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Normal Board - The Whole shebang
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The Latest Daily PodCast can be found here
http://www.rich.co.ke/rctools/richpod.php

Macro Thoughts

The Nairobi Stock Exchange is on the Cusp of a Break Higher.

It was a Pleasure to meet Suraj Sudhakar. He is the Acumen Fund Man on
the Ground and completely turned my Head with the Economics of
Sanitation. Pleasure to meet you Suraj.

I also met Neil Drewett of Ogilvy Africa in person. We are fellow
Twitterers. Always good to put a Face to a Stream of Conciousness.

And I also welcome Pat Muthui of RMB Private Bank, to this Missive as
well. Pat tells me that my Brother in Law in Johannesburg is his Fast
Friend. Small World.

Home Thoughts

The Early Morning and Late Evenings are quite beautiful. I especially
appreciate the BirdSong which is deeply soothing, I must admit. It is
like an Orchestra. These Sounds of Peace and Tranquillity are
sometimes punctuated by a Man of the Cloth. And His Voice echoes and
amplifies because I reside in a Valley. And Yesterday I was left
thinking why so Many People of the Cloth of any persuasion, feel the
success of their Message is correlated to its Loudness?

I have in fact found the Opposite to be true.

That is the subject of a much-buzzed-about novel, “In an Age of
Prosperity: China 2013”—for now, only in Chinese (“Shengshi: Zhongguo,
2013”). Author Chan Koon-chung conjures a fascinating tale of China
just over the horizon, in which the most privileged and educated men
and women struggle to balance the benefits and perils of life under
high-functioning authoritarianism. The novel—which is slated to be out
in English sometime next year under the apt title “The Fat Years”—is
set in the future, but the portrait is so well-drawn that the conceit
is redundant. When I interviewed the author the other day, he said,
“If I put it in the future, I could make up stories to make the points
clearer. But then, as it turned out, people still think I’m writing
about the present anyway.”

In a thoughtful review in the China Heritage Quarterly, author and
translator Linda Jaivin calls it a “portrait of China as simultaneous
utopia and dystopia.” At one point, a character mentions that China
has entered the houzheteng shidai or, as Quarterly editor Geremie
Barmé renders it, “The Age of Complacency.” That ties into a rich
political subtext: In a speech last year, President Hu Jintao urged
his country “bu zheteng,” an unusually colloquial expression that left
translators and wonks aflutter as they sought to convey what he meant.
The People’s Daily went so far as to write a piece on the flap, saying
the term should be understood as “don’t get sidetracked” from the
collective mission of economic reform and development. But outside the
government, many who heard it were left wondering if that translation
fell short, because it didn’t capture the sense that Hu was also
asking his people to avoid “making a fuss” or “dwelling on problems.”

But China’s armies of strivers are not Chan’s focus here: He’s
talking about the intellectuals and entrepreneurs, the winners of the
system, the ones who have reaped the rewards of China’s rise and now
struggle to decide how much to speak out to improve their country. In
a heroically detailed footnote, Barmé explains:

    No single English word or expression can adequately convey the
cluster of meanings inherent in zheteng. For ‘to zheteng’ is to be
unsettled, to struggle, to get by, to try and achieve something but
possibly to fail to do so. It means to be exasperated but to battle on
regardless. It is to engage with the world uneasily, to sit
uncomfortably and to annoy others/oneself/the system/the status quo by
one’s tireless squirming and restlessness. It is to buck the system,
but to believe nonetheless that all resistance is futile; it is to
rage against the dying of the light, but to have no confidence that
there was any light or that the impending gloom is really all that
bad. It is to be ill-at-ease and, by one’s efforts, to make others
feel the same way. Here I have suggested to the author that ‘Age of
Complacency’, a time when people have found that the struggles and
ventures of the 1980s, be they meaningful or merely vacuous
performances, are spent and that an era of quietude, a time after
zheteng now reigns supreme. With energy spent and wills weakened, all
that people have to console themselves with is impotent complacency.
They find themselves in a houzheteng shidai. Middle-age
world-weariness awaits senescence.

Conclusions

As A Nation becomes wealthier it can become keener on Navel Gazing,
which is what President Hu Jintao meant by his Phrase “bu zheteng.”, I
venture.

Euro 1.3015 - We are doing a Great Deal of work at this Level either
side of 1.30
Sterling 1.5607
Dollar Index 81.96
Rand 7.3078 new 3 and a Half Month High
Aussie 0.8969
India Rupee 46.638
Canada 1.0341

Conclusions

The Dollar is pinned at key Levels pretty much across the Board.

Euro Dollar 1 Month Chart INO
http://j.mp/boHVeb

Conclusions

You can see from the Chart that we have been testing 1.30 since July 15.

The Fed's latest beige book report of economic conditions showed only
modest advances in retail sales across the country. Housing and
construction numbers remained weak, while bank lending was still
tight.The weak snapshot came after a second consecutive monthly drop
in demand for manufactured goods was reported earlier in the day,
casting more doubt on an economic outlook that Fed chairman Ben
Bernanke last week called "unusually uncertain."

The Fed report "was fairly consistent with the other macroeconomic
indicators we've seen in the past month," said Dorsey Farr, partner at
French Wolf & Farr, an investment advisory firm in Atlanta. "The
question is, is this the beginning of a more serious slowdown in the
recovery or just a natural leveling off?"

Conclusions

Quite Anaemic.

The Dow Industrials fell 39.81 points, or 0.38%, to 10497.88.

Greek island homes, long coveted by millionaires and Hollywood stars
such as Tom Hanks, are being marked down by as much as 45 percent as
the country’s debt crisis destroys demand for holiday getaways.

A half-built villa on Mykonos, an island in the Aegean Sea known for
its all-night beach parties, is being offered by brokers at
Athens-based PloumisSotiropoulos OE for 2 million euros ($2.6 million)
after the price was reduced by 500,000 euros. The same firm is seeking
a buyer for a three-bedroom home on Corfu for 750,000 euros, down from
an original asking price of 1.4 million euros. So far, no bidders have
emerged.

“It’s a scary place to invest right now,” said Mike Braunholtz, a
broker at Prestige Property Group, which markets properties on the
Greek islands. “Things aren’t going to improve until the economic
picture becomes clearer.”

A three-story villa, whose price is down from 5.5 million euros to 4.1
million euros, is seen on the island of Mykonos in an aerial view

Its orange sands have witnessed delight and death. Generations of
matadors strutted their way across Barcelona's Monumental bullring,
drawing roars of approval from the crowds as they tormented the
hulking bulls with their scarlet capes before killing them with a
sword-thrust between the shoulder blades.But now bullfighting is to be
banned from Barcelona and the rest of the north-eastern region of
Catalonia after the local parliament today dealt a blow to Spain's
most emblematic pastime and unleashed a political battle over what
some see as a threatened cultural treasure.

Wheat futures approached 14-month highs on predictions that a drought
in Russia will boost demand for U.S. exports of the grain.Wheat for
September delivery hit an early high of $6.2325 a bushel, the highest
price for a nearby contract since June 2009. The contract settled
20.50 cents, or 3.4%, higher at $6.15 a bushel.

Cocoa March 2011 +1.21%
Coffee March 2011 +1.91%
Sugar March 2011 +0.97%

Conclusions

I remain overwhelmingly Bullish on this Asset Class - The Breakfast
Commodities.

Last Price    168.25
Contract High    173.85
Contract Low    131.4
Expiration    2011-03-21
Close Time    12:30

Conclusions

That Contract High is going to be taken out.

Currently 1998 is the hottest year on record. Two combined land and
sea surface temperature records from Nasa's Goddard Institute for
Space Studies (GISS) and the US National Climatic Data Centre (NCDC)
both calculate that the first six months of 2010 were the hottest on
record. According to GISS, four of the six months also individually
showed record highs.

Scientists have also released what they described as the "best
evidence yet" of rising long-term temperatures. The report is the
first to collate 11 different indicators – from air and sea
temperatures to melting ice – each one based on between three and
seven data sets, dating back to between 1850 and the 1970s.

Peter Stott, the head of climate modelling at the UK Met Office, said
despite variations between individual years, the evidence was
unequivocal: "When you follow those decade-to-decade trends then you
see clearly and unmistakably signs of a warming world".

"That's a very remarkable result, that all those data sets agree," he
added. "It's the clearest evidence in one place from a range of
different indices."

A Pakistani boy cools off as temperatures reached 51C in a heatwave
last month. Photograph: MK Chaudhry/EPA

Conclusions

I believe this will prove an Intractable Sort of Problem. In
particular because We have yet to move forward to the Point where
Everyone agrees that the Evidence in front of them confirms the
Evidence in front of their Eyes.

There is no Sign of this Trend reversing and it remains a Key Plank in
my Thinking about the Soft Commodities, which I believe will continue
to trend higher because of the Weather High Low Volatility and the
higher Moving Temperature Average. Coffee for example typically
requires quite a narrow Temperature Band.

Further Conclusions

Buy 5 Year Calls on the BreakFast Commodity Asset Class.

This Pull Back is overdone.

Last Trade:    2,631.53
Change:    Down 2.14 (0.08%)
Day's Range:    2,627.22 - 2,656.41
52wk Range:    2,319.74 - 3,478.01

Conclusions

You can sell More Puts at 2,250.00

The benchmark Shanghai Composite Index is up 11% from its 2010 low on
July 5, including a 2.3% gain on Wednesday to 2633.66, its highest
close in two months.

In a World, where Cash is King You might well ask who has the Dollars?
And Hu does. Most of the World's Ammunition sits with them. Concerns
about a serious Blow Up near term were overblown. The Tipping Point is
a long way over the Horizon and its all about Demographics.
Aly-Khan Satchu
www.rich.co.ke

I expect further Convergence China to outperform Near Term as India
stays capped in the Face of a Trigger Ready Subbarao.

When it was completed in 1929, tycoon Victor Sassoon’s art deco
hotel-residence, known as the Cathay Hotel, was among the most famous
properties worldwide. Sassoon lived beneath its green pyramid roof and
outfitted rooms with luxurious details like Lalique glass in shaving
mirrors. The hotel’s downstairs Jazz Bar set the stage for Shanghai’s
jazz age.

Turkey’s ISE National-100 index rose 14 percent this year, the most
among major European gauges, to an all-time peak yesterday. Valuations
at 10.7 times reported earnings, the highest since March, are 30
percent below the 15.3 times multiple for the benchmark MSCI Emerging
Markets Index, according to data compiled by Bloomberg.

The ISE-100 climbed after the government said June 30 that gross
domestic product increased 11.7 percent in the first quarter from a
year earlier and inflation slowed to the lowest since January as the
country pulled out of its deepest recession in more than a decade. The
growth rate was the fastest among the Group of 20 major economies,
excluding China, and compares with an average contraction of 0.03
percent in 14 central and eastern European countries, Bloomberg data
show.

Turkey’s $620 billion economy probably expanded at an annual rate of 9
percent to 10 percent in the second quarter, said Ziya Akkurt, chief
executive officer of Akbank TAS, the country’s second-biggest publicly
traded bank by market value, in an interview with Bloomberg HT
television yesterday.

Prime Minister Recep Tayyip Erdogan’s management of the country’s
debt, which has remained below the Maastricht criteria of 60 percent
of economic output since 2004, prompted ratings upgrades by Moody’s
Investors Service, Standard & Poor’s and Fitch Ratings in the past
seven months. The country’s debt level may peak at 49 percent of GDP
this year and decline to 48 percent by 2012, according to government
projections.

Stocks in Istanbul trade below the 11.5 times projected 2010 earnings
for Poland’s WIG20 Index and 14.5 times for Brazil’s Bovespa.

The ISE-100 rose 0.1 percent to 60,404.33 in Istanbul yesterday.

Moody’s rates Turkey Ba2, two levels below investment grade, after
lifting the country in January. Fitch raised its rating to BB+ in
December, or one step below investment grade, and S&P boosted its
ranking in February. All three cited budget management and the
strength of Turkey’s banking system, which posted record profits last
year and required no government funds after the collapse of Lehman
Brothers Holdings Inc. in 2008.

Value60,404.33

All Time Highs

Value5,040.95   
Change36.720    
% Change0.734

Been saying it all Year. Lowest Beta and Top Performing World Wide
Index over 3 Years.

Value28,367.26   
Change-94.220    
% Change-0.331

Value6,386.52   
Change20.310    
% Change0.319

Conclusions

I expect a Strong Run from here into the Year End.

Mattias Klum of the National Geographic on a recent assignment in
Virunga National Park in Africa. The subjects in this case were
gorillas.

“You are just a simple person on your stomach with your camera in
front of you,” Mr. Klum recalled. “You just back off, crawling on all
fours, and it all comes really natural, because even though we are
nearly seven billion people and we fly to the moon and do all sorts of
things — good and bad, when it comes to meeting a natural force like
that, you feel very small.”

Mr. Klum’s project, for the International Gorilla Conservation
Program, documents the program’s census of gorillas in the forests
shared by Rwanda, Congo and Uganda. The census rangers also protect
mountain gorillas from poaching.

“You have these guys patrolling these forests amidst thousands of
militia and poachers,” Mr. Klum said. The conservation program
estimates there are about 680 gorillas living among the Virunga
volcanoes. The recent conflict in the region adds to their
vulnerability.

For a photographer, gorillas pose a challenge of their own.
Approaching them is a delicate matter. “It is just like meeting a
hurricane or a thunderstorm,” Mr. Klum said.

Conclusions

Mr. Klum, who specializes in environmental and wildlife photography,
has been with National Geographic for 19 years. He sees his mission
broadly. “We cannot save a species — we cannot save ourselves, if I
can be very pragmatic — without looking at our realm, without looking
at our life space.”

“We depend on nature in so many ways and we have reached a sort of
crossroads where we have to choose a more sustainable path,” he said.
Mr. Klum said he believes gorillas are an example of an “ambassador
species” to which people can relate.

“Sometimes,” he said, “that can be the ticket to understanding.”

“This is a shock-therapy cut and it caught everyone off guard,”
Aly-Khan Satchu, an independent Nairobi-based financial analyst, said
by phone today. “They’re trying to push commercial banks to a tipping
point.”

The central bank has reduced its lending rate six times since 2009 to
help spur economic growth and boost the expansion of credit to
businesses and households. The benchmark rate is now at its lowest
level since it was introduced on June 2, 2006.

Previous reductions in borrowing costs have failed to prompt
commercial banks to lower their average lending rates, which fell to
14.39 percent in June from 15.1 percent a year earlier, according to
data on the central bank’s website.

Conclusions

Compare the Move in the Government of Kenya Yield Curve versus the 71
Basis Point Reduction in the average Lending Rate and I would venture
that is an Elastic Bank the MPC is trying to snap.

Kenya's central bank unexpectedly slashed its benchmark interest rate
to 6.00 percent from 6.75 percent on Wednesday and said there was room
for banks to cut their own lending rates further.

ALY KHAN SATCHU, NAIROBI-BASED INDEPENDENT ANALYST

"He has wrong-footed everybody. I think the central Bank is
experimenting with (the governor's) version of economic shock therapy
after a period of trying the gentle art of persuasion.

"He has reset the narrative for the government of Kenya yield curve
and with the sticker shock of a 75 basis point cut designed to snap
the resolve of the commercial banks.

"This is a tilt aimed at snapping the spread between the repo rate and
the commercial lending rate."

DICKSON MAGECHA, TRADER, DIAMOND TRUST BANK

"With inflation coming down, CBK is signalling the low rate regime
will be supported for now. They are also looking to support the
economic growth momentum we have seen in recent quarters."

RAZIA KHAN, HEAD OF RESEARCH, AFRICA, STANDARD CHARTERED

"The Central Bank of Kenya MPC surprised markets by cutting its
Central Bank rate by a massive 75 basis points to 6 percent against
consensus expectations of "no change". The move will be taken as a
clear signal of encouragement to commercial banks to cut their loan
rates further.

"In a sense, recent stabilisation of the Kenyan shilling has provided
the authorities with a window of opportunity to act on interest rates.
The shilling selloff in the midst of the euro area crisis had
represented one of the key risk factors to price stability going
forward. It is now judged to be less of a concern.

"Moreover, the authorities will have been encouraged by recent low
levels of inflation. Given an assessment of adequate food supply, FX
stability and declining energy prices, the inflation threat itself is
considered more benign.

"While growth was viewed as "satisfactory", and the MPC were
encouraged by the decline in short term interest rates, and the rise
in domestic credit to 26.6 percent y/y, in their opinion there is
still room to provide even more of a stimulus.

"How will the market react to this move? It is unlikely, given recent
developments, that the appreciation trajectory of the shilling will
stall on this news. Should the referendum pass peacefully, further
gains in the near term remain probable.

"Although recent T-bill auction results had suggested the beginnings
of a potential reversal of the downtrend that has been in place for
much of the year, this surprise interest rate move by the CBK should
provide at least a short term boost to money market sentiment.

"There was never any prospect of a policy-driven tightening any time
soon. With the surprise 75 basis point cut in the CBR, the Central
Bank of Kenya is sending a clear signal of its intent: further policy
accommodation, further stimulus, and lower lending rates please."

The Magic Tipping Point The Star 12 April 2010
http://j.mp/cklDnv

Managing director Frank Ireri said the mortgage lender is currently
studying the East African market which is currently enjoying robust
economic growth with a view to establishing a strong footing.The firm,
he said, will target partnerships with property developers and offer
mortgage products.The East African custom union and common market
protocol that came into effect on July 1, 2010 are expected to provide
greater business opportunities for regional firms.

Conclusions

The Share Price reacted sharply higher yesterday.

The Khashoggi legacy is a magnificent farm house at Ol Pejeta Ranch
that cost him $7.5 million (about Sh50 million then and Sh607 million
at the current exchange rate). This sum is enough to build three
official residences for Kenya’s vice-president at a cost of Sh195
million. Or a 70-unit housing estate in the leafy suburbs of Nairobi
at Sh8 million apiece.

Set in the middle of the Ol Pejeta Conservancy, the house is still a
source of inspiration. It is now leased to TPS East Africa, which
plans to pump in at least Sh145 million for its renovation. Each room
goes for Sh35,000 a night, full board.

Conclusions

He played Cupid and introduced the Wildensteins to each other on an
early Morning Lion Hunt at Ol Pejeta.

The Sunset at Ol Pejeta
http://j.mp/cODjTq

We went there with Nishet's Mother and we all froze on a Night Game Drive.

Clearly Part of Janmohamed's New Serena Collection which he spoke off
at #Mindspeak Presentation
http://j.mp/dh3P1l

Par Value:                  1/-
Closing Price:          58.50
Total Shares Issued:          123,508,864
Market Capitalization:        7,225M
EPS:            3.60
PE:                16.250

KenolKobil Ltd., a Kenyan fuel retailer with operations in seven
African countries, returned to profit in the first half as sales
surged amid more stable global oil prices.Net income was 1.18 billion
shillings ($14.6 million) in the six months through June, compared
with a loss of 431.2 million shillings a year earlier, the company
said in an e- mailed statement from the capital, Nairobi, today.
Revenue jumped 40 percent to 60.4 billion shillings, it said.

The increase in sales was “a reflection of a more stable pricing
environment internationally and in the local markets, especially in
subsidiaries outside Kenya,” Managing Director Jacob Segman said in
the statement.

Outside of Kenya, KenolKobil’s Zambian and Rwandan units registered
the most growth, he said.Exports and aviation fuel sales, which
declined in the first half of 2009, registered “good profits” in 2010
as the company focused on its high-margin business segments and
reduced costs, he said.Results in the second half are expected to
improve further, Segman said.

“Management is firmly bullish and projects strong end-year results,
expected to come mainly from operations outside Kenya,” he said.

KenolKobil also has operations in Burundi, Uganda, Tanzania, Ethiopia
and Kenya. In addition, the company plans to begin operations in
Mozambique and Zimbabwe, it said on June 26.

KenolKobil share price data www.rich.co.ke
http://j.mp/2DMFVE

Par Value:                  0.50/-
Closing Price:          9.85
Total Shares Issued:          1,471,761,152
Market Capitalization:        14,497M
EPS:            0.88
PE:                11.193

South African bonds gained, reducing yields to the lowest in almost 2
1/2 years, after a lower-than- expected increase in household
borrowing raised speculation the central bank may have room to lower
its key interest rate.The government’s 13.5 percent security due
September 2015 rose for a second day, gaining 12 cents to 124.70 rand,
reducing the yield by 3 basis points to 7.57 percent as of 9:31 a.m.
in Johannesburg. A close at that level would leave the yield at the
lowest level since February 2009.

Credit extension to South African households and businesses rose an
annual 0.92 percent in June compared with a 0.8 percent gain in May,
the Reserve Bank said on its website today. The median estimate of 16
economists surveyed by Bloomberg was for a gain of 1.1 percent.

“Subdued credit data, together with a better-than-expected CPI
inflation outcome yesterday, could justify lower interest rates,”
Michael Keenan, a currency strategist at Standard Bank Group Ltd. in
Johannesburg, wrote in a client note.

Conclusions

Another 50 Bps Cut coming.

Kenya's unexpected rate cut on Wednesday will strengthen its economic
recovery, stabilise bond yields and unleash a bull run in the stock
market -- but not until the adoption of a new constitution is safely
negotiated.The central bank's Monetary Policy Committee on Wednesday
confounded market expectations by cutting the bank's lending rate
(CBR) by 75 basis points to 6 percent, the seventh cut since the start
of an easing cycle in December 2008.

"This shows a commitment from the central bank that it will keep rates
low. The governor has been consistent that for as long as the recovery
is slow he will keep rates low," said Duncan Kimani, head of fixed
income at Bank of Africa Kenya.

"What we'll end up seeing is a narrowing of the spread between the
short and the long end, so that we move away from the 8 percent spread
between the overnight and the long end of the curve, more to within a
4-5 percent spread," said Brian Muigai, treasurer at Equatorial
Commercial Bank.

The yield on the 5-year benchmark bond was down 40 basis points at
4.23 percent at 12:00 p.m. BST, with the 10-year yield down 40 basis
points at 5.75 percent and the 15-year down 54 basis points at 6.11
percent, according to bid yields quoted by Standard Chartered on
Reuters.

"The central bank governor has cajoled and encouraged them and now he
is using shock. I suspect they have got to fall into line pretty
quickly," said independent analyst Aly Khan Satchu.

A new charter was central to a power-sharing agreement that ended
weeks of tribal bloodletting after a disputed election in December
2007. It is seen as key to reducing the perceived risks of investing
in Kenya.Opinion polls point to the vote being passed.

Currency traders say the Kenya shilling is poised to fall through the
80.00 level against the dollar should the proposed referendum be
endorsed in the August 4 poll.

The rate cut is also perceived to be positive for the economic
recovery and if the stock market builds on its already hefty gains
this year, it could also attract foreign buyers.

"The CBK rate cut is not actually going to mean the Kenya shilling
weakens," said Razia Khan, head of Africa research at Standard
Chartered Bank. "There's certainly evidence that we are seeing the
beginnings of that growth upswing."

Analysts say Nairobi's stock market, hit hard after the 2008 post
election violence, global downturn and drought stunted economic growth
in 2008-2009, is poised to build on 37 percent year-to-date gains in
the NSE 20 index if the constitution passes and there is no sustained
violence.

"For the equity market you then have those magical ingredients for the
next bull move. I think most local institutions are overweight bonds
and underweight equities so this might well be the shock to tip them
into equities," Satchu said.

"I am estimating the All Share Index is worth another 30 percent up to
the year's end."

The NSE20 surged 60.06 Points to close at 4398.32 a new 2010 high and
a Bullish and powerful Break higher.
The NASI rallied 1.41 Points to close at 96.94. This is a New Closing
High for 2010. 100.00 was the Level prevailing Jan 2008 and the near
term objective.
Market Cap closed at 1.133200 Trillion versus 1.116665 Trillion last time.
Equity Turnover was 306.94m versus 321.18 last time.

The Market has clearly cheered the MPC's move to cut the Repo Rate by
75 Basis Points and is anticipating a Positive Outcome at the
Referendum.

Sasini Tea closed 2.96% better at 13.90 and traded 112,700 shares.
Kakuzi firmed 50 cents to close at 78.50 and traded an 85.00 high and
14,600 shares.
Rea Vipingo rallied 2.646% to close at 17.45 and traded 2,900 shares.

SAFARICOM

shares volume     7.271m
total turnover      41,843,952
avg price     5.823 Closing Price 5.80 +2.655%
high price     5.90
low price     5.70
last price     5.85

Conclusions

Safaricom has recovered the Ground lost earlier when the Market
started to sniff out the Michael Joseph announcement. Safaricom traded
higher on Good Volume and once again targets 12 month highs at 6.10

TPS serena closed 50 cents better at 59.00 and traded 100,900 shares.

Kenya Airways edged 25 cents better to close at 45.75 and traded 219,900 shares.

Nation was unchanged at 143.00 with 4,100 shares traded.
Standard closed lower at 37.25.

Access Kenya closed higher at 19.30 and traded 19,100 shares.

Scangroup closed at 36.25 and traded 7,200 shares only.

CMC Holdings traded 98,300 shares and closed 5 cents lighter at 12.10.
Cargen was unchanged at 48.50.

KCB rallied 2.7322% to close at 18.80 and traded an 18.20-19.25 range
and was the 3rd most Active Counter trading 1.782m shares worth
33.53m. KCB has considerable headroom after a Supply Related Move
lower. The Rights Issue call was for just under $200m and quite
chunky. The Advantage of going Early and Large is that they are now
well capitalised for Growth and Ahead of the Curve.

KCB share price data from www.rich.co.ke
http://j.mp/bshUrU

My Interview with Martin Odour-Otieno CEO KCB is here RICH TV
http://www.rich.co.ke/rctools/richtvi.php

Equity Bank was the most active Counter at the Bourse. Equity Bank
firmed 1.06% to close at 23.75 and traded a 23.75-24.00 range and
traded 1.783m shares worth 42.706m. Equity Bank had a Buyer for a
further 2.39m shares at 23.75 at the Finish Line, signalling The Price
is underwritten here.

Equity Bank share price data and 1st Half Results www.rich.co.ke
http://j.mp/1tAg4B

COOP Bank was unchanged at 14.90 and traded a 14.60-15.00 range and
1.697m shares worth 25.337m. COOP is 3.87% off its all time closing
High of 15.50.
Barclays Bank rallied back 3.94% to close at 66.00 and traded 59,300 shares.
Stanchart was unchanged at 251.00 and traded 32,600 shares worth
8.192m. 257.00 which Stanchart matched on a Closing Basis this week
was its all time High last reached in January 2007.

Centum rallied 3.75% to close at 20.75 and traded 144,400 shares.
Demand is for more than twice what was traded.

HFCK rallied a further 6.9% to close at 23.25 and traded a 22.00-23.75
range and 237,800 shares worth 5.538m. Unserviced Buyers were showing
Demand for 1m shares at the Finish.
NBK rose 0.65% to close at 38.50 and traded 120,800 shares.
NIC was unchanged at 40.00 and traded 67,100 shares.
CFC StanBic was unchanged at 82.50 and traded 23,400 shares.
DTB traded 4,800 shares at an unchanged 94.00.

Kenya Re rallied 5.71% to close at 12.05. Kenya Re traded an
11.60-12.45 range and 197,300 shares worth 2.379m. Kenya Re had a 10-1
Demand Supply Disequilibrium at the Finish Line.
PanAfric was unchanged at 64.00 and traded 92,700 shares.
Jubilee dipped 1.78% to close at 166.00 and traded 500 shares.

Olympia Capital closed at 7.20.

Mumias Sugar rallied a further 5.019% to close at 13.60. Mumias Sugar
traded a 12.50-13.95 range and 1.607m shares worth 21.869m. At a Price
of 13.60 I have Mumias at a Forward Implied PE of 10.
Mumias has returned 145.261% over 12 months ex Dividends.

BAT rallied a further 1.68% to close at 244.00 and traded a
240.00-245.00 range and 112,800 shares worth 27.569m.

KenolKobil reported a strong Turnaround 1st Half before the market
opened today. KenolKobil rallied 3.04% to close at 10.15 and traded
1.475m shares worth 14.993m.
Total followed through closing 1.6896% better at 29.75 and traded
68,100 shares.

EABL firmed 0.555% to close at 181.00. EABL traded a 180.00-182.00
range and 122,300 shares worth 22.235m. This is a 23 month Closing
High and we have been testing this Level for a few weeks.

KenGen firmed 1.176% to close at 17.25 and traded 87,900 shares.
KPLC rose 1.05% to close at 192.00 and traded 4,200 shares.
Cables closed at 19.00 and traded 41,800 shares.

ARM closed 2.01% better at 152.00 which is a new all time Closing High
and traded 35,200 shares.
Bamburi Cement did not trade.
Portland firmed 1.6368% to close at 123.00 and traded 4,000 shares.

Crown Berger traded 900 shares at 34.00 +6.25%
Unga rallied 3.73% to close at 12.50 and traded 8,000 shares.
Sameer rallied 2.9625% to close at 8.70 and traded 80,500 shares.

BOC Kenya closed a shilling better at 140.00.
Carbacid traded a 100 shares at 157.00.
Eveready dipped 2.508% to close at 3.85 and traded 124,000 shares.