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0930-1500 KENYA TIME
Normal Board - The Whole shebang
Prompt Board Next day settlement
Expert Board All you need re an Individual stock.

The Latest Daily PodCast can be found here
http://www.rich.co.ke/rctools/richpod.php

I do thank Alishia for the Interview on CNBC Today.

I thank BBC World Service for the Interview as well.

Macro Thoughts

Euro had gotten overcooked at 1.27+ levels. Net Shorts halved their
Position last week and it certainly traded squeezy.

Home Thoughts

I told the Girls yesterday that I was playing a Cameo Role in Changes.
Changes is a Kenyan Drama which we actually all watched. I thank
Margaret Kibe for the Opportunity. Fareed Khimani was my Underling!
And he was very accomplished. My Credibility rose several Notches with
Aysha and Layla, thats for sure.

South Africa has pulled off what many said couldn’t be done: a soccer
World Cup that filled stadiums and gave thousands of fans a party they
won’t forget.The month-long tournament, the world’s most-watched
sporting event, ended yesterday with a victory for Spain at Soccer
City stadium in Johannesburg. Foreign visitors to the competition may
have numbered half a million, the Finance Ministry said, exceeding an
earlier estimate by 200,000.

The absence of any serious crime, the tournament’s smooth operation
and the publicity given to South Africa will help the country shed its
reputation for murder and racial tension, said Pratibha Thaker, Africa
director at the London-based Economist Intelligence Unit. Now, Finance
Minister Pravin Gordhan says he hopes the country can use that drive
to tackle unemployment, AIDS and poor educational standards.

“Before the World Cup, the news was all about crime and AIDS,” Thaker
said in a July 5 phone interview. “What we’re seeing now is a very
favorable image. This will help to boost tourism and boost the
recovery. It’s crucial that the government keeps the momentum going.”

Even if only a small proportion of the final’s estimated 750 million
viewers visit South Africa, “that would be a very meaningful increase
in the number of tourists,” Peermont Chief Executive Officer Anthony
Puttergill  said by phone from Johannesburg on July 2.

Euro 1.2592
Pound 1.5010
Dollar Index 84.24
Aussie 0.8726
South Korean Won 1199.30
Brazilian Real 1.7585
Rand 7.555

With concerns about European sovereign debt receding, the euro has put
in a strong showing. This week, it's set to seek to hold on to those
gains.Successful government bond auctions in Portugal and Spain
combined with details released on stress tests of European banks and
continued belt-tightening plans across the euro zone all have taken
pressure off the common currency. On Friday, the euro briefly touched
a two-month high against the dollar—rising all the way to 1.2723, a 7%
gain in the span of about a month—from its four-year low at $1.1876.

Investors slashed their bets against the euro in the past week,
according to data released Friday.Bets against the euro plummeted by
48% compared to week-earlier levels, as easing concerns over the
euro-zone sovereign debt crisis caused short-term investors to unwind
their anti-euro positions, squeezing the common currency higher
against the greenback. -> It traded like a vice Like Short Squeeze
last week.

Conclusions

1.2723 looks overcooked to me.

Euro Dollar 3 month Chart INO
http://j.mp/axrmvK

This week past, the Dow Industrials jumped 511.55 points, or 5.28% to
10198.03, the Nasdaq Composite rose 104.66 points, or 5.00% to 2196.45
and the S&P 500 gained 55.38 points, or 5.42% to 1077.96.

Porsche AG may price the 918 Spyder, which soars to 100 kilometers an
hour in 3.2 seconds, at 500,000 euros ($630,000), topping the Carrera
GT as its costliest model, according to two people with direct
knowledge of the plan. The two-seater car accelerates to a top speed
of 320 kilometers (199 miles) per hour, relying on a 500-horsepower V8
engine and electric drive-systems allowing the vehicle to run up to 25
kilometers on electric power.

The 918 Spyder emits no more than 70 grams of carbon dioxide per
kilometer on fuel consumption of three liters per 100 kilometers,
according to Porsche’s website.

Nick Strangeway  sips from a chilled glass, strokes his goatee beard
and looks thoughtful.

“This is an afternoon-of-several-Martinis sort of Martini, not a
one-Martini-only Martini,” he says, and sips again.

Strangeway, 42, won the Tales of the Cocktail award for World’s Best
Bartender in New Orleans in 2008. He’s the man behind London bars such
as Hix and Hawksmoor. He travels the world for Sixth Senses Resorts &
Spas and his consulting company, Strangehill, works with Jameson,
Beefeater and Wyborowa.

Who better to lead the hunt for London’s finest Martini? For practical
reasons we confine ourselves to a short list of six venues and set out
with a Bloomberg Television camera.

Pinchito (7 out of 10 points): Tobias Blazquez-Garcia, a native of
Ibiza, employs the throwing technique: mixing the drink by pouring the
liquid at arm’s length from one glass to another. Throwing -- which
was developed in Cuba and reached the U.K. via Spain -- is somewhere
between shaking and stirring. Apart from its visual appeal, throwing
aerates the Martini, giving it a light texture.

“I love it,” Strangeway says. “It’s a Martini that’s a great aperitif.
It’s an aperitif that you could have as an aperitif to an aperitif, so
you could have a couple of them at least and it’s a great pre-dinner
drink.”

Crude-oil futures rose Friday, tracking narrow gains in U.S. stocks
and buoyed by growth in wholesales inventories that met
expectations.Crude for August delivery settled 65 cents higher at
$76.09 a barrel, the first day prices rose above $76 in eight
sessions. Oil rose 5.5% on the week, its best week since late
May.Gasoline futures added 2 cents, or 0.9%, to settle at $2.07 a
gallon, for weekly gains of 4.5%. That was gasoline's best week since
mid June.Natural gas for August delivery rose by less than a penny to
$4.40 per million British thermal units. For the week, natural gas
lost 6.8%.

Gold rose 1.2% Friday as investors found a renewed appetite for the
metal after it traded below $1,200 an ounce for three straight
sessions. Gold has lost 3.8% from its June 18 nominal record of
$1,258.30 an ounce

Conclusions

I expect New Highs and a move to 1400.00.

I do believe there were a lot of Long Gold Short Euro Trades, which
needed to be unwound but that is probably complete now.

Last Price    161.20
Contract High    180
Contract Low    120.1

Index Value:    2,490.72
Change:    Up 19.80 (0.80%)
52wk Range:    2,319.74 - 3,478.01

Oversold.

Two simultaneous explosions ripped through the Ugandan capital,
Kampala, last night, killing 64 people who were watching the World Cup
final.

The deadliest attack occurred at a rugby club, where people were
watching the game between Spain and the Netherlands. The second blast
took place at an Ethiopian restaurant, where at least three Americans
were wounded.

One American was killed in the blasts, said Joann Lockard, a
spokeswoman for the US embassy in Kampala.

Conclusions

The city's police chief said he believed Somalia's most feared
militant group, al-Shabab, was responsible for the attack. Al-Shabab
is known to have links with al-Qaida, and it counts militant veterans
from the Iraq, Afghanistan and Pakistan conflicts among its ranks.

South Africa defended itself against criticism about violent crime,
disruptive labor strikes and lackluster organization ahead of the 2010
World Cup. Now the country is winning widespread praise after a
successful tournament, boosting its ambitions to host other major
sporting events.

Indeed, South Africa has been so encouraged by the response to the
World Cup here that officials have set their sights on hosting the
summer Olympics in 2020, possibly in the city of Durban. On Saturday,
President Jacob Zuma met Jacques Rogge, who heads the International
Olympic Committee.

"This has proved to the world that we are capable of hosting any
international event. We have the resources and infrastructure," Mr.
Zuma said.

"Africa can be proud to have organized this World Cup. South Africa
can be even prouder," Mr. Blatter said during a briefing in
Johannesburg Thursday.

Conclusions

It has been a Triumph and might well prove a Tipping Point. The Black
Swan Risk is a return of Xenophobia which would unravel it all.
Aly-Khan Satchu
www.rich.co.ke

South Africa spent a bundle on stadiums, but World Cup will pay off
Christian Science
http://j.mp/atbEkq

Is The World Cup Africa's Tipping Point The Star
http://j.mp/94jnfx

Value 27,272.31

Conclusions

Deserving of a Move Higher.

Value6,108.29    
Change81.290     
% Change1.349

Kenya's central bank said on Friday it would re-open a 25-year
Treasury bond this month to raise 15 billion shillings ($184.2
million) and is mulling a 31.6 billion shilling infrastructure bond
for August.

"We want to raise up to 15 billion this month. We are proposing to
reopen the 25-year bond but consulting with market leaders," Jackson
Kitili, the central bank's director of monetary operations and debt
management, told Reuters.

The central bank is also in discussion about the maturity and coupon
rate for the 31.6 billion shilling infrastructure bond likely to be
issued in August, he said.The 25-year bond was initially issued in
June. It was massively oversubscribed with bids worth 27.1 billion
shillings. The central bank had been looking for 7.5 billion only. The
yield ended up at 10.458 percent, from a coupon rate of 11.25
percent.Kenya's fixed income market has been heating up most of this
year despite falling yields on government paper because banks are
sitting on large amounts of money looking for a home.

Kenya Commercial Bank hopes to raise 15 billion shillings in a rights
issue this month.The decision to suspend the infrastructure bond until
August is seen by the market as an opportunity to see through the
successful issue of the rights offer. That is why central bank and the
Market Leaders' Forum opted to re-open the bond, one banker said.

"This will ensure deepening of this paper in the secondary market, as
well as ensuring ample liquidity is channelled to the biggest rights
issue in our region," the Nairobi-based banker said.

"The confidence this will create will greatly influence the
sustainability of the equity market this year."

Conclusions

As You can a Great Deal of Liquidity and a number of Capital Raising
Exercises being undertaken.

Par Value:                  1/-
Closing Price:          17.75
Total Shares Issued:          2,217,777,664
Market Capitalization:        39,366M
EPS:            2.05
PE:                8.659

Today was the last Day that You could trade the Rights at the Bourse.

Conclusions

The Rights Issue Supply crimped the Price and KCB now trades on a PE
of 8.659 and post Dilution You are looking at a PE of 12.12, with a
1st Quarter Rebound of 10%. Previous Rights Issues have allowed the
Bank to grow at a materially faster Trajectory.
I expect a Replay of that. They have the largest Branch Network in the
Region and the Rights Issue allows them to aggressively go after the
Opportunity.

I do not know how much lower the Price can go now because KCB now
looks very cheap versus its Peers who are on an average PE of 14.00+.

The Price move lower looks overdone now.

The Government of Kenya is diluting their Stake down to 16% which
leaves an Opening, I would venture.

Plans by Kenya Power & Lighting Co. to convert government-owned
preference shares to ordinary shares will amount to “re-nationalizing”
the company, according to the International Finance Corp.

“It’s fundamentally moving away from the successes” Kenya’s government
has achieved in selling off state assets, Ram Mahidhara, principal
investment officer in the IFC’s infrastructure department, said in an
interview in Johannesburg today. The IFC is the World Bank unit for
lending to companies.

Kenya Power, the country’s monopoly power distributor, said on Nov. 20
it plans to convert the government’s shares as part of a
reorganization of its capital structure. The Privatization Commission
said on Dec. 1 it plans to sell or lease as many as 26 state-owned
companies and assets by 2012 to boost industries including tourism and
agriculture.

“What the government has done on privatization is very good and we’d
like to see it continue,” said Mahidhara. The Kenya power plan is “a
little surprising, given that Prime Minister Raila Odinga is from the
private sector. It’s going counter to what we would normally expect.”

Conclusions

The Ratio of Exchange of Government of Kenya Preference shares remains
a Known Unknown.

KPLC share price data from www.rich.co.ke
http://j.mp/BLiwX

Par Value:                  20/-
Closing Price:          200.00
Total Shares Issued:          79,128,000
Market Capitalization:        15,826M
EPS:            40.76
PE:                4.907

Conclusions

The PE will move higher on the Dilution.

KenolKobil Ltd., a Kenyan fuel retailer with operations in seven
African countries, expects first-half profit to be “considerably”
better than a year ago, boosted by stronger non-fuel revenue at its
service stations.The results, to be reported on July 29, signal a
“possible strong performance” for the 12 months through December 2010,
the Nairobi-based company said in a statement to the Nairobi Stock
Exchange today.

KenolKobil is implementing a “profitability maximization plan in each
of its business segments, including re-engineering its service
stations to be more profit oriented,” Managing Director Jacob Segman
said in the statement.

“We are looking at increased margin stabilization, improved
profitability and rising volumes due to increasing fuel demand from
its subsidiaries especially in growing economies,” Gregory Waweru, an
analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a
phone interview today.

Conclusions

Bullish Talk.

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

Par Value:                  0.50/-
Closing Price:          10.65
Total Shares Issued:          1,471,761,152
Market Capitalization:        15,674M
EPS:            0.88
PE:                12.102

Conclusions

Well Managed and now apparently well priced ahead of the Results.

Value74.76    
Change0.100     
% Change0.134

The island is a stretch of land in Lake Naivasha that is actually the
rim of a submerged volcanic crater at the deepest point of the lake.
The huge lake (its size varies by season) is at the heart of the Rift
Valley, where millions of years ago the earth’s crust tore apart,
creating a crack that stretched down the continent. Active volcanoes
on either side of the split erupted and forced the ground to sink into
a deep, curved valley. Jagged volcanic escarpments with panoramic
lookouts, cavernous mountain gorges and glittering lakes remain.

I was on a journey to follow the strikingly diverse wildlife —
giraffes, impalas, even hippos — on Crescent Island and the
surrounding lake. Overlooked by tourists for the more popular Lake
Nakuru National Park, renowned for its pink flamingos, and for Hell’s
Gate, a nearby safari park, much of Lake Naivasha is still off the
beaten path, uncrowded and serene.

The NASI closed up 0.19 points at 95.28.
The NSE20 rose 14.64 points to close at 4322.99.
Market Cap was 1.111708 Trillion versus 1.109526 Trillion.
Equity Turnover was 284.946m versus 141.713m.

The Bourse remains well underpinned with TBills below 2% but the Next
Sign Post in the Road is the Referendum.

Rea Vipingo rallied 2.502% to close at 18.45 and traded 54,000 shares.
Sasini Tea firmed 5 cents to close at 14.10 and traded 221,500 shares.
Kakuzi closed at 78.00 -1.89% and traded 3,900 shares.

SAFARICOM

shares volume     5,532,300
total turnover      32,234,804
avg price     5.83 Closing Price 5.80 Unchanged
high price     5.90
low price     5.80
last price     5.85

Conclusions

Edging Higher and targets 6.10. Its been a Grind but the Bias is
higher. The Range is 5.50-6.10 and a Triangle Chart Formation which I
expect to be pierced to the UpSide. I believe they are some ways ahead
of the Curve when it comes to Data, which I believe is the new Hyper
Growth Curve.

Kenya Airways rallied 1.62% to close at 47.00 and traded a 46.50-48.00
range and 67,300 shares. The Price has based out after a 20% post
Results Correction.

ScanGroup eased 0.63% to close at 39.50 and traded 15,800 shares.
40.50 is the all time Intra Day.

Access Kenya retreated 3.53% to close at 20.50 and traded a
20.50-21.00 range and 111,000 shares with Supply outweighing Demand by
a Factor 0f 3-1 as Some tried to bag and book what were strong Gains
from Year Lows just below 17.00.

Nation eased 0.7% to close at 142.00 and traded 14,200 shares.
Standard closed higher at 39.25.

CMC Holdings closed at 12.70 and traded just 8,800 shares.
CARGEN traded 200 shares at 48.50 +1.04%.

TPS Serena closed at 56.00 -2.61% on low volume of 4,500 shares.

KCB was the 2nd most active Counter. KCB traded a 17.65-18.00 range
and closed unchanged at 17.75. KCB traded 3.926m shares worth 69.717m.
Today was the Final Session for Trading the Rights. KCB trades on a
Trailing PE of 8.659 and post dilution that will be 12.12. KCB is
reporting Half Year Results imminently and the Price looks set to
recover as its move lower was preemptive and now looks overcooked.

Barclays Bank rallied a further 1.5708% to close at 64.00. Barclays
Bank traded a 64.00-66.00 range and 43,800 shares. Demand versus
Supply is in disequilibrium by a Factor of 4-1 and the price closed at
levels not seen since August 2008.

Equity Bank was the 4th most active Counter. Equity Bank closed at
22.75 and unchanged and traded 994,100 shares worth 22.849m.
COOP Bank eased 2.05% to close at 14.30 and traded a 14.05-14.60 range
and 656,500 shares worth 9.41m.
Stanchart rose 0.44% to close at 230.00 and traded a 235.00 session
high and 8,500 shares. There are few shares on the Offer Side.

CFC StanBic rallied a further 3.08% to close at 83.50 and was trading
at 85.00 +4.94% into the Finale. CFC Stanbic traded 11,100 shares and
Demand outweighs Supply by a wide margin. The Price has rallied over
100% from End March This Year.

CFC StanBic share price data from www.rich.co.ke
http://j.mp/dqreug

DTB rose 1.14% to close at 89.00 and traded 2,300 shares.
HFCK firmed 1.2% to close at 21.00 and traded 64,900 shares.
NBK eased 1.88% to close at 39.25 and traded 6,200 shares.
NIC was unchanged at 39.00 and traded 80,900 shares worth 3.166m.

Kenya Re shaved off 5 cents to close at 11.80 and traded 90,200 shares.
Jubilee traded 200 shares at 163.00.
PanAfric traded 2,500 shares at 68.50 and unchanged.

Centum was unchanged at 22.25 and traded 57,500 shares.

Olympia Capital closed at 7.50.

KenolKobil put out 1st Half Earnings Guidance over the weekend and
expects first-half profit to be “considerably” better than a year ago,
boosted by stronger non-fuel revenue at its service stations. Buyers
responded with Vigour and Kenolkobil closed at 10.75 +0.94%, a 30
month Closing High. KenolKobil has delivered an 88.314% 12 month
return. KenolKobil traded a session high of 11.00 and 9.236m shares
[0.62754% of its shares] worth 99.494m. KenolKobil trades on a
Trailing PE of 12.102 and might now run up to a Trailing PE of 14.00
which equates to a Price Objective of 12.32.
Total rose 25 cents to close at 29.25 and traded 12,800 shares with
Demand totalling 15x what was traded.

ARM rose 0.72% to close at 142.00 and traded a 145.00 session High
which is also a New Life Time Intra day High. ARM traded 4,000 shares.
Bamburi Cement firmed 1% to close at 202.00 and traded 4,900 shares.
Portland did not trade.

The IFC raised some strong Objections about the KPLC Balance Sheet
Restructuring calling it a 'Nationalisation.' KPLC eased 0.5% to close
at 199.00 and traded 24,900 shares.
KenGen was unchanged at 17.00 and traded a 17.00-17.10 range and 189,900 shares.
Cables traded 13,500 shares all at 20.25 unchanged.

Mumias Sugar was unchanged at 12.65 and traded 282,300 shares.

EABL rose 0.56% to close at 180.00 and was lightly traded with 10,200
shares traded.

BAT did not trade.

BOC Kenya traded 10,000 shares at 135.00 unchanged.
Carbacid did not trade.
Crown Berger traded a 100 shares at 32.50 +4%.
Eveready eased 1.25% to close at 3.95 and traded 22,800 shares.
Sameer closed lower at 8.35 and traded 32,300 shares.
Unga closed at 11.85 and traded 9,700 shares.