8 January 2013

Kenya: BAT, ARM Lead Other Stocks to New Price Highs

The Nairobi All Share maintained its turbo charged boost to the year and rallied 1.25 points to close at 97.55.

The All Share has rallied 2.8357% over the 1st 4 sessions of 2013 and has closed at a fresh 23 month high.

The NSE20 Index rallied 21.43 points to close at 4212.49 which is a fresh 22 month high.

Equity Turnover was sharply lower at 150.767m versus 338.772m as sellers became more circumspect.

The Shilling was last trading just below 86.50. The MPC meets this week and the Shilling is anticipating a Rate Cut. I am expecting a 100 Basis Point cut in the CBR.

In Commercial and Services, Safaricom rallied 1.9066% to close at 5.35 and a fresh 28 month high.

Safaricom was trading at session Highs of 5.45 +3.81% at the closing bell. Safaricom has rallied 5.9405% in 2013.

Kenya Airways eased 0.44% to close at 11.20 and traded 47,800 shares.Kenya Airways is displaying a Basing Out Pattern and volumes are real thin at these levels. ScanGroup was ticked 6.35% higher to close at 67.00 and traded just 1,800 shares.

In Banks, Kenya Commercial Bank was the most actively traded share for the 2nd consecutive session. KCB closed unchanged at 31.00 and traded 2.037m shares worth 63.472m. Kenya Commercial Bank has traded 7.3m shares over the last two sessions, is +4.201% in 2013 It is predicted and predictable that KCB will set a fresh all time high imminently.

Standard Chartered traded 3rd at the exchange, rallied 1.26% to close at 239.00 which is a 20 month closing high and previously achieved on the 21st November last year. Standard Chartered is +1.702% in 2012. Jubilee Insurance was high ticked 7.777% to close at 194.00 and traded 300 shares.

In Industrial and Allied, KenolKobil traded 4th at the Exchange. KenolKobil eased 0.37% to close at 13.50 and traded 760,100 shares worth 10.266m. KenolKobil remains subject to a process with Puma Energy where Puma might or might not make an offer to take over KenolKobil.

BAT firmed 0.4% to close at 504.00 and set a further all time closing high. BAT traded 1.600 shares. BAT is -2.23% in 2013 and has set an all time each session in 2013.

Athi River Mining firmed 4% [making that a 16.36% 2 session rally] to set a fresh record closing high for the 2nd consecutive session. ARM traded 10,200 shares.

EABL ticked 0.7299% lower and off an all time closing high to close at 272.00 and traded 9,100 shares. The pull back will be very shallow because buy side demand outweighs supply by a factor by 4,125% which is as egregious as I have ever seen it.

KenGen firmed 1.69% to close at 9.00 and traded 645,000 shares. Kenya Power ticked 2.35% lower to close at 16.55 and traded 121,700 shares.

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