26 April 2014

Kenya: NSE Hits Fresh All-Time High On Big Capital Counters

The Nairobi All-Share firmed 0.34% to set a record all-time high of 150.46 points. The All-Share has rallied sharply in April and is +10.11% in 2014.

The Nairobi NSE20 Index, which has been lagging the All-Share by more than nine per cent, rallied 33.07 points to close at 4956.78 points.

Equity turnover was real brisk and topped Sh1.21 billion. The big counters like Safaricom, +20.27% in 2014, EABL, +11.32% in April, Co-op and CFC Stanbic banks at records, KCB within 0.5% of a record, Equity Bank +14.17% in April and the insurance segment have been hard charging in 2014.

Eaagads rallied 6.6% to close at Sh28.25 and traded 21,100 shares. Eaagads whilst +18.95% in 2014 has lagged a 92% rally in Coffee Futures over the same period and is set to play some catch up.

Williamson Tea rallied 8.98% to close at Sh279 and was overdue a bounce as it had gotten oversold on odd lots.

Safaricom had closed at a record all-time high of Sh13.20 on four out of the last eight trading sessions. Today it shaved off 1.14% to close at Sh13.05 and traded a muscular volume of 28.5 million shares worth 373.2 million. Corrections such as today's will be shallow and short lived ahead of a move to my price target of Sh13.50 ahead of the full year earnings release. Safaricom is +20.27% and has been a key precipitator of the All-Share's surge to record highs in April and in 2014.

Marshalls was the biggest loser at the exchange retreating 9.5% to close at Sh9.05. Marshalls has retreated 24.58% in 2014.

Co-op Bank rallied 2.24% to close at Sh22.75 and set a fresh All-Time high as it has done each session this week. Co-op is +28.16% this year. KCB firmed 1.02% to close at Sh49.75 and traded second at NSE with 3.6 million shares.

Equity Bank rallied a further 2.11% to close at Sh36.25 and was trading at session highs of 36.75 +3.52% at the finale.

Kenya Re eased 1.21% to close at Sh20.25 on a good volume of 2.74 million shares worth Sh56.23 million. Kenya Re is +30.65% in 2014 and the earnings release is imminent.

CIC Insurance ticked 0.51% firmer to close at Sh9.75. CIC has ramped 63.86% higher in 2014. Liberty Kenya rallied 3.78% to close at Sh19.20 and traded 119,400 shares.

Centum rallied 2.61% to close at Sh39.25 and traded 526,900 shares. Centum is +18.939% in 2014.

EABL eased 1.01% to close at Sh293 and traded 462,900 shares. EABL has now rallied +11.32% in April in what was a real muscular bull move.

KenolKobil has seen a big uptick in trading this week and today was no exception. KenolKobil closed unchanged at Sh8.95 and traded 5.08 million shares.

Total Kenya rallied 3.09% to close at Sh25.

Mumias Sugar rebounded +3.22% to close at Sh3.20 and traded 2.26 million shares with 17 buyers for every six sellers at the close.

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