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Satchu's Rich Wrap-Up
 
 
Thursday 04th of November 2010
 
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.

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

What is #Mindspeak ?
http://bit.ly/9mhe39

Martin O-O's Visual Presentation KCB at  #Mindspeak is here
http://bit.ly/b8oKik

The Video is being edited as we speak

Have you seen Jeff Koinange's #Mindspeak Session
http://bit.ly/1mPS6v

Its outrageously Good.

Part 1 Jeff and Oprah
http://bit.ly/ccmBmx

Part 2 Mend A Man called Jomo
http://bit.ly/9xBVqD

Macro Thoughts

$600b which is in fact $900b because of other Gimmickry is beyond the
Tolerance Levels I had previously indicated.

Home Thoughts

Serendipity can be shaped Being in the right place at the right time
is not new concept
http://bit.ly/aLvs08

The Girls are quite taken with the New Early Morning Routine and all
woke up this Morning to try and make out what is with their Father. I
must say I am certain I have tapped into something here.

I am getting beatific smiles of a Kind that are priceless.

read more


Here’s a selection from “America.” Photo Booth Zoe Strauss Report Suspect Activity
Misc.

For Zoe Strauss, a camera isn’t just for making pictures—it’s a tool
for engaging with people, in her South Philly neighborhood and around
the country. Her book “America,” a personal and idiosyncratic
chronicle of the Bush era, has a paradox at its heart. Individually,
her landscapes are bleak, her subjects troubled. But through the
alchemy of Strauss’s big-hearted enthusiasm for meeting people and
taking photos, the book as a whole feels somehow joyful.

“The ability to connect with others is most often irrelevant to
location,” she writes. “If a lesbian anarchist can drive into the
desert, knock on a stranger’s door, and go into a trailer where
there’s a bunch of guns, and leave with kisses, a promise to return,
and a cup of Sanka to go, all’s right in the world at that moment.”

Here’s a selection from “America.”

read more


Fed Fires $600 Billion Stimulus Shot WSJ
World Of Finance


The Federal Reserve, in a dramatic effort to rev up a "disappointingly
slow" economic recovery, said it will buy $600 billion of U.S.
government bonds over the next eight months to drive down interest
rates and encourage more borrowing and growth.

Many outside the Fed, and some inside, see the move as a 'Hail Mary'
pass by Fed Chairman Ben Bernanke. He embraced highly unconventional
policies during the financial crisis to ward off a financial-system
collapse. But a year and a half later, he confronts an economy hobbled
by high unemployment, a gridlocked political system and the threat of
a Japan-like period of deflation, or a debilitating fall in consumer
prices.

Conclusions

In essence, the Fed now will print money to buy as much as $900
billion in U.S. government bonds through June—an amount roughly equal
to the government's total projected borrowing needs over that period.

Thomas Hoenig described the move before the meeting as a "bargain with
the devil," was the lone dissenter in a 10-1 vote of the Fed's policy
committee.

read more


Currency Markets at a Glance WSJ
World Currencies

Euro 1.4113 The euro bought $1.4132 up from $1.4099 ahead of the
decision and compared with $1.4036 late Tuesday
Pound 1.6108
Yen 80.78
Aussie 1.0041
India Rupee 44.32 - 10 Year India trades at 551 Basis Points over US
Rand 6.82
Brazil 1.6896

The dollar had retreated to the current level against the euro from
$1.28 at the end of August when Fed chairman Ben Bernanke first hinted
at the possibility of QE2 at Jackson Hole, Wyo.

Conclusions

I believe There is another Leg Lower for the Dollar.

Aussie Dollar versus Dollar 1 Year chart This is an all Time Post Free
Float High INO 1.00547
http://bit.ly/aFSZGK

Euro Dollar 1 Year Chart INO 1.4123 Last
http://bit.ly/9pP06c

I am now looking for 1.4376.

read more



Commodity Markets at a Glance WSJ
Commodities

Oil prices settled higher Wednesday, holding on to early gains as the
Federal Reserve's widely anticipated decision to stimulate the economy
followed a bigger-than-expected decline in U.S. fuel
inventories.Light, sweet crude oil for December delivery settled up 79
cents, or 0.9%, at $84.69 a barrel on the New York Mercantile
Exchange. The contract is up 4% for the week after hitting six-month
highs of $85.36 a barrel earlier in the session.

read more



Live 24 Hour Gold 1354.10 KITCO 1354.10
Commodities

Conclusions

Lots of Volatility and Longs got spilled look at the 24 Hour Chart.

read more


Sugar Prices Hit 30-Year Highs WSJ
Commodities

Raw-sugar futures have surged to 30-year peaks and look set to break
higher as mounting concern over faltering supplies lends fresh impetus
to the market.The benchmark March sugar contract on New York's
Intercontinental Exchange soared to 30.64 cents a pound Tuesday and
held above the psychologically important 30 cents/lb mark in overnight
trade. In London, white-sugar futures rose in response to hit a peak
of $756.60 a metric ton on the March contract, the highest since the
end of January.

Sugar March 2011 INO 30.15 +0.12 (+0.40%)
http://bit.ly/d0M5gN

Last Price    30.15
Open Int.    271203
Contract High    30.64
Contract Low    11.9
First Delivery    2011-05-15
Contract High Date    2010-11-02
Contract Low Date    2008-10-24
Expiration    2011-02-28

Conclusions

I have a supreme conviction that global food markets are but the
perturbation of a butterflys's wing away from a serious tipping point.
In fact, I would venture that the best way to play the narrative
fallacy that is the "Global Climate Change Denial Camp" is via buying
a basket of breakfast commodities and grains. There are more of us,
our average calorific intake is a multiple of what it was, and we have
toasted the planet -- capping global agricultural output. Narrowing
that perception gap and converting it into real action is going to be
like herding cats.

The UN's Food and Agriculture Organization (FAO) is fond of saying
that the food markets have ample inventory and that there is
absolutely nothing to worry our little heads about. May I refer you to
wheat, which ramped 38 percent higher in July, 3.7 percent in August,
and so far this month a further 7 percent. The reasons are well known:
Russia has undergone a heatwave and Vladimir Putin (probably not keen
on going the way of Indonesia's President Suharto - anger over soaring
food prices after he cut fuel and some food subsidies helped drive him
from power in 1998) immediately cancelled all Russian wheat exports.
This is a perfect example of the asymmetry of the food markets. The
moment there is a hint of trouble, countries start hoarding. It
creates a concertina effect.

This was from This Piece for Christian Science Monitor
http://bit.ly/9AtLTl

read more


Global Business This Time for Africa? By Stephen Gandel
Africa

Sending your money to Nigeria — just not in response to a scam e-mail
from a deposed ruler's secret son — might actually be a smart move. A
growing number of Wall Street pros have been talking up Africa as the
next great investment. Goldman Sachs asset-management chief Jim
O'Neill, known for spotting the opportunity in Brazil, Russia, India
and China and coining the term BRIC, says Africa has interesting
potential. Top value investor Chuck Royce has been hunting in South
Africa for companies to add to his portfolio. Walmart made a $4
billion bid to buy South Africa's Massmart. (See pictures of China's
investments in Africa.)

With growth stalled in the U.S. and Europe, investors are looking at
places that are poised to grow faster. Africa fits. GDP is expected to
jump 4.5% this year and 5.2% in 2011, according to African Economic
Outlook. The main driver is natural resources. Africa holds 40% of the
world's strategic raw materials, including gold, iron ore and oil. As
China and others tap into those resources, money is pouring in.
Consulting firm McKinsey & Co. predicts the consumer-goods,
agriculture and infrastructure sectors could more than double in the
next decade, to $2.6 trillion in annual sales.

Nigeria gets investors the most excited. Goldman's O'Neill says its
economy is slightly more productive than Brazil's was a decade ago.
Nigeria has oil and, at nearly 155 million, Africa's largest
population. Don Elefson, who has 35% of his Harding Loevner Frontier
Emerging Markets fund in Africa, likes soft-drink makers, cell-phone
companies and banks. "It's the industries that make inexpensive goods
that make people feel nicer that will see the most exciting rise," he
says. (See pictures of the global financial crisis.)

The big question about emerging economies is always, When? Russia
burned investors who got in too early. And certainly investors in
Africa have to deal with political and economic risk. But Nigeria, for
example, has brought down inflation and cleaned up its financial
sector. Even in Zimbabwe, runaway inflation is now under control.

Shares of African firms still look cheap. Larry Seruma, who runs the
Nile Pan Africa Fund, says the average African company's shares trade
at a price-to-earnings multiple of 8, based on next year's earnings,
compared with 15 for emerging markets overall. A number of U.S. funds
invest in Africa. Among actively managed funds, Nile Pan Africa Fund,
which launched in April, is the only one dedicated solely to Africa,
but it's still pretty small. T. Rowe Price's Africa & Middle East
Fund, which has 35% of its portfolio in Africa, boasts an expense
ratio of just 1.6%, vs. 3.45% for the Pan Africa Fund. The index-like
Market Vectors Africa Index ETF has risen 10% in the past year and has
an expense ratio of just 0.8%. "The potential to improve in Africa is
so vast that conventional investment metrics don't mean anything,"
says O'Neill. "If the countries' leaders get the basic things right,
Africa could easily surpass any expectations."

read more


Rwanda, Zambia Lead Improvements in World Bank Business Survey Bloomberg
World Of Finance

Rwanda, Cape Verde and Zambia led the 27 sub-Saharan African countries
that improved their position in the World Bank’s Doing Business
survey, a report that measures the ease of conducting business in 183
countries.Cape Verde, an archipelago off the continent’s Atlantic
coast, along with the two other countries counted among the top 10
most-improved business climates in the World Bank’s 2011 study, the
Washington-based lender said in an e-mailed statement yesterday.The
Indian Ocean island nation of Mauritius ranked as Africa’s most
business-friendly country, at 20th on the report’s overall standings,
it said.Ghana, which is set to become West Africa’s newest oil
exporter, ranked highest on the continent in terms of access to
credit, while the southeast African agricultural economy of Malawi
“demonstrated itself on a world scale,” in its improvements in
regulating contracts, according to the statement.

A third of the report’s top 30 reformers since 2005 are in sub-Saharan
Africa, including Nigeria, Senegal, Sierra Leone, Mali, Burkina Faso,
Mozambique, Rwanda, Ghana, Mauritius and Madagascar.

read more


Nigeria picks Deutsche, Citi as eurobond bookrunners Reuters
World Of Finance


Nigeria has chosen Deutsche Bank and Citigroup to be the bookrunners
for its planned $500 million debut global bond, Finance Minister
Olusegun Aganga told Reuters on Wednesday.

"It was keenly contested ... but in the end these two, Deutsche Bank
and Citigroup, emerged the two bookrunners," Aganga told Reuters in
the capital Abuja.

"One very strong house in Europe ... and one very strong house in the
United States, that is how we split it."

Sub-Saharan Africa's second biggest economy has said it plans to issue
the 10-year bond before the end of the year to set a benchmark in the
international capital market which will allow state governments and
companies to follow suit.

Nigeria last month named London-based Barclays Capital and FBN
Capital, a subsidiary of Nigeria's First Bank, as its financial
advisers for the bond.

Africa's most populous nation first announced plans for the debut
international bond in September 2008, but put the plans on hold citing
adverse market conditions.

read more


Nigeria All share Bloomberg Visual +19.916% 2010
Africa

Value24,782.90   
Change-21.320    
% Change-0.086

read more


South Africa All share Index Bloomberg Visual +11.974% 29 Month Closing High
Africa


Value30,979.10   
Change161.130    
% Change0.523

Conclusions

7.06% off all time Highs from 2008.

read more



Citadel’s Heikal Says Investors Wary of Africa Should Buy Bonds Bloomberg
World Of Finance

As he peers out his Cairo office window at the shimmering Nile River
below, Ahmed Heikal offers a visitor his vision of an Egyptian-led
African transport revolution.Heikal, chairman and founder of Citadel
Capital Corp., an Egyptian private-equity firm, wants to link his
country by a river and rail system from the Mediterranean port of
Damietta to Mombasa, the Kenyan city about 4,000 kilometers (2,485
miles) away that lies on the coast of the Indian Ocean. The $650
million effort, designed to help Egypt and other African countries
move goods throughout the continent and beyond, began two years ago
with a deal to transport 750,000 tons of coal and coke along the Nile,
Bloomberg Markets reports in its December issue.

. “Our vision for transport is to try and link through a number of
deals, each standing on its own two feet, linking Damietta to
Mombasa.”

Heikal and Hisham El-Khazindar, former investment bankers at
EFG-Hermes Holding SAE, started Citadel with $400,000 six years ago.
Today, the company controls investments worth $8.3 billion in 15
different industries, such as oil refining, railways and agriculture.

Many of the firms behind privately backed Egyptian projects came into
existence following a 2004 economic reform program led by Prime
Minister Ahmed Nazif. The government cut corporate and personal income
taxes in half, to 20 percent, and accelerated the sell-off of
state-owned companies such as Telecom Egypt. The effort also helped
trigger the growth of publicly traded companies such as Orascom
Telecom Holding SAE while expanding Egypt’s influence throughout
sub-Saharan Africa. From 2004 to 2009, the Egyptian government reaped
39.5 billion Egyptian pounds from the sale of state assets, according
to Egypt’s Investment Ministry.


The bankers behind Citadel benefited from the drive to sell state
assets. The firm’s first major investment was the December 2004
purchase of 49.8 percent of ASEC Holding, which included a cement
company it had bought from the state, for $52 million, El-Khazindar
says.In 2005, Citadel sold that ASEC asset, Helwan Cement, for $560
million. Citadel was able to make a large profit because, as a result
of the country’s moves to boost the economy, construction and real
estate boomed. “ASEC was the first milestone,” says El-Khazindar, who
earned an MBA from Harvard Business School.

That year, the firm was part of a group that bought Egyptian
Fertilizers Co. from the government for $739 million and sold it to
United Arab Emirates-based private-equity firm Abraaj Capital Ltd. in
2007 for $1.41 billion. Citadel has invested in six energy companies
to take advantage of the country’s location as a bridge between Africa
and the Middle East.

In 2006, Citadel created Taqa Arabia, an energy company based in
Cairo. Taqa, which distributes gas and electricity, has invested 1
billion Egyptian pounds by acquiring and incorporating 21 companies,
expanding to the United Arab Emirates, Qatar, Libya, Jordan, Sudan and
Syria. Citadel plans an initial public offering for Taqa next year.

“Historically, could you have imagined investing in the power sector
in Egypt?” Heikal says. “Egypt will have to restructure its energy
regime. There will be a lot of investments that will take place in the
energy sector.”

Citadel is still struggling to recover from its decision to list
shares in the middle of a credit crisis. El-Khazindar says the move
was prompted by the demands of investors who needed cash.

Just as Citadel stock began trading in December 2009, Dubai’s debt
crisis exploded. The company’s shares are down 4.8 percent for the
year as of Nov. 3, compared with an 8.1 percent rise in the benchmark
EGX30 Index. The firm’s shares have lost 40 percent of their value
since they began trading.


As part of Citadel’s transport plan, its Nile Cargo unit took delivery
in August of two custom-designed river barges, the first of a fleet of
135 vessels designed to carry goods along the Nile.In November,
Citadel finished construction of the Tanash river port in north Cairo
-- a key staging area for the transport hub -- and has a five-year
agreement to transport 2 million tons of wheat annually along the
river for the state- owned General Silos and Storage Co.

In Sudan, Egypt’s neighbor to the south, Citadel signed a leasing
agreement with the Sudanese railway authority to offer cargo transport
services. The firm has also leased more than 500,000 feddan (519,000
acres) of land in Sudan to grow grain sorghum, corn and other
commodities.

“Certainly investing in these geographies is not for the
fainthearted,” Heikal says. “The returns make it compelling to invest.
If you want to wait until there is no political risk, then go invest
in Switzerland and get 1.4 percent on your 10- year government bond,”
he says.

The cross-border transport project includes a $250 million investment
in Citadel’s Rift Valley Railways to modernize a 2,000-kilometer
railway connecting Mombasa to neighboring Uganda that was dubbed the
Lunatic Express during its construction in 1896 when many of its
builders succumbed to tropical diseases and lion attacks. Citadel has
a 25-year license to operate the line.

Ahmed Heikal, chairman and founder of Citadel Capital Corp., shows off
a model of a river barge used by the firm’s transport unit in Cairo on
Oct. 7, 2010. Photographer: Shawn Baldwin/Bloomberg Markets via
Bloomberg

An Interview I conducted with Ahmed Heikal Chairman Citadel www.rich.co.ke
http://bit.ly/7bn9Ji

read more



More Than Greed Is Good at Wall Street: Johannesburg Dining Bloomberg
Food, Climate & Agriculture

The pinstriped set need not feel out of place at Wall Street, the new
eatery near South Africa’s stock exchange, where greed is good and so
is the foie gras. The black-and-white interior of this Johannesburg
restaurant is reassuringly lavish, while the bar, with its deep
couches and thick carpeting, is the place to whet the appetite.

Try the strawberry-and-balsamic martini or the house special Hennessy
Autograph: cognac flambeed with maraschino cherries and orange zest
and muddled with fresh Tahiti lime wedges. It costs 95 rand ($13) and
is perfect for celebrating after a good day’s trading.

Or maybe you’d prefer chocolate ravioli: sweet pastry stuffed with
chocolate ganache on pineapple carpaccio and topped with zabaglione
foam

A foie gras starter at Wall Street in Sandton, Johannesburg. The dish
comes with brioche, marinated mushrooms and a homemade fig chutney.
The foie gras is sourced from France. Photographer: Renee
Bonorchis/Bloomberg

read more



Look at KCB's share Price Data and Fundamentals here www.rich.co.ke
N.S.E Equities - Finance & Investment


Par Value:                  1/-
Closing Price:          22.50
Total Shares Issued:          2,950,259,712
Market Capitalization:        66,381M
EPS:            1.84
PE:                12.228

read more


Ruto off to Hague for Ocampo talks Nation [The Headline makes me think of Tea Time at Fortnum's]
Law & Politics

Former Higher Education minister William Ruto flew to The Hague
Wednesday night for a meeting with Prosecutor Luis Moreno-Ocampo
Thursday morning.Mr Ruto said he had requested the meeting to record a
statement with the International Criminal Court, which is
investigating the violence that broke out after the 2007 election.

He said: “I asked for an appointment with Ocampo and his group so that
we can set the record straight and get to the truth and I’m happy that
they gave me the appointment.”

ELVIS OGINA | NATION Eldoret North MP William Ruto heads for the
check-in counters at the departure area of the Jomo Kenyatta
International Airport, Nairobi, on Wednesday. He was accompanied by
Belgut MP Charles Keter (left).

Conclusions

TS Eliot
http://bit.ly/aqB9sP

This is the way the world ends
Not with a bang but a whimper

Further Conclusions

I sense we are sitting on a Moment of Maximum Change and that Change
is not an incremental Thing. It is as Gladwell described it in The
Tipping Point and as My Auntie Anar told me late one Evening in
Montreal

She said 'Do You remember There was a moment when Nelson Mandela was
still in Prison? Botha was still President.There was that Moment when
Everyone even the Most Recalcitrant realised the Prisoner was in fact
the President. That was a Tipping Point there that moment of Universal
Realisation.'

She also said something about China. She said 'Aly-Khan What's their
Game Plan? They always have a Plan?'

We were staying next to a Large Shopping Mall and both of us had taken
a Stroll and everything was from China., Pretty Colours but ultimately
Tittle Tattle.

And We both thought about that for a  while.

William Pike [The Editor of the Star and a Dear Friend] said Aly-Khan
You are prone to hyperbole as did Giles' Mother Mrs.Davies and My
Father. I do wonder whether operating in the World of the Now and 140
has made me more succinct.

Without being hyperbolic, I venture we are watching a Contemporary
Newsreel here in Kenya which continues to gain Momentum [If You asked
anyone a couple of Months ago whether We would be at this Spot - I
think No One would have called it] and Traction. And Change in the
c21st is a very peculiar Creature and muscular.

The Forces of Reaction look hopelessly outgunned. You cannot shoot
Bullets at the Information Stream.

And at this Moment in time, there is 1 Mobile connection Per Kenyan
Adult. This Society of which 71.8% are under 30 is a whole new
Audience. Its not VOK Time, I am afraid.

read more




Total reports 3rd Quarter 2010 here and share data www.rich.co.ke
N.S.E Equities - Industrial & Allied

Par Value:                  5/-
Closing Price:          29.75
Total Shares Issued:          175,028,704
Market Capitalization:        5,207M
EPS:            1.62
PE:                18.364

Swot Analysis 9 months to Sep 2010 versus Sep 2009
Sales Volume +360 KT +100% Network Aviation LPG General Trade
Inland Market Share was 13.3% and now Post Chevron 27.6% Sep 2010
Operating Profit +110.00% 1.358b
PBT 588m versus 340m +72.94%
PAT 348.597m versus 227.523m
348.597m / 175,028,704 = 1.9916 EPS 9 months
Straightlining I get Full Year EPS 2.655
Makes it an 11.2 Forward PE.
I think the Chevron Bulk up Synergies are yet to play out and the
share looks cheap.

read more


NBK shareholders to earn dividend after 12-year wait Nation
N.S.E Equities - Finance & Investment

“We intend to pay dividends in the current financial year, it is a
promise we made to our shareholders” he said.

The bank released its third quarter results on Wednesday, showing it
had accumulated retained earnings of Sh1.3 billion, up from a negative
balance of Sh401 million as at September last year.Though it started
making profits seven years ago, years of accumulated losses in
previous years have denied shareholders the chance to earn dividends
as the lender was still in a negative capital position.NBK reported a
38 per cent rise in net profits for the nine months to September,
driven by increased lending.

NBK share price data and 3rd Quarter Results here
http://bit.ly/8U8iAv

read more


Marshalls reports FY to March 2010 See results here www.rich.co.ke
N.S.E Equities - Commercial & Services

Par Value:                  5/-
Closing Price:          14.10
Total Shares Issued:          14,393,106
Market Capitalization:        203M
EPS:            -11.80
PE:                -1.195

The above EPS Data is unchanged because I have yet to properly analyse
these Results.

Swot Analysis
Year Ended March 2010 versus March 2009
Revenue 604.815m versus 592.843m
Gross Profit 87.824m versus 150.274m
Operating Loss [250.656m] versus [19.92m]
Loss for the Year [344.722m] versus [117.479m]
Revaluation Surplus 353.635m
Gross Profit 3.438m versus 3.097m

There is an Accounting Explaination but I am yet to receive that and
Thats being termed an Integral Part of the Results.

Conclusions

I have to pore through this in a whole lot more detail. The curious
thing is I had noticed an Uptick in Volumes - See share volume 5 month
Graph and yesterday William from the FT says 'Ah But what about
Marshalls?'

read more




 
 
N.S.E Today

The NASI turned higher to close 0.29 points better.
The NSE20 eased 18.18 points to close at 4629.03 and just under 2% off
its 2010 High struck Monday Last.
Market cap was 1.216047 Trillion versus 1.212481 Trillion.
Equity Turnover slowed to 306.91m versus 515.793m.
Kenya Airways traded nervy ahead of 1st Half Results falling 3.91% and
probably crimped the NSE 20 Index the most. There was a Seller at
44.00 for more than 500,000 shares and that kept the share on the Back
Foot all day. Barclays Bank was strong closing at 69.00 and a 28 month
High.
I think the Economy is set to accelerate into Year End via the Mobile
Price War which has triggered a Broad Based Grass Roots Stimulus
[There are approximately 1 Mobile Connection per Adult so you cannot
get more broad based than that here] in the Magnitude of $66-$100m per
Month.



N.S.E Equities - Agricultural

Eaagads traded 800 shares at 71.50 +10.00%. Eaagads has posted a
257.5% 1 Year Return and is the Outlier at the Nairobi Stock Exchange.
Now That Patrick Mweheire has announced that some of the Land is to be
used for the Tatu City Project the share Price is converging towards
the NAV and thats a Calculation around the Value of the Land, which is
estimated to have been at least x7 the share price when it was 50.00.

Eaagads share price data www.rich.co.ke +257.5% 1 Year
http://bit.ly/9gl6E3

Kakuzi traded 3rd overall. Kakuzi eased 1.12% to close at 88.00 and
traded a 87.00-89.00 range and 241,600 shares worth 21.261m.Kakuzi
trades on a Trailing PE of 5.133 has posted a 168.066% 1 Year Return
and ranks 3rd behind Eaagads and Scangroup at the Nairobi Bourse.

Kakuzi share price data www.rich.co.ke +168.066% 1 Year
http://bit.ly/5bxXIz

EPS:            17.34
PE:                5.133

Rea Vipingo was unchanged at 17.40 and traded 1,300 shares.
Sasini Tea traded 5,200 shares at 14.45 unchanged.



N.S.E Equities - Commercial & Services

SAFARICOM

shares volume     4,321,200
total turnover     20,543,330
avg price     4.75 Unchanged
high price     4.80
low price     4.70
last price     4.70

Conclusions

Safaricom was unchanged at 4.80 and traded 4th overall ahead of next
weeks Half Year Earnings Release. Safaricom trades on a Trailing PE of
12.5 and I believe has an egregious Concession built in ahead of the
Earnings Release.

Kenya Airways reversed course to close 3.91% lower at 43.00. Kenya
Airways traded a 43.00-44.25 range and 50,800 shares. There was a
Seller showing a block of 555,000 shares for Sale at 44.00 which was
not taken today. Kenya Airways reports 1st Half Results imminently and
saw good Buy Side Action last week at 42.00 which is where this Block
might have to trade, before the Results Release.

TPS Serena bounced 2.22% to close at 69.50 and traded a 68.00-70.00
range and 259,500 shares worth 18.114m. TPS Serena has snapped
108.156% higher over the last Year on the back of a Resurgent East
African Tourism Sector. This is a 39 Month Closing High.

Nation rose 0.605% to close at 166.00 and was trading at 167.00 +1.21%
session highs into the close. Nation traded 66,700 shares worth
11.122m. Nation Media was +53% at the 1st Half Mark [Standard and
ScanGroup are also riding the same Wave] and has posted a 56.028% 1
Year Return and these levels are 27 Month Highs.
Standard rose a shilling to close at 47.50 and traded just 300 shares.

ScanGroup closed 50 cents easier at 69.00 and traded 39,500 shares.

Marshalls Full Year Results to March 2010 were a Curates Egg and
hedged with Notes about the Accounting Treatment. Marshalls is self
evidently in Play going by the heightened Activity over the last 5
Months. See The Volume charts above.

CMC Holdings eased 1.94% to close at 12.65 and traded a 12.65-12.90
range and 367,300 shares worth 4.660m.
CarGen traded 9,100 shares at 46.00 unchanged.

Access Kenya eased 0.87% to close at 17.00 and traded 73,800 shares.



N.S.E Equities - Finance & Investment

Barclays Bank was the most active share at the Bourse. Barclays Bank
rallied 1.47% and traded a 70.00 +2.94% session high and 530,000
shares worth 36.778m. Barclays Bank has posted a 65.754% 1 Year Return
and this is a 28 Month Closing High. Barclays Bank recently completed
the Sale of its Custody Business to Standard Chartered.
KCB was the 2nd most actively traded Counter at the Bourse. KCB was
unchanged at 22.50 and traded a 22.25-23.00 range and 1.202m shares
worth 27.145m.
Equity Bank traded 5th at the Bourse and firmed 0.96% to close at
26.26. Equity Bank traded a 26.00-26.75 range and 705,200 shares worth
18.621m.
StanChart firmed 1.1475% to close at 264.00 and traded 3,100 shares.
Shares are well held and hence Supply typically thinner than in any
other Big Cap Banking Counter.
COOP Bank was unchanged at 19.85 and traded a 19.75-19.95 range and
708,800 shares.

NBK announced an imminent Return to paying Dividends after announcing
they had cleared the Accumulated Losses and increased Profits +39% at
the 9 month Mark. NBK rallied 1.886% to close at 40.50 and traded a
41.25 +3.77% session High into the close. NBK traded 85,700 shares and
had Good Buy Side Demand of more than 200,000 shares.
CFC StanBic rose 0.57% to close at 88.00 and traded 9,900 shares
DTB was unchanged at 134.00 and traded 10,000 shares.
HFCK retreated 0.895% to close at 27.75 and traded 192,200 shares.
NIC retreated 1.545% to close at 48.00 on low volume of 13,000 shares.

Kenya Re was unchanged at 11.90 and traded 137,000 shares.
Jubilee was unchanged at 197.00 and traded 19,700 shares.
PanAfric did not trade.

Centum was unchanged at 23.75 on light trading of 35,300 shares.

Olympia Capital traded 9,900 shares and closed firmer at 7.25.



N.S.E Equities - Industrial & Allied

Total reported  3rd Quarter Profits of Sh588 million pre-tax for the
nine months period ended September 30, 2010 versus 340m last time and
the Bulk Up via the acquisition of Chevron’s petroleum marketing
business is paying off and Economies of Scale are brought to bear.
Total Kenya firmed 0.84% to close at 30.00 and traded 128,400 shares.
KenolKobil traded 1.32m shares and shaved off 5 cents to close at 10.95.

EABL firmed 1.442% to close at 211.00 and traded 74,000 shares worth
15.667m EABL sits 2.31% off its all time high from 2008. That Closing
Price High was 216.00.

Mumias Sugar eased 0.921% to close at 10.75 and traded 1.163m shares.
Mumias Sugar has seriously diverged from the Raw Sugar Price which is
at 30 Year Highs. The Divergence has been noteworthy.

KPLC slipped 0.448% to close at 222.00 and traded 49,500 shares.
Investors await the Pricing for the Proposed Rights Issue. The
Steepness of the Discount is surely material and yet to be released.
KenGen slipped 1.72% to close at 17.10 and traded 869,700 shares.
Cables firmed 10 cents to close at 18.15 and traded 12,600 shares.

Athi River Mining was marked down 5.11% to close at 167.00 and traded
30,600 shares.
Bamburi Cement traded 6,600 shares at an unchanged 205.00.
Portland did not trade.

BAT rose 0.719% to close at 280.00 and traded 5,400 shares. BAT
remains in All Time Closing High territory with Little Supply showing.

BOC Kenya firmed 2 shillings to close at 142.00 and traded 500 shares.
Carbacid was marked down 5.36% to close at 141.00 on 3,300 shares traded.
Crown Berger traded 2,400 shares at 37.25 unchanged.
Eveready rose 2.85% to close at 3.60 with 7,400 shares trading.
Sameer traded 13,200 shares and was unchanged at 8.05.
Unga traded 20,000 shares 20 cents better at 12.40.



by Aly Khan Satchu (www.rich.co.ke)
 
 
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November 2010
 
 
 
 
 
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