12 January 2013

Kenya: Safaricom, EABL Strong Perfomance Continues

The 150 basis point cut in the CBR and into single digits supported the equity markets Friday. The Nairobi Securities Exchange has been in a violent bull move since the start of 2013.

The Nairobi all share after a pause to catch its breath Thursday rallied 0.61 points to close at 101.63. The Nairobi all share is +7.1368% in 2013 and this is a fresh 24-month closing high.

The Nairobi NSE20 index rallied 30.14 points to close at 4349.87. The NSE20 Index has rallied 216 points and is +5.226% in 2013. Equity turnover was 478.765m.

Kenya Commercial Bank +10.084% in 2013, EABL +10.9433%, ARM +25.56% and BAT Kenya +7.94% set Fresh All Time Highs. The move higher which started out quite narrowly is beginning to broaden out and Friday KenGen surged 6.87%

In Commercial and Services

Safaricom closed unchanged at 5.60 and traded 4.441m shares worth 24.926m. Safaricom is +10.891% in 2013 has corrected 6.66% off its intra day and August 2010 High of 6.00 from Wednesday this week but the pull back looks complete and this evidenced by the fact that There were buyers for 25.23m shares at the finish line and essentially for 568% more shares than were traded during the Session. The move got parabolic but the price is set to hurdle 6.00 and sustainably. Access Kenya bounced 3.00% to close at 5.15 and traded 668,300 shares.

Among Banks

Kenya Commercial Bank was the most actively traded share at the Securities Exchange and rallied 3.75% to close at 32.75 and set a second consecutive session all time closing high. KCB traded a 31.50-33.25 trading range and was trading at 33.00 +3.94% at the Closing Bell. Kenya Commercial Bank traded 3.564m shares worth 117.36m. Kenya Commercial Bank has rallied +10.084% in 2013.

CFC StanBic Bank traded second at the Exchange. CFC StanBic eased 2.17% to close at 45.00 and traded 2.529m shares worth 113.807m. Standard Chartered Bank firmed 0.82644% to close at 244.00 which is a fresh 20 month closing high. Standard Chartered traded 5,300 shares and the supply side thin now and I expect the price to run up sharply.

Equity Bank closed unchanged at 25.75 and traded 1.401m shares worth 36.085m. Equity Bank is +8.421% in 2013 and this is a 20 Month High. Barclays Bank eased 5 cents to close at 15.40 and traded 1.062m shares worth 16.397m.

Industrial and Allied

EABL rallied 1.0325% to close at 294.00 a further fresh all time high in what has been a sequence of them in 2013. EABL traded a 291.00-297.00 range and 142,100 shares worth 41.91m. EABL is +10.9433% in 2013 and the love affair that International Investors have had with the Stock in 2012 spilled over into 2013 and has gotten even more passionate.

KenGen rallied 6.87% and hurdled 10.00 to close at 10.05. KenGen traded a 9.55-10.35 range and 1.131m shares worth 11.422m. KenGen has rallied 14.204% in 2013 and this is a 14-month closing high. KenGen has plenty of Headroom.

Kenya Power firmed 1.19% to close at 17.00 and traded 1.266m shares worth 21.532m Athi River Mining firmed 1.8181% to close at 56.00

KenolKobil improved 0.73% to close at 13.80 and traded 805,700 shares. BAT firmed 0.952% to close at 530.00 on light Volume of 300 shares and set a fresh all time closing high. BAT is +7.94% in 2013.

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