The Nairobi All Share rallied a further 0.438% to close at 126.05. The All Share is +32.88% this year. The All Share retreated 0.36% Monday and Tuesday in a real mild correction.
Subsequently the All Share +1.4813% Wednesday through Friday. Interestingly, it was foreign investors who raised their participation levels about 1800 basis points and basically hunted big cap liquidity through the week.
The price action has been counterintuitive to most but in fact is a very bullish signifier. Evidently, the #Westgate was a 'known unknown' [in Donald Rumsfeld's Lexicon] for the market. We had been warned severally and the market had absorbed those warnings.
The Cabinet Secretary National Treasury citing "buoyant" investor confidence, said "our plan to issue a debut sovereign bond in the international market during this financial year remains on course".
The markets have been real resilient.
The All Share is just 2.24% below a 2013 and multi-year high set earlier this year.
Equity Turnover was 292.26m as sellers became more circumspect.
The Nairobi NSE20 Index ticked 3.91 points higher to close at 4768.03.
Safaricom closed unchanged at 8.35 and traded 7.266m shares worth 60.669m and was the most actively traded share as it has been every session this week. Safaricom is +65.34% in 2013 and eased 1.764% over the course of the week and from a record closing high of 8.50 reached last Friday. I expect a fresh-run up to new all time highs, in due course.
Kenya Airways CEO Titus Naikuni's comments at the AGM where he said: "When we compare the first five months of this financial year over a similar period last year, we have seen a marked improvement in passenger numbers as well as managed well the operating costs" guided investors towards the view that Kenya Airways was on target to report a FY profit, bounced the share price 1.07% to close at 9.45. Kenya Airways will hurdle 10.00 and head towards 12.00. Its been deeply sold for a while. Dr. Naikuni is not the type to pad his comments and he is signalling the earnings curve has inflected. There was buy side demand at the finish line for 691% more shares than were traded during the session.
ScanGroup was the 2nd most actively traded share at the exchange and closed unchanged at 61.00. ScanGroup has seen a volume spike this week and evidently the buyers are calculating the 28.945% discount to the cash price of 85.85 which WPP's Cavendish Holding is set to pay for 21.355m shares, is egregious.
Marshalls East Africa was the biggest gainer at the exchange and high ticked +4.35% to close at 12.00 on just 100 shares.
Uchumi firmed 0.765% to close at 19.75 and traded 20,500. Supply below 20.00 will soon dry up.
The banks have been firm and well sought after. KCB is at a record, Diamond Trust 0.55% below a record, Equity Bank is within 2% of a record. Investors have strongly supported the banks as a proxy best correlated to an expanding Kenya and EAC GDP.
Kenya Commercial Bank closed unchanged at a record high of 46.50 and traded just 329,400 shares.
Diamond Trust Bank rallied 2.87% to close at 179.00 and traded 35,700 shares. Diamond Trust is +55.65% on 2013, trades on a Trailing PE of 10.264 and announced a +38.43% Acceleration in H1 2013 PAT.
CFC Stanbic firmed +0.7% to close at 72.00 and traded 264,200 shares. CFC Stanbic has rallied +77.77% in 2013. CFC StanBic trades on a Trailing PE of 7.346. CFC StanBic trades cheap versus its peers and accelerated H1 2013 Profit before Tax +81.678%.
Equity Bank closed unchanged at 34.25 and traded 3rd with 833,700 shares worth 28.564m.
EABL rallied 1.273% to close at 318.00 and traded 102,900 shares. EABL is +11.971% in September.
KenGen rallied 1.83% to close at 16.65 and traded 234,000 shares. KenGen is +88.13% this Year.