23 January 2013

Kenya: Market Drops but Bull Trend Return Likely

The Nairobi all share eased 0.21 points to close at 104.10. The Nairobi all share is +9.74067% in 2013 and closed at 106.10 a multi year high on January 16 and has retreated 1.885% of that high through yesterday.

The Nairobi NSE20 eased 9.89 points to close at 4461.32. The Nairobi NSE20 is +7.936% in 2013. The Equity market has been correcting lower since January 16 but in an orderly manner. I expect the correction to be shallow and for the bull trend to re assert itself imminently.

Kenya Commercial Bank and Nation Media have apparently already corrected and look set to push once more to fresh record highs. In Agriculture George Williamson Tea rallied by its daily limit of 10% to close at 220.00 and traded 400 shares.

In Commercial and Services

Safaricom was the second most actively traded share at the Securities Exchange. Safaricom retreated 1.74% to close at 5.65 and traded a 5.55-5.75 range and 11.704m shares worth 66.464m. Safaricom is +11.88% in 2013 and has corrected 5.833% off a 29-month intra day of 6.00 reached on January 9.

Nation Media rallied 1.99% to close at 256.00 and traded 67,100 shares. Kenya Airways firmed 0.921% to close at 10.95 and traded 446,700 shares.

Among Banks

Kenya Commercial Bank firmed 0.763% to close at 33.00 and traded a a 33.00-33.50 range and 2.667m shares worth 88.468m. Kenya Commercial Bank was trading at 33.50 +2.29% session highs at the closing bell.

Equity Bank traded fourth at the Securities Exchange. Equity Bank firmed 1.96% to close at 26.00 and traded 1.873m shares worth 48.723m. Equity Bank is +9.473% in 2013 and is 4.58% below a 21-month high of 27.25 January 16.

Barclays Bank closed unchanged at 16.10 but was trading at 16.20 +0.62% at the finish line. Barclays Bank traded 1.951m shares worth 31.452m.

CFC StanBic was high ticked 6.5088% to close at 45.00 and traded 100 shares. NIC Bank rebounded 3.468% to close at 43.75 and traded 413,900 shares worth 18.597m.

In Industrial and Allied

KenolKobil traded third at the Securities Exchange. KenolKobil eased 0.72% to close at 13.70 and traded a 13.45-13.80 range and 4.585m shares worth 62.876m. BAT retreated 1.85% and off a record closing high to close at 530.00 and traded 59,000 shares worth 31.271m.

BAT remains +7.94% in 2013. KenGen eased 1.87% to close at 13.10 and was trading at 12.65 -5.24% Session lows at the finish line. KenGen traded 1.407m shares worth 18.468m. KenGen was better offered throughout the Session and had 2.929m shares for Sale at the Finish Line more than twice the volume traded during the session.

KenGen is +48.86% in 2013 and has corrected 4.727% since closing at a 19 month high on January 18. Kenya Power KPLC firmed 1.1266% to close at 17.90 and was trading at 18.00 +1.69% at the closing bell. KPLC traded 526,100 shares. EABL eased a shilling to close at 294.00 and traded 18,100 shares.

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