25 July 2012

Kenya: Eabl, Banks Trade Heaviest At the NSE

The NSE20 closed at a 12-month high for the 4th consecutive session. The NSE20 closed 1.32 points higher at 3845.93 and has rallied 640 points and 19.968% so far in 2012. The All Share edged 0.01 points higher to close at 83.85. East African Cables and Transcentury released strong H1 earnings pre-market Opening.

Commercial and Services

Safaricom was thinly traded with just 1.453m shares worth 5.651m traded. Safaricom eased 1.28% to close at 3.85. Kenya Airways closed unchanged at 14.30 and traded 1.199m shares worth 17.173m.


Kenya Commercial Bank traded 2nd at the Exchange. KCB firmed 1.052% to close at 24.00 on 2.189m shares worth 52.644m. Equity Bank traded 3rd and closed unchanged at 22.25 on 2.071m shares worth 46.195m. COOP Bank traded 4th. COOP Bank eased 0.43% to close at 11.50 and traded 2.442m shares worth 28.142m. CIC Insurance retreated 2.3% to close at 4.25 on 4.815m shares worth 20.606m. CIC Insurance closed at 5.25 on the first day it was introduced to the Securities Exchange via a listing and has now retreated 19.0476% since 18th July through today. Transcentury reported H1 Earnings before the Opening Bell where Turnover increased to 7.064010b from 4.534238b, H1 Profit Before Tax accelerated +241.16% to 564.139m and Profit after Tax accelerated 508.4%. Transcentury struck a Bullish Tone in their Commentary where They said; "We are seeing increased activity from our oil and gas, mining and power clients across the region, particularly in Eastern Africa following the significant discoveries of oil and gas." Transcentury traded 71,100 shares all at 24.00 -1.03%. Centum closed unchanged at 12.65, Business Daily carried a report that the CEO had reduced his shareholding reduced his holding to 0.02% in the year to March from 0.05% in the same period last year.

Industrial and Allied

EABL was the most actively traded share at the Exchange. EABL closed unchanged at 227.00 and traded 402,800 shares worth 91.635m, which represented 28.109% of the total turnover at the NSE. East African Cables reported H1 Earnings before the Opening Bell. EA Cables reported that H1 PBT Profit Before Tax increased 57.5% to 392.816m and EPS Earnings Per Share increased 42.02% to 0.98. The electric cables maker said exports to neighbouring states would continue to be a key driver of earnings. EA Cables closed unchanged at 10.50 and traded 58,600 shares. KenolKobil closed unchanged at 16.15 and traded 694,000 shares worth 11.226m. KenGen launched Olkaria IV yesterday and the CEO Edward Njoroge said the following; "The project will increase KenGen's total output by 25 percent and will raise geothermal contribution to KenGen's total electricity capacity by 35 percent." KenGen firmed 0.61% to close at 8.30 and traded 1.272m shares worth 10.573m. KenGen is -1.775% in 2012, trades on a trailing PE of 9.26 and accelerated H1 Earnings 33.01%. I think the share is overdue a rebound. The key risk was around scaling Up, finding capital, and execution. With Olkaria IV execution is now very evident. KPLC eased 0.33% to close at 15.15.

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