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Monday 01st of February 2010
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Morning Africa |
www.rich.co.ke Register and its all Free.
If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox
as your Browser.
0930-1500 KENYA TIME
Normal Board - The Whole shebang
Prompt Board Next day settlement
Expert Board All you need re an Individual stock.
I thank Wolfgang Fengler Lead Economist World Bank for an outstanding
Presentation at Mindspeak can be found here
www.rich.co.ke
I thank Alishia for the Interview carried on CNBC Thanks
The Latest Daily PodCast can be found here
http://www.rich.co.ke/rctools/richpod.php
My Weekly Piece for The Star about the Congo DRC Visit
http://bit.ly/94I4qI
Macro Thoughts
Dollar versus Euro Further Strengthening Expected.
Home Thoughts
I re read The Heart of Darkness by Joseph Conrad over the weekend
http://bit.ly/cRAD69
Checking the Back Cover I noticed I spent 3 Pounds and 99 Pence when I
bought it so I had not read it for quite a while.
T.S. Eliot of course used the Phrase Mr. Kurtz He Dead in one of my
Favourite Poems The Hollow Men
http://bit.ly/9KFcuY
For Thine is
Life is
For thine is the
This is the way the way the world ends
This is the way the way the world ends
This is the way the way the world ends
Not with a bang but a whimper.
Reading it this Time and after so Many Years
These Phrases and Sentences struck me.
P.31
They were Conquerors, and for that you want only Brute Force- Nothing
to boast of, when you have it, since your strength is just an accident
arising from the weakness of others...It was just Robbery with
Violence, aggravated Murder on a great scale, and men going at it
blind - as is very proper for those who tackle a darkness.
P.66
Going up that River was like travelling back to the earliest
beginnings of the World, when Vegetation rioted on the Earth and the
big Trees were Kings.
P.69
The Mind of Man is capable of anything - because everything is in it,
all the Past as well as all of the Future. |
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US raises stakes on Iran by sending in ships and missiles The Guardian Law & Politics |
Tension between the US and Iran heightened dramatically today with the
disclosure that Barack Obama is deploying a missile shield to protect
American allies in the Gulf from attack by Tehran.The US is
dispatching Patriot defensive missiles to four countries – Qatar,
United Arab Emirates, Bahrain and Kuwait – and keeping two ships in
the Gulf capable of shooting down Iranian missiles. Washington is also
helping Saudi Arabia develop a force to protect its oil
installations.American officials said the move is aimed at deterring
an attack by Iran and reassuring Gulf states fearful that Tehran might
react to sanctions by striking at US allies in the region. Washington
is also seeking to discourage Israel from a strike against Iran by
demonstrating that the US is prepared to contain any threat.
An unnamed senior administration official told the New York Times:
"Our first goal is to deter the Iranians. A second is to reassure the
Arab states, so they don't feel they have to go nuclear themselves.
But there is certainly an element of calming the Israelis as well."
The chief of the US central command, General David Petraeus, said in a
speech 10 days ago that countries in the region are concerned about
Tehran's military ambitions and the prospect of it becoming a dominant
power in the Gulf: "Iran is clearly seen as a very serious threat by
those on the other side of the Gulf front."
Conclusions
Taiwan and this signalling a more Muscular and Forward Force
Projection by the US. |
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Barack Obama’s former mentor criticises ‘complacent Administration’ The Times Law & Politics |
His former professor at Harvard Law School, Chris Edley.
President Obama’s self-confidence borders on complacency. He is ill
served by senior staff, especially his Chief of Staff, Rahm Emanuel.
He does not appear to be learning on the job as he did when
campaigning for the White House. His Administration is too deferential
to Congress, too reliant on the President’s personal charm, and as a
result is regarded by its enemies as weak and ineffectual.
Professor Edley, who worked in the Clinton and Carter Administrations,
added: “I wouldn’t give [Obama] as high a grade as President as I gave
him when he was my student. I know he can do better.”
He reserved the harshest criticism for Mr Emanuel, the second-most
powerful figure in the White House, who has been pilloried by liberals
for appearing to undermine Mr Obama’s healthcare reforms since the
loss of a crucial Senate seat to the Republicans.
“You’re not going to reinvent Barack into somebody who delights in
pummelling a policy opponent, so his staff need to do that for him.
And as far as one can tell from the outside, that is precisely what
Rahm Emanuel has failed to do,” he said.
Referring to the prospect of Democratic losses in the mid-term
elections, as a result of opposition among independent voters to the
stimulus and healthcare Bills, Professor Edley added: “It’s almost as
if Rahm Emanuel cares more about the re-election prospects of his
friends on [Capitol] Hill than he does about scoring policy victories
that reflect Obama’s values.”
Mr Emanuel’s willingness to let health reforms slide could condemn Mr
Obama to “a caretaker presidency”, Paul Krugman, the Nobel
prize-winning economist, has warned.
Conclusions
The professor fears that Mr Obama’s best chance to deliver the change
he promised may have been wasted. The White House was overly dependent
on the President’s personality as an instrument of persuasion, “and if
your only advocacy tool is charm you should expect some pretty strong
headwinds”, Professor Edley said. |
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Gaddafi chides African Union after leadership change Reuters Law & Politics |
Libyan leader Muammar Gaddafi, failing in his bid to stay on as
chairman of the African Union for another year, said on Sunday the
pan-African grouping wasted time while failing to meet global
challenges. On the first day of a summit in Addis Ababa, Malawi's
President Bingu wa Mutharika was selected to succeed Gaddafi, even
though diplomats said Gaddafi was seeking another term.
He also criticised the AU for "tiring" him with long meetings and
making declarations and reports without asking him.
"It was like we were building a new atomic bomb or something," he
said, referring to meetings that had lasted long into the night and
that he characterised as "really useless".
"The world's engine is turning into 7 or 10 countries and we are not
aware of that," Gaddafi said, dressed in a white robe and black fur
hat.
The Malawian leader promised to make battling hunger a top priority.
"Africa is not a poor continent but the people of Africa are poor," wa
Mutharika said. "Achieving food security at the African level should
be able to address the problem."
In recent years, Malawi has enjoyed bumper harvests following the
introduction of a fertiliser and seed subsidy programme. |
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Battling the Information Barbarians WSJ Information & Communication Technology |
So, is it true after all, what they say about clashing civilizations?
It is tempting to see the official Chinese response to Hillary
Clinton's speech on Internet freedom in that light. Spurred by
Google's announcement that it might pull out of the Chinese market in
protest over censorship, Mrs. Clinton talked about Internet freedom in
terms of universal human rights. Her speech was promptly denounced in
a Communist Party newspaper as "information imperialism." Foreign
Ministry spokesman Ma Zhaoxu claimed that China's regulation of the
Internet (banning references to Tiananmen, Tibet, Taiwanese
independence and so on) was in keeping with "national conditions and
cultural traditions."
Conclusions
Call me Cynical but This Argument imputes that one Side is a Group of
Vestal Virgins and the others Not and in reality I dont think that is
so. Furthermore and I have the greatest respect for Google [which I
believe is the Premier Information Enterprise in an Information
Century] but in a new World where Information is without doubt the
most valuable capital of All They are the Repository and Market Maker
for that Information. Hence, I can actually understand how the Chinese
might consider it detrimental to their National Interest. |
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Roubini Sees ‘Dismal’ Growth as Summers Rues ‘Human Recession’ Bloomberg World Of Finance |
Nouriel Roubini, the New York University professor who anticipated the
financial crisis, said the U.S. growth outlook remains “very dismal”
and White House economic adviser Lawrence Summers said the economy is
still mired in a “human recession.” “The headline number will look
large and big, but actually when you dissect it, it’s very dismal and
poor,” Roubini said in a Jan. 30 Bloomberg Television interview
following a U.S. Commerce Department report that showed economic
expansion of 5.7 percent in the fourth quarter. “I think we are in
trouble.”
Roubini said more than half of the growth was related to a
replenishing of depleted inventories and that consumption was reliant
on monetary and fiscal stimulus. As these forces ebb, the rate will
slow to 1.5 percent in the second half of 2010.
Conclusions
Thats the Long and Short of it all. |
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“On The Brink.” Paulson Says He Was Prepared to Guarantee Lehman Bloomberg World Of Finance |
Former U.S. Treasury Secretary Henry Paulson says in his memoir that
he was prepared to support a government backstop to prevent the
bankruptcy of Lehman Brothers Holdings Inc. until he learned the
firm’s assets were so mis- marked it would have guaranteed a loss to
taxpayers. The executives gathered at the New York Fed also concluded
Lehman had overvalued its assets by at least $37 billion, he said.
“The toxic quality of Lehman’s assets would have guaranteed the Fed a
loss,” Paulson 63, wrote, meaning the central bank couldn’t legally
make a loan.
The U.K. government, however, refused to waive a requirement that
Barclays submit the deal to a shareholder vote, in spite of a personal
plea by Paulson to Chancellor of the Exchequer Alistair Darling.
Darling, Paulson wrote, was concerned that if Lehman’s bad assets hurt
Barclays, it might affect the entire U.K. banking system.
“The British screwed us,” Paulson, a former chairman of Goldman Sachs,
said he told the U.S. bankers the next day.
Much of the crisis played out during the 2008 presidential campaign,
and Paulson said he spoke often with Democratic candidate Barack
Obama. “I was impressed with him,” he wrote. “He was well informed,
well briefed, and self-confident,” Paulson said. “The day after the
election, Obama abruptly stopped talking to me.”
Russia tried to take advantage of the turmoil in U.S. markets, he
wrote. While he was attending the Summer Olympic Games in Beijing in
early August 2008, he learned that “top-level” Russian officials
suggested to the Chinese that the two countries sell a large amount of
the Fannie Mae and Freddie Mac bonds they owned in order to force the
U.S. to bail out those firms. The Chinese refused, Paulson said.
Conclusions
Interesting Back Story to the Story. I just recall Every time he spoke
The Dow tanked. There was a 14 day period when it simply worked like a
Peach and You just needed a Schedule of his Speech times. |
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World Bank Secures $500 Million for Africa, Latin America Fund Bloomberg World Of Finance |
The World Bank expects to secure $500 million in a first round of
money raising for a private equity fund to co-invest in companies in
sub-Saharan Africa, Latin America and the Caribbean, President Robert
Zoellick said.
“All of you, as African leaders, know the perils of this economic
crisis,” Zoellick said at the African Union Summit in Ethiopia today,
according to a copy of his speech. “But you also know about Africa’s
opportunities and its potential to be another source of growth for the
world economy.”
The International Finance Corp., the World Bank unit that lends to
companies, will manage the fund, as well as a $200 million pool to
invest “in systemically important banks” in Africa, Zoellick said.
Investors are pension funds and sovereign wealth funds, according to
the World Bank.
The Washington-based institution, which has committed $88 billion to
poor and middle-income countries since the middle of 2008, estimates
that the global economic recession will push 64 million people into
extreme poverty, defined as living on less than $1.25 a day.
IFC announced the creation of its asset management subsidiary in May,
appointing Gavin Wilson, a former managing director in the investment
banking division at Goldman Sachs Group Inc., to head it.
Conclusions
Good Idea. |
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Foreign Drillers Rush at Uganda's Promising Oil Reserves WSJ Minerals, Oil & Energy |
A skirmish over an oil field on the shores of Africa's Lake Albert
highlights Big Oil's intense interest in Uganda—a rising star of
African energy.
The battle centers on the Ugandan assets of Heritage Oil PLC, a small
U.K.-based explorer, which is selling its stakes in the much-coveted
Lake Albert Rift Basin. The area has yielded some of sub-Saharan
Africa's largest onshore oil discoveries of recent years.
Big energy companies like Italy's Eni SpA, France's Total SA and China
National Offshore Oil Co. all are vying for access to Uganda's oil
wealth. Uganda's onshore oil is particularly appealing because it is
relatively inexpensive to produce. That sets it apart from other
frontier provinces, like the deep waters off Brazil's coast and the
Arctic Ocean, where the majors require an oil price of around $60 a
barrel just to break even.
Initially, Eni looked to be the likely winner, announcing in November
that it was buying Heritage's stakes for $1.5 billion in cash and
assets. But Tullow Oil PLC, Heritage's partner in the oil field,
exercised its contractual right to block the sale and acquire the
stakes itself at the same price.
Tullow's purchase, however, is subject to approval by the Ugandan
government. The initial reaction was negative, with the country's
energy minister saying the government didn't want one company to end
up with control of the whole oil field and would prevent the sale if
necessary. Heritage and Tullow share ownership of two blocks in the
oil field, while Tullow owns all of a third. Acquiring Heritage's
stakes would give Tullow full ownership of all three blocks, covering
10,000 square kilometers—about one-third the size of Belgium.
The government's position appeared to soften after Tullow Chief
Executive Aidan Heavey met with Ugandan President Yoweri Museveni in
Kampala recently. Tullow said that once in full possession of the oil
field it would sell half to either Cnooc or Total to help finance the
construction of a refinery and a 1,300-kilometer pipeline that would
carry Uganda's oil to world markets.
Tullow also announced plans last Wednesday to raise around $1.6
billion in a rights issue to help it develop Uganda's oil.
Tullow now is the favorite to take the Heritage stakes, with Cnooc
edging out Total as Tullow's most-likely partner, a person familiar
with the matter said. Mr. Museveni met with Cnooc executives in
Kampala last week and is expected to meet them again this week to
finalize details, the person said. Cnooc and Total declined to
comment.
Eni hasn't given up, however, and last week sweetened its package. The
company's CEO, Paolo Scaroni, said in a newspaper interview that Eni
would not only develop the Lake Albert field and build a refinery and
pipeline to the Indian Ocean, but also would construct an electricity
plant in Uganda and upgrade a railway line from Kampala to the Kenyan
port of Mombasa. He said Eni would invest $13 billion in the
"integrated development plan." Eni declined to comment for this
article.
Uganda plans to produce around 150,000 barrels of oil a day in four to
six years, most of which will be exported. For comparison, that is
slightly less than the output of Brunei.
Conclusions
Its an absolute Game changer. Uganda GDP is in the order $14.5b in
2008. The latest estimates and they are well on the shy side estimate
that at the very minimum we are looking at 2b Barrels and a Price of
$72.00 we are looking at something in the order of $144b of Economic
Value some 1000% of the GDP and this will clearly climb a great deal
higher.
What has impressed me has been Tullow's Political Touch and Navigation
skills in the African Continent. By Rights [and no disrespect
intended] they were like Fly is to an Elephant in the Political Weight
Department but they have kept their eye on the Prize and seemingly
made all the right noises. Recall the Announcement that they would
list their Tullow Uganda Assets on the Uganda Stock Exchange as just
one shot across the Bows and there have been a few.
The Route to the Sea remains through Kenya and the Region and Kenya
can seriously inflect if the Powers that be can keep their eye on the
Prize with the same Facility as Tullow.
Aly-Khan Satchu
www.rich.co.ke
Twitter alykhansatchu |
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Robben Island Journal Men Defend Historic Mandela Site From Rabbits NYT Africa |
This dollop of land, just 1 mile wide and 2 miles long, is where
Nelson Mandela spent 18 of his 27 years in prison. Now venerated as a
World Heritage Site, it is one of South Africa’s biggest tourist
attractions, with 1,200 or so people each day boarding ferries in Cape
Town that in 45 minutes carry them back into history.A bus ride is
included in the tour, and many people peering out the windows often
notice rabbits hopping near the road. “Oh, look, a bunny!” visitors
exclaim, and many go on to add, “And there’s another, and another.”In
fact, this island is overrun with rabbits, multiplying at the
astonishing rates for which they are renowned. They have burrowed
beneath the historic buildings and denuded the place of the leafy
plants that keep the soil from whooshing into a dust bowl.
“No one is in favor of blood being spilled on Robben Island, but the
island has a finite carrying capacity, and with the rabbits burrowing
under the foundation of priceless World Heritage Site buildings, we
agreed something had to be done,” said Allan Perrins, head of the
area’s Society for the Prevention of Cruelty to Animals.
The nocturnal hunt is not as easy as shooting fish in a barrel, but it
is perhaps a close second. Chris Wilke, one of the hired marksmen,
says that on a cool, calm night he can bag 25 animals an hour,
including the time it takes to dismount from his quad bike and fetch
the corpses.
“Robben Island is almost a holy place, and to turn it into a killing
field is so inappropriate, so disgraceful, so dirty, so immoral,” said
Cicely Blumberg, an animal rights advocate who once offered to find
homes for the rabbits.
To make the killing appear less ruthless, the island’s management
recently announced that meat from the skinned animals would be donated
to the poor.
But while South Africa has an overabundance of the destitute, few seem
accustomed to the taste of rabbit. |
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Raila wants fewer MPs in draft law The Nation Law & Politics |
Speaking in his Lang’ata constituency, Mr Odinga argued that the 349
MPs suggested by the Parliamentary Select Committee was too big for
the economy to sustain.
Conclusions
I have to say that he has not put a Foot wrong for quite some time. He
is playing at a different Level and as each day passes his Opponents
look smaller and smaller and the Numbers are confirming His Strategy. |
| read more |
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South Africa’s PMI Climbs to 21-Month High as Demand Improves Bloomberg World Of Finance |
South Africa’s purchasing managers’ index surged to its highest level
in 21 months in January, indicating that a recovery in manufacturing
is gathering pace as consumer spending picks up, Kagiso Securities
Ltd. said.
The seasonally adjusted index increased to 53.6 from 52.5 in December,
Johannesburg-based Kagiso said in an e-mailed statement today. The PMI
has been above 50, which indicates an expansion in factory production,
for three consecutive months.
Manufacturers are boosting inventories as global export demand
improves and consumer spending recovers after the country’s first
recession in 17 years. Africa’s biggest economy expanded an annualized
0.9 percent in the three months through September.
“The January 2010 reading means that the PMI has already recovered by
17.5 index points from the trough,” Andre Coetzee, head of fixed
income at Kagiso, said in the statement. “Purchasing managers expect
the factory revival to be sustained.” |
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Kenya to build new fuel pipeline from capital to west Reuters Minerals, Oil & Energy |
A 325-km (202-mile) fuel pipeline from Kenya's capital that will
initially nearly double supplies to the western town of Eldoret will
start in 2011, the head of the country's pipeline agency said on
Monday.
China Petroleum Pipeline Engineering Corp has been awarded a contract
for phase one worth 13.4 billion Kenyan shillings of the estimated
14.2-billion-shilling cost of a larger project, said Selest Kilinda,
managing director of the Kenya Pipeline Company (KPC).
The pipeline will run parallel to the existing Western Kenya Pipeline,
which has a flow rate of 220 cubic metres per hour. That is not enough
to meet demand in Kenya or in neighbouring countries, Kilinda said.
"The Western Kenya Pipeline system capacity enhancement will be ...
operational from 2011 to 2021 with a flow rate of about 394 cubic
metres per hour," Kilinda told Reuters.
"KPC will fund the project to the tune of 8 billion shillings from
internally-generated resources while banks will loan the company 8.2
billion shillings."
Work in the initial phase, scheduled to be completed in 2011, includes
construction of the 14-inch channel, three booster pumps, four
mainline pumps and product transfer facilities.
CFC Stanbic Bank is the lead banker, Kilinda said, in conjunction with
Commercial Bank of Africa and Citibank. |
| read more |
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Tinga Tinga Tales launches today Africa |
Tiger Aspect launches its new show - Tinga Tinga Tales - on Cbeebies
from today (February 1st).
The animated series - which has been inspired by traditional African
animal folk tales and the art of Tanzania - Tinga Tinga Tales is aimed
at three to six year olds and is produced on location in Kenya.
Each film tells the fantastical story of how a particular animal came
to be, although the 'Big Six' form the heart of the community -
Monkey, Tortoise, Elephant, Hippo, Tickbird and Lion.
"When Claudia Lloyd [Tiger Aspect] first approached me with the idea
for Tinga Tinga Tales, I knew it would be perfect for Cbeebies," said
controller Michael Carrington. "The series is a unique, beautiful
production capturing a flavour of Africa and some extraordinarily tall
tales." |
| read more |
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N.S.E Today |
| The NSE20 closed 13.98 point better at 3579.27.
The NASI was down 0.21 points at 77.94.
Market Cap 907.654b versus 910.01b.
Equity Turnover was 351.516m versus 159.236m.
Mumias Sugar soared over 20% and dominated Trading with Jubilee,
neither of which have traded these sorts of Numbers for quite a while. |
|
N.S.E Equities - Agricultural |
| Sasini Tea and Coffee traded 13,400 shares to close at 8.20.
Rea Vipingo traded 1,200 shares unchanged at 12.50. |
|
N.S.E Equities - Commercial & Services |
| SAFARICOM eased 1.905% to close at 5.15. Safaricom traded a 5.05
session low and 9.305m shares worth 48.351m. For those who missed the
Rally, this is another worthwhile Re Entry Point. I remain a little
bamboozled at the nature of the recent downdraft. Sellers have tripped
over themselves for no apparent or good reason. Buyers have taken to
the sidelines and are watching as it is to their advantage. MPESA is
now transferring about 10% of Kenya GDP on an annualised Basis and on
a Hyper Growth Curve. The Internet numbers [as per Synovate and
Balancing Act] are beginning to seriously inflect in the Country. I
expect the price to be nearer 7.00 around Full Year results in May.
TPSerena traded 5th and closed unchanged at 47.75 with 420,100 shares
[0.3968% of the issued shares] worth 20.164m changing hands. TPS is
well positioned for the Tourism Rebound and targets 50.00.
TPSerena share price data from www.rich.co.ke
http://bit.ly/5Ve4gj
Par Value: 1/-
Closing Price: 47.75
Total Shares Issued: 105,864,744
Market Capitalization: 5,055M
EPS: 2.10
PE: 22.738
Kenya Airways closed unchanged at 50.00 and traded 50 cents either
side of that number. Kenya Airways traded 99,700 shares worth 4.985m.
Below 50.00 It looks rather attractive.
Access Kenya was unchanged at 22.00 and traded 113,800 shares.
CARGEN traded 300 shares at 35.00 +2.94%. I thought the results were
signalling a more aggressive Growth Posture.
CMC Holdings dipped 0.86% to close at 11.50 and traded 50,900 shares.
Nation firmed 1.19% to close at 120.00 and traded 5,800 shares.
Standard traded 1,100 shares to close at 38.00.
ScanGroup traded 25,100 shares and closed unchanged at 26.00. |
|
N.S.E Equities - Finance & Investment |
| Jubilee Holdings was the 2nd most active Counter at the Bourse.
Jubilee firmed 3.6% to close at 144.00 and traded a 138.00-145.00
range and 604,300 shares [1.342% of the issued shares and hence a
material position because Jubilee shares tend to be hard to find and
well held] worth 87.602m. Jubilee trades on a PE of just below 10.00
and carries its Investments at the Historical Entry Cost and hence has
a great deal of Juice in the Balance Sheet.
Jubilee share price data from www.rich.co.ke
http://bit.ly/bry4mM
Par Value: 5/-
Closing Price: 139.00
Total Shares Issued: 45,000,000
Market Capitalization: 6,255M
EPS: 14.14
PE: 9.830
Kenya Re closed lower at 13.25 and was in fact trading session lows of
13.00 -3.35% into the close. Supply outweighed Demand by a Factor of
2-1 and 108,300 shares changed hands.
PanAfric traded 500 shares at an unchanged 48.00.
COOP Bank eased 2.06% to close at 9.50 and traded a 9.25-9.70 range
and 1.035m shares worth 9.848m. COOP Bank is facing resistance at
10.00 and has strong support at 9.00.
Equity Bank closed lower at 15.70 and traded 388,200 shares. Supply
continues to come through on every uptick and that is keeping a Lid on
the Price.
Barclays Bank dipped 0.51% to close at 49.00 and traded 44,900 shares.
KCB was unchanged at 22.00 and traded a 21.75-22.50 range and 216,200
shares. It is bang in the middle of its range.
StanChart rose 0.59% to close at 170.00 and traded 3,600 shares and it
is the Outlier in terms of Full Year 2009 results.
CFC StanBic traded 7,600 shares unchanged at 45.00.
DTB traded 400 shares at an unchanged 71.50.
HFCK dipped 2.77% to close at 17.55 and traded 28,900 shares.
NBK closed 25 cents easier at 38.75 and traded 5,100 shares.
NIC eased 25 cents to close at 34.75 and traded 3,900 shares.
Centum closed at 13.30 and traded 22,000 shares.
Olympia Capital was unchanged at 7.40. |
|
N.S.E Equities - Industrial & Allied |
| Mumias Sugar surged 20.67% to close at 10.80 and traded a 9.95-11.50
range. Mumias Sugar released 1st Half Results after the Market closed
Friday where the EPS swelled 518% to 0.68 compared to the same period
in 2008 [admittedly off a low base]. As previously mentioned Mumias
Sugar is now in the sweetest of sweet Spots. Sugar Prices are at highs
not seen since 1981, Cogeneration has crunched their Power Costs and
they are now exploring Ethanol Fuel Production. The Implied Forward PE
at the closing price is 10.80 / [0.68 x 2] = 7.94. Bear in Mind that
the Pattern of Results have historically displayed a very favourable
2nd Half Skew and hence I do expect stronger 2nd half results. My Near
Term target is 13.60 with the potential to go higher. Mumias trades at
an egregious PE Multiple versus its Peers in Africa and beyond. Today
marked the start of a Convergence to a fairer Valuation. Mumias Sugar
was the most active Counter and traded 8.927m shares [0.583% of its
issued shares] worth 96.451m
Mumias Sugar share price data from www.rich.co.ke
http://bit.ly/4WJWWK
Par Value: 2/-
Closing Price: 8.95
Total Shares Issued: 1,530,000,000
Market Capitalization: 13,694M
EPS: 1.05
PE: 8.524
ARM traded 4th at the Bourse and closed 3.533% lower at 109.00 and
traded a 107-113.00 range and 372,700 shares worth 40.938m. ARM is in
a 100.00-120.00 range and I do expect a move towards the top of the
Range. Cement and Construction has been a Standout Outlier in the
Kenya Economy and ARM is well positioned via its Scale Up to reap a
handsome Dividend from this.
Bamburi did not trade.
Portland traded 9,700 shares and was unchanged at 80.00.
KENOLKOBIL traded 6th at the Bourse. KENOLKOBIL closed at 60.00 and
traded a 60.00-64.00 range and was trading into the close at 64.00
+4.92%. 246,200 shares were traded.
Total was unchanged at 29.75 and traded 600 shares. Supply is
extinguished now at these levels.
KENGEN rowed back 3.11% to close at 14.00 and traded a 13.15-14.50
range and 245,200 shares. Supply was just North of 500,000 and is
peppered just below 15.00 which is capping things for now.
KPLC was unchanged at 149.00 and traded 300 shares.
Cables dipped 1.08% to close at 23.00 and traded 13,100 shares.
EABL traded 9,900 shares and closed unchanged at 150.00.
BOC Gases traded 2,400 shares at 149.00 and unchanged.
Carbacid di dnot trade.
BAT did not trade.
Crown Berger traded 200 shares at 26.00 +1.96%.
Eveready rose 1.33% to close at 3.80 and traded 57,800 shares.
Sameer closed at 5.70 and traded 23,400 shares.
Unga closed at 9.15 and traded 19,600 shares. |
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