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Afternoon Africa |
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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.
The Latest Daily PodCast can be found here
http://www.rich.co.ke/rctools/richpod.php
I thank Alishia for the Interview carried on CNBC this Morning. Thanks.
RICH TV Interviews
http://j.mp/81lKEb
Martin Oduor-Otieno CEO KCB Last week.
Michael Joseph CEO Safaricom Earlier this Year
Macro Thoughts
Looking at the Breakfast Softs.
SSA Equity Markets.
Home Thoughts
I have been reading Malcolm Gladwell's What the Dog Saw
http://j.mp/dyH84a
Enron, intelligence, and the perils of too much information. |
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Report: Mubarak is terminally ill Jerusalem Post Law & Politics |
Egyptian President Hosni Mubarak is terminally ill, according to US
and other Western intelligence agencies, The Washington Times reported
on Monday.Most Western intelligence agencies reportedly estimate that
the Egyptian president is dying from terminal cancer in his stomach
and pancreas. Earlier this month, Mubarak was reportedly treated in a
hospital in France, and in March his gallbladder was operated on in
Germany.
A Central European intelligence officer told The Washington Times that
Mubarak will probably die within a year, before Egyptian presidential
elections in September 2011.
"When I was in Cairo in May, it was interesting. People were mellow
about the prospect of him being ill. Everyone understood the end was
near; the estimates were 12 to 18 months," Steven Cook, an
Egyptian-affairs specialist at the Council on Foreign Relations, said
to The Washington Times.
Conclusions
Stock Market is at Year Lows. |
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Currency Markets at a Glance WSJ World Currencies |
Euro 1.2930
Pound 1.5308
Dollar Index 82.56
Higher Beta
Aussie 0.8688 - Election
Rand 7.5610
Real 1.7824
Korean Won 1202.50
The bounce marks a rebound from a four-year low below $1.19 last
month.These include a "paradoxical" situation, Annunziata said.
Despite the fact that the recovery in the U.S. is more robust than
that in the euro zone, the Fed "sounds more dovish and seems to be
toying with the idea of a renewed wave of quantitative easing, whereas
the [European Central Bank] sounds cautiously more optimistic and
short-term market rates have tentatively begun to edge up," he said.
Results of the European banks' stress tests, due for publication next
week, however, remain the "make-or-break challenge" for the euro,
Annunziata said.
Investors cut their bets against the euro in the past week, according
to data released Friday.
Net speculative bets, called shorts, against the euro were at 27,000
with a value of $4.3 billion in the week ended Tuesday, according to a
Scotia Capital analysis of the weekly Commitments of Traders report
released by the Commodity Futures Trading Commission
Conclusions
Market is leaning towards endemic US Economic Weakness.
Euro versus The Dollar INO 3 Month Chart
http://j.mp/bQ9veD
Touched 1.30 Friday. |
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World Equity Markets at a glance World Of Finance |
Friday’s falloff in the equities markets — Dow down 2.5%, S&P off 2.9%
— was ugly enough to pull stocks into the red for the week. The Dow
finished the week down about 1%, the S&P lower by 1.2%. The Nasdaq
Composite fell 0.8%.The 10-year yield continued to nose lower, falling
back below the 3.00% level it reclaimed earlier this week and closing
Friday at just above 2.94% |
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Cocoa Play in Europe Raises Alarms WSJ Commodities |
A handful of cocoa traders have taken possession of almost all the
beans in certified warehouses across Europe, alarming the world's
cocoa body, which said the traders may be preparing to squeeze the
market in coming months.Friday, the NYSE Liffe exchange reported that
BNP Paribas Commodities Futures Ltd. and nine other brokers took
possession of more than 240,000 tons of cocoa, valued at as much as $1
billion. BNP Paribas alone took possession of 102,450 tons, valued at
about $427 million.
Conclusions
A Very Interesting Situation. |
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Commodities house Armajaro behind big cocoa bet: paper Reuters Commodities |
Commodities firm Armajaro is behind a 600 million pound bet placed on
the cocoa market, the Sunday Times newspaper said. Armajaro,
co-founded by Anthony Ward, took delivery of 240,100 tonnes of cocoa
beans last week, betting that a steep rise in prices is set to
continue, the newspaper said, without citing sources.At Friday's
closing price, the investment was worth just under 600 million pounds,
it added.Ward declined to comment when contacted by Reuters.
The 240,100 tonne delivery was the largest in nearly 14 years and
represented almost all the physical stocks registered with the Liffe
exchange, fuelling fears of a supply crunch for the September
contract.It follows weeks when open interest or outstanding positions
for the July contract was very high, prompting some market
participants to complain to Liffe about the extent of speculation in
the market and the lack of transparency on who was doing what.Cocoa
prices hit 32-year highs last week. The July and September futures
contracts are always vulnerable to a shortage of fresh cocoa supplies
prior to the harvest in the largest producing region, West Africa, in
September. |
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"Dennis Hopper," a portrait by Andy Warhol Bloomberg Misc. |
Artworks from the estate of the late actor Dennis Hopper, a
self-described “gallery bum,” will be auctioned by Christie’s on Nov.
10 and 11 in New York. Sale highlights so far include Warhol’s 1971
“Portrait of Dennis Hopper,” representing the actor as a soulful
cowboy in blues and grays. The 40-inch-square canvas is expected to
sell for as much as $1.2 million.
In a press release, Christie’s quoted Hopper saying: “I am just a
middle-class farm boy from Dodge City. I thought painting, acting,
directing and photography was all part of being an artist. I have made
my money that way and I have had some fun. It has not been a bad
life.” |
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Simply Because It's There? Annapurna WSJ Misc. |
On a clear day (and I didn't have a single one over several days here)
you can see the hills themselves: three of the world's tallest
peaks—Dhaulagiri, Annapurna, Manaslu—and, not nearly so high but far
more beautiful, the double pyramid of Machhapuchhre.
Climbers often talk about the Greater Ranges—the world's tallest
mountains, such as those in the Andes or Alaska (where heights above
20,000 feet are not remarkable), in contrast to the Alps or the
Rockies (where 13,000 feet is big). The greatest of the Greater Ranges
is the Himalaya, where there are more than 100 peaks taller than
23,000 feet, and 14 so-called "8,000-meter peaks," towering above
26,000 feet—the most well-known being Everest.
The deadliest, though, is Annapurna, the world's 10th-highest
mountain, with a reputed fatality rate of 40%. |
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World Cup Lends South Africa Confidence to Unite Continent WSJ Africa |
The level of trade among African countries—now only about 12% of total
African trade—could be in for a big boost. The catalyst isn't a new
sea port or a highway system. It's a soccer tournament.
"All those prophets of doom have seen the light," says Russell
Loubser, chief executive of the Johannesburg Stock Exchange.
High transport costs in Africa add about 25% to the price of goods,
according to the World Bank, making it often cheaper to import from
Asia and Europe than sell to nearby countries.
From 1999 to 2008, she says, the volume of Africa's trade with China
multiplied by 10. Over the same period, South Africa's trade with the
rest of the Africa only multiplied by four.
Conclusions
The Africa Perception Gap was just egregious and had been so for a
very long time. In fact, The Tectonic Plates have shifted in a
startling manner over the last 10 Years. A Great Deal of that Shift
was due to the Mobile Phone Revolution. The World Cup I think will
turn out to have been a Tipping Point and marks an Inflection Point in
the Perception Gap. There are more than 1b Consumers across this
Continent. Its become practically impossible to ignore.
If there is one Chart I would like to be long, it is surely the Intra
African Trade Curve. Thats surely only going one way.
Aly-Khan Satchu
www.rich.co.ke |
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China’s French King in Africa The New Yorker Africa |
The red-eye from Beijing to Delhi was sold out, as usual, the other
night, and I squeezed into my seat beside a young Chinese scientist
who struck up a conversation. He wore glasses and a short-sleeved blue
button-down shirt, and he was fidgeting anxiously as the plane took
off. “Where are you headed?” I asked. “Congo,” he said and gave me a
weak smile.
The red-eye is operated by Ethiopian Airlines; it stops in Delhi and
then Addis Ababa, where passengers like my seatmate would fan out
across the continent. Someday, I thought, archeologists will look at
the passenger manifest from a flight like this and learn all they need
to know about what China meant to the world in the early moments of
the twenty-first century: about a third of the passenger list was
composed of Indians and other visitors like me; another third
comprised African businesspeople and diplomats, heading home from the
country that has emerged as arguably Africa’s single largest investor;
the final third encompassed the Chinese sojourners, wiry laborers, in
cotton shoes and military surplus pants, heading to construction sites
and road crews, and a scattering of technical personnel like the
scientist seated to my right.
He was a pharmaceutical researcher by training, but he had been picked
by his company to join an agricultural project in Congo. They would be
growing rice to ship back to China, he said. Being a part of the
project made his company look good and patriotic in the eyes of local
Chinese officials, and the scientist had “been volunteered,” as he put
it, to be the company representative. “To be honest, I didn’t want to
go, but it’s the right thing to do,” he said and stared at the
darkness outside his window.China has stepped up the growth of
large-scale agricultural projects in Africa over the past five years.
As Howard French described, in The Atlantic, in a terrific piece in
May, large Chinese-run farms designed to export rice and other staples
to China are one of the new and least-understood elements of China’s
push into Africa. Two years ago, the Chinese government earmarked five
billion dollars for farm projects in Africa, intended to ease China’s
concerns about food security. But ceding land to foreigners, to manage
it and claim the products, are acutely sensitive issues in Africa. In
2007, French notes, Chinese and Mozambican officials reportedly agreed
to have three thousand Chinese settlers begin farming the fertile soil
in Zambezi River Valley, but the news prompted an uproar, and
Mozambique’s government now denies all reports of the idea.
My seatmate, the scientist, had his own reasons to be concerned. “I’ll
be expected to communicate in French, but I’ve only had three months
of French training,” he said. “I’m not very confident in it.” He
pulled out a hand-held electronic translator with the name “The French
King” stamped in Chinese across the top. He spent much of the flight
thumbing words into the French King, and silently mouthing the
results. In front of us, a screen showed stats about the flight,
listed in French and English. He glanced at the screen, typed “vitesse
au sol” into The French king, and held it up for me to see the
Chinese: “Groundspeed.”
His assignment would last twelve months, he said, with no vacations or
trips home. He had told his wife that he felt he had no choice but to
go. To their six-year-old daughter, he explained, “I’m going on
assignment, and I’ll call you from Africa.” A few hours into the
flight, he punched a Chinese phrase into the French King and held up
the results for me to read in French: “The time will pass quickly.” |
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East African Cables issues FY 2010 profit warning Reuters N.S.E Equities - Industrial & Allied |
Kenya's East African Cables (CABL.NR: Quote) on Saturday issued a
profit warning for the financial year ending December due to
unsatisfactory performance by its Tanzanian unit.The company recorded
a 51 percent drop in pre-tax profit for the first quarter of 2010 to
84.67 million Kenya shillings, due to high metal prices that put
pressure on its margins. [ID:nLDE63S24R]East African Cables said its
Kenyan unit was strong and profitable, but its Tanzanian unit was not
faring well.
"A decline in profitability has occurred within our subsidiary in
Tanzania ... arising from ... significant provisioning of bad and
doubtful debts and inventory ... (and) continued volatility in sales
in the Tanzanian utility sector," it said in a statement published in
the local Nation newspaper.
"The impact of the above factors, which see the subsidiary report a
significant loss, will be reflected in the group's unaudited results
of the first half of this financial year..."
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N.S.E Today |
The Bourse could not hold its New 2010 Closing Highs from Friday. The
NSE20 closed down 40.01 points at 4332.52.
The NASI fell 0.51 points to close at 96.55.
Market Cap was 1.126621 Trillion versus 1.132509 Trillion.
Equity Turnover was 242.098m versus 259.485m. |
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N.S.E Equities - Agricultural |
Kakuzi closed lower at 74.50 and traded 15,500 shares.
Rea Vipingo traded 3,200 shares and closed lower at 16.85.
Sasini traded 57,100 shares and closed at 13.90.
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N.S.E Equities - Commercial & Services |
SAFARICOM
Closing Price 5.85 -0.85% Average 5.89
high price 5.90
low price 5.80
last price 5.85
total turnover 41,677,696
shares volume 7.195M
Conclusions
Safaricom closed at a 5.89 average which was marked down to 5.85
Closing. 6.00-6.10 is proving its Resistance for now but I expect a
Move through those Levels.
Kenya Airways traded 33,100 shares and shaved off 25 cents to close at
47.25. Buyers have drawn a Line pretty close to these levels.
TPS Serena closed stronger at 58.50 and traded 23,800 shares.
ScanGroup closed at 38.25 and traded 17,500 shares.
CMC Holdings firmed 1.98% to close at 12.85 and traded 227,600 shares.
CarGen did not trade.
Nation traded 5,500 shares and closed unchanged at 143.00.
Standard traded 300 shares and closed higher at 39.00.
Access Kenya traded 60,300 shares and shaved off 25 cents to close at 20.50.
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N.S.E Equities - Finance & Investment |
Banks
Equity Bank was the most actively traded Counter ahead of its Pre
Opening 1st Half Earnings Release tomorrow. Equity Bank rallied 1.065%
to close at 23.75 and traded a 24.50 +4.26% session High. Equity Bank
traded 4.360m shares worth 104.247m.
KCB eased 1.11% to close at 17.75. KCB traded a 17.30-17.90 range and
624,600 shares worth 11.114m. KCB trades on an 8.6 Trailing PE. You
have to factor in the Rights Issue Dilution, the Acceleration [already
underway in the Earnings Narrative] and the Multiplier Effect of the
$200m Rights monies. The Price Pull Back looks steeply overdone.
Stanchart firmed 0.84% to close at 240.00 and traded 23,300 shares.
Barclays Bank eased 0.72% to close at 69.00 and traded a 69.00-70.00
range and 148,200 shares worth 10.297m.
COOP Bank rose 0.34% to close at 14.65 and traded 295,900 shares.
NIC rallied 0.64% to close at 39.25 and traded 216,600 shares worth 8.545m.
CFC StanBic was unchanged at 84.50 and traded 5,000 shares.
DTB eased 1.09% to close at 90.50 and traded 47,900 shares.
HFCK rose 1.18% to close at 21.50 and traded 45.300 shares.
NBK eased 2.54% to close at 38.50 and traded 8,400 shares.
Centum shares went Ex today and the Price fell back 8.88% to close at
20.50. Centum traded a 19.50-21.00 range and closed out the session
trading 19.55 -13.11%.
Kenya Re was unchanged at 11.45 and traded 150,700 shares.
Jubilee firmed 1.23% to close at 165.00 and traded 11,400 shares.
PanAfric was marked down 7.975% to close at 63.50 and traded 9,500 shares.
Olympia Capital closed at 7.35. |
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N.S.E Equities - Industrial & Allied |
East African Cables fell 12.64% to close at 19.00 and traded a
18.00-20.00 range and 20,100 shares. Today There was no 10% limit due
to the Profits Warning. Cables cited problems with their Tanzania
Subsidiary.
Mumias Sugar eased 0.4% to close at 12.55 and traded 374,400 shares.
EABL eased 0.55% to 180.00 and traded 18,100 shares.
BAT traded 200 shares at 235.00 +2.17%.
KenGen firmed 0.29% to close at 17.40 and traded a 17.15-17.80 range
and 288,500 shares. The Price is well supported and points higher.
KPLC was unchanged at 198.00 and traded 20,700 shares.
Bamburi Cement traded 1,200 shares and closed at 197.00 -1.99%.
ARM eased 1.4% to close at 141.00 and traded 15,400 shares.
Portland did not trade.
Kenolkobil eased 1.85% to close at 10.60 and traded 729,700 shares.
Total traded 62,400 shares and closed 25 cents better at 29.50.
BOC Kenya did not trade.
Carbacid dropped 5 shillings to close at 146.00.
Crown Berger did not trade.
Eveready bounced over 4.00 to close at 4.05.
Sameer was unchanged at 8.50.
Unga closed at 11.95 10 cents better.
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