11 December 2012

Kenya: Low Trading At NSE As Christmas Feel Creeps in

The Nairobi All Share eased 0.08 Points to close at 91.87. The All Share had retreated Every session since the 26th November when it closed at a 17 month high through Friday when it snapped its losing Streak before turning marginally lower today.

The NSE20 fell 25.95 points to close at 4012.05. Trading had a Christmas feel and was lackadaisical at 158.528m.

In Agriculture

Eaagads rallied 4.17% to close at 25.00. Eaagads trades at the equivalent of 29 US Cents and I estimate its grasslands of 149.737Ha to be worth $10.00 a share if they were to be converted into Real Estate. Kakuzi traded 1,000 shares at 67.50 -3.57%.

In Commercial and Services

Safaricom was the most actively traded . Safaricom closed unchanged at 5.05 and traded 9.538m shares worth 48.155m. There was buy versus sell side ratio imbalance of 23 versus 11 and the market was bid at 5.05 at the closing bell. Safaricom is +78.644% in 2012 and sits 2.88% below its 27 month closing high of 5.20 from 26th November this year.

ScanGroup was low ticked 4.58% to close at 62.50. The economic value of that transaction was $72.00 only. CMC Holdings remains suspended from Trading and the news that the Company has turned to the courts to stop Jaguar Land Rover from terminating its franchise is hardly optimal. The brands account for 30 per cent of CMC's annual unit sales.

Among Banks

Kenya Commercial Bank traded 3rd a, eased 0.90909% to close at 27.25. The weighted average was 27.47 and rounded down.

Equity Bank traded 4th. Equity Bank firmed 1.08% to close at 23.50 and traded 408,100 shares. There was buy side interest for twice the volume traded during the session.

NIC Bank traded 6th at the exchange. NIC Bank closed unchanged at 38.25 and traded 111,100 shares. NIC Bank is 6.17% below a 5 Year High from November 26th. NIC Bank has rallied 93.181% on a pric basis in 2012. British American Investments firmed 3.64% to close at 5.70 and traded 218,000 shares.

In Industrial and Allied

EABL rallied 1.1925% to close at a fresh all time closing high of 254.00. EABL has set a succession of all time highs in 2012 and is +52.616% on a total return basis in 2012. EABL traded a fresh all time intra day high of 255.00 and closed the session bid at that level. EABL traded 153,400 shares worth 38.998m. EABL's Market Capitalisation is 200.856b and snapping at Safaricom's heels.

KenolKobil traded 5th and firmed 1.0204% to close at 14.85 and was trading session highs of 14.95 +1.7% at the closing bell. KenolKobil traded 452,900 shares.

KenolKobil remains the subject of a due diligence with a view to a take over offer via Trafigura's Puma Energy. The last Notification received was on the 11th of September.

I am pretty certain There has been no subsequent further notification. The Increased Excitement around the Oil and Gas Sector in this Region leads me to stick to my View that this is a clever if slightly tangential way for Puma to insert itself into the landscape. Sameer firmed 2.5% to close at 4.10 and traded 1,600 shares. Sameer has rallied 17.391% over the last 4 weeks.

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