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Wednesday 30th of April 2014 |
Morning Africa |
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 on the Front Page of the site http://www.rich.co.ke
It was a pleasure meeting the Team from Citadel, RVR, The IFC and DEG yesterday. |
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Mombasa Nairobi Railway Africa |
Macro Thoughts
Home Thoughts
I attended the Funeral yesterday of My Cousin Salina's [and Srikesh's] son Issar. Issar was due to turn 13. He had been poorly for a while, however. The Funeral was very touching, eclectic but it made me feel how fleeting Life in fact is, like how water can slip through your Fingers.
I thought of the story of Kabir's Funeral.
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Kabir by Swami Sivananda Africa |
When Kabir died, his body was claimed by both the Hindus and the Mohammedans. The King of Kashi, with thousands of Hindus, wanted to cremate the body. The Hindus claimed that Kabir was a Hindu and that therefore his body should be burnt. Bizli Khan, with thousands of Mohammedans, wanted to bury it.
The Mohammedans said that Kabir was a Muslim and therefore his body ought to be buried under Mohammedan rites. While they were quarrelling, Kabir's apparition appeared and said, "I was neither a Hindu nor a Mohammedan. I was both. I was nothing. I was all. I discern God in both. There is no Hindu and no Mussalman. To him who is free from delusion, Hindu and Mussalman are the same. Remove the shroud and behold the miracle!"
The shroud was removed. A large quantity of flowers was seen under it. Half of the flowers was taken by the king of Kashi and burnt on the bank of holy Ganga. The ashes were then buried and a temple was built. This temple is known by the name of Kabir Chaura--a great place of pilgrimage for the followers of Kabir. The other half of the flowers was taken by the Mohammedans and buried at Moghar where Kabir died. A mosque was built over the grave. This is a place of pilgrimage for the Mohammedans.
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Prime Minister Nouri al-Maliki, who cast his ballot in Baghdad, will be a pivotal figure in post-election coalition making @BBC Law & Politics |
Polling began at 07:00 local time (04:00 GMT) and closes at 18:00.
Prime Minister Nouri al-Maliki is hoping to win a third term in office
Mr @BarackObama declared in Manila, there was an "Obama doctrine." http://www.independent.co.uk/news/world/americas/us-foreign-policy-president-defends-his-obama-doctrine-where-military-intervention-is-a-last-resort-9303424.html
It was cautious and incremental, and saw military intervention as the last, not the first resort. This approach to world affairs might not be "sexy," he continued, using baseball metaphors to explain. The goal was to avoid errors. Foreign policy progress consisted of "singles and doubles.... every once in a while we may be able to hit a home run."
"It is increasingly obvious that Washington is taking Beijing as an opponent," the editorial said. China Daily http://news.yahoo.com/obama-warns-china-backs-philippines-052728352.html
"With Obama reassuring the US allies of protection in any conflict with China, it is now clear that Washington is no longer bothering to conceal its attempt to contain China's influence in the region."
The editorial warned against believing Obama's "sweet promises" of a new, constructive relationship between the United States and China, and instead outlined what it described as a "grim geopolitical reality".
"Ganging up with its troublemaking allies, the US is presenting itself as a security threat to China," it said.
Police are the "fists and daggers" in the fight against terrorism, China's President Xi Jinping said on a trip to the western Xinjiang region http://www.reuters.com/article/2014/04/29/us-china-xinjiang-idUSBREA3S03D20140429
"The Kashgar region is the front line in anti-terrorism and maintaining social stability," the official Xinhua news agency citied Xi as telling paramilitary police in the Silk Road city of Kashgar in western Xinjiang that has been at the center of much of the unrest.
"The situation is grim and complicated. The local level police stations are fists and daggers," Xi said.
The report, carried widely in state media, showed photographs of Xi touring police facilities.
"You must have the most effective means to deal with violent terrorists," Xi said at a police station where he was pictured inspecting a wall of various kinds of truncheons.
"Sweat more in peacetime to bleed less in wartime," he said.
Conclusions
This Crimea Referendum business is a geopolitical conundrum for China. The problem being, if you allow that periphery states can vote then you will definitely see a whole lot of China peel off real quick, from Tibet to Taiwan to Xinjiang. http://www.rich.co.ke/media/docs/038NSX3103.pdf
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U.N. chief urges South Sudan's Kiir help end violence, anti-U.N. campaign Law & Politics |
U.N. Secretary-General Ban Ki-moon urged South Sudan President Salva Kiir on Tuesday to publicly call for an end to a "negative campaign" against U.N. peacekeepers and to bring to justice those responsible for attacks there on civilians and the United Nations.
In a phone call with Kiir, the U.N. chief called for "an immediate halt to the vicious fighting and the appalling killing of South Sudanese civilians," according to a statement from Ban's press office.
More than 1 million people have fled their homes since fighting erupted in December between troops backing Kiir and soldiers loyal to his sacked deputy, Riek Machar. The fighting has exacerbated ethnic tensions between Kiir's Dinka people and Machar's Nuer.
Ban "stressed the need to ensure that the perpetrators of the completely unacceptable attack on the United Nations Mission in South Sudan (UNMISS) compound in Bor and the ethnically motivated killings in Bentiu are swiftly brought to justice."
Ban "urged the president to intervene personally to stop the negative campaign against UNMISS staff and issue a public statement to this end."
Negotiations between the Kiir government and rebels loyal to Machar have failed to advance since the January 23 signing of a ceasefire which never took hold.
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French officials welcomed Angola's president on Tuesday for the first time in 20 years, hailing his economic reforms in the clearest sign yet that Paris is turning its diplomatic focus to winning overseas contracts. Law & Politics |
Foreign Minister Laurent Fabius later rolled out the red carpet ahead of a bilateral forum on investment opportunities in a country with annual economic growth of about 9 percent.
"France has a deep historical relationship with Africa. We want that to grow. We want to see the number of French companies increasing in Angola ... I call on businessmen to invest in Angola," Dos Santos told business leaders at the foreign ministry on a rare overseas visit for the 71-year-old leader.
Despite its difficult ties, France has ploughed some $10 billion into Angola, making it the third biggest investor, although it is the sixth biggest trade partner behind the likes of the United States, China and former colonial ruler Portugal.
France has about 70 companies operating in the oil producing nation, ranging from Air France to BNPParis and Bollore.
Its main investor is Total, now the biggest operator in the country's oil sector, which is the largest in Africa after Nigeria's.
Last week, the company decided to go ahead with a $16 billion investment on the new Kaombo project, which is set to produce 230,000 barrels per day once it starts up in 2017.
"Economically, we are relaunching our partnership. The opportunities are huge because your country is seeing a remarkable dynamism and wants to diversify its approach," said Fabius, who identified potential sectors of interest from water to transport and agriculture.
Alex Vines, research director at the Chatham House think tank in London, said Angola had also shifted focus somewhat.
"Over the last 18 months, Angola's presidency has become more ambitious internationally possibly signaling that President dos Santos is looking for legacies after 34 years in power," he said.
France's attention to Angola was also recognition, he said, "that when it comes to central Africa, Angola is increasingly a regional anchor state for peace and security," he said, referring to the conflict in Central African Republic where France intervened in December.
A private company said it had found what it believes is wreckage of a plane in the Bay of Bengal that should be investigated as potential debris from missing Malaysia Airlines Flight #MH370, but the possibility was dismissed by search coordinators. http://www.reuters.com/article/2014/04/30/us-malaysiaairlines-bengal-idUSBREA3S10E20140430
Conclusions
"If they can get you asking the wrong questions, they don't have to worry about answers." -- Thomas Pynchon, Gravity's Rainbow
"A screaming comes across the sky." -- Thomas Pynchon, Gravity's Rainbow
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Currency Markets at a Glance WSJ World Currencies |
Euro 1.3806 Dollar Index 79.79 Japan Yen 102.42 Swiss Franc 0.8836 Pound 1.6826 touched $1.6853 yesterday, the highest level since November 2009 Aussie 0.9284 India Rupee 60.34 South Korea Won 1032.25 South Korea's Won Touches Six-Year High Against The Dollar Brazil Real 2.2360 Egypt Pound 7.0012 South Africa Rand 10.5659
Sterling has rallied 5.8 percent in the past six months, the best performer among 10 developed-nation currencies tracked by Bloomberg Correlation-Weighted Indexes, amid signs stronger economic growth will spur the Bank of England to raise borrowing costs sooner than it forecast. The euro appreciated 0.9 percent and the dollar rose 0.3 percent.
The Federal Reserve concludes a two-day meeting today where economists expect policy makers to cut monthly asset purchases to $45 billion. Fed Chair Janet Yellen said in March that the central bank may start to raise interest rates "around six months" after ending its asset-buying program.
Dollar Index 3 Month Chart INO 79.79 [not energised] http://quotes.ino.com/charting/index.html?s=NYBOT_DX&v=d3&t=c&a=50&w=1
Euro versus the Dollar 3 Month Chart 1.3806 [Inflation number is key] http://quotes.ino.com/charting/index.html?s=FOREX_EURUSD&v=d3&t=c&a=50&w=1
Sterling 1 Year Chart INO 1.6826 [My Objective is 1.7350] http://quotes.ino.com/charting/index.html?s=FOREX_GBPUSD&v=d12&t=c&a=50&w=1
Britain's GDP rose 0.8 percent in the first quarter, up from 0.7 percent in the final three months of 2013, the Office for National Statistics in London said.
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South Korean Won 1 Year Chart INO 1032.75 6 Year Highs Emerging Markets |
Gross domestic product increased 3.9 percent in the first quarter from a year earlier, the fastest in three years, while March's current-account surplus widened to $7.35 billion, official data show. Exports rose 5.5 percent in April from a year earlier, economists surveyed by Bloomberg project before data due tomorrow.
The won gained 3.2 percent in April to 1,031.95 per dollar as of 10:16 a.m. in Seoul, the biggest monthly increase since September 2013, data compiled by Bloomberg show. It fell 0.2 percent today, after earlier touching 1,029.96, the strongest level since August 2008.
India Rupee 1 Year Chart INO 60.31 [heads to 57.50 on a decisive @NarendraModi win] http://quotes.ino.com/charting/index.html?s=FOREX_USDINR&v=d12&t=c&a=50&w=1
Narendra Modi @narendramodi 1h Voted! Here is my selfie pic.twitter.com/7OnhFiJ0AC
Frontier Markets
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Bharti Airtel's African business has been a drag on the company, which has to yet to turn a profit there four years after spending $9 billion to acquire money-losing mobile phone assets. Africa |
Losses in its international business, which includes the African operation, more than doubled to 12.18 billion rupees before exceptional items.
Bharti Airtel operates in 20 countries across Asia and Africa and is the world's fourth-biggest cellular carrier by customers.
Bharti said performance in Africa was hurt by a "seasonal downturn" in parts of the continent and regulatory intervention in Nigeria, its biggest African market.
"Africa didn't do well," said Daljeet Kohli, head of research at India Nivesh Securities in Mumbai. ' http://www.bloomberg.com/news/2014-04-29/bharti-profit-misses-estimates-as-africa-growth-slows.html
'That's a disappointment because many people were looking for Africa to stabilize, that this time they would could come to a break-even point. But that has not happened, so Africa will continue to be a drag on the good work that Airtel does in India.''
Revenue in Africa increased 16.4 percent in the three months ended March 31, slowing from a 17.2 percent pace in the preceding quarter.
"The quarter was impacted by the seasonal downturn in parts of Africa and regulatory interventions in Nigeria," Christian de Faria, chief executive officer of Bharti's Africa business, said in a statement. "Our teams remain focused on accelerating growth through improving the quality of network, growing the data business."
5.3.7.1 Africa http://www.airtel.in/wps/wcm/connect/e10e645b-d938-4299-9761-4239f8b543e5/Bharti-Airtel-Limited_Quarterly-Report_March-31-2014.pdf?MOD=AJPERES
As on March 31, 2014, the Company had an aggregate customer base of 69.4 Mn. Customer acquisition in Nigeria was impacted due to restrictions imposed by the Regulator on selling SIM cards during the month of March 2014. Net additions during the quarter were 1.1 Mn customers mainly arising out of the acquisition of Warid Congo S.A. Total minutes on network during the quarter were 28.2 Bn as compared to 23.4 Bn in the corresponding quarter last year, a growth of 20.5%.
Data customers during the quarter increased by 53.5% to 22.3 Mn as compared to 14.5 Mn in the corresponding quarter last year. Data customers now represent 32.1% of the total customer base, as compared to 22.8% in the corresponding quarter last year. Data traffic has registered a strong growth of 103.6% Y-o-Y to 6.1 Bn MBs during the quarter as compared to 3.0 Bn MBs in the corresponding quarter last year. Data usage per customer during the quarter was 96.4 MBs as compared to 73.4 MBs in the corresponding quarter last year, an increase of 31.4%.
The Company"s mobile money platform, Airtel Money is gaining customer acceptance across Africa. The total customer base using the Airtel Money platform increased by 28.2% to 3.5 Mn as compared to 2.7 Mn on a sequential quarter basis. The total number of transactions during the quarter was higher by 25.5% to 92.0 Mn in the current quarter as compared to 73.3 Mn in the previous quarter. Total value of transactions conducted using this platform increased by 28.6% to $2,202 Mn in Q4 as compared to $1,713 Mn in Q3.
Revenue for the quarter was $1,145 Mn as compared to $1,120 Mn in the corresponding quarter last year, representing a growth of 2.2%. Mobile data revenue grew by 80.6% to $88.2 Mn during the quarter as compared to $48.9 Mn in the corresponding quarter last year. Mobile data revenue now represents 7.7% of the total mobile revenue during the quarter as compared to 4.4% in the corresponding quarter last year. Net revenue after netting off inter-connect costs and cost of goods sold increased by 6.8% to $951 Mn as compared to $890 Mn in the corresponding quarter last year.
Operating expenses excluding access costs, costs of goods sold and licence fees increased by 8.5% to $602 Mn as compared to the corresponding quarter last year, primarily on account of increased network operating costs and higher sales and marketing costs. EBITDA during the quarter at $290 Mn was higher compared to $285 Mn in the corresponding quarter last year. However, EBIT for the quarter at $64 Mn was slightly lower compared to $62 Mn in the corresponding quarter last year due to the impact of depreciation and amortization. After accounting for finance costs and taxes, the net loss for the quarter was $124 Mn as compared to a loss of $91 Mn in the corresponding quarter last year.
Electrification in Africa, a question of credit: Kemp http://www.reuters.com/article/2014/04/29/kemp-africa-electricity-idUSL6N0NL25P20140429
In March, an official from the U.S. Agency for International Development (USAID) testified to the Senate Foreign Relations Committee: "Over a year, a refrigerator uses six times more electricity than a Tanzanian citizen, and it would take an Ethiopian citizen two years to consume the amount of electricity that an American does in three days."
He added: "Sub-Saharan Africa (excluding South Africa) generates 28 gigawatts of power for more than 900 million people - about the same as Argentina generates for 42 million people. And on any given day, a quarter of that energy is unavailable due to inefficient outdated infrastructure."
No electricity means no development. "Without electricity they (the rural population) have no lights, and their children must do their homework under dangerous paraffin lamps. Using a computer for schoolwork or anything else is impossible," Symbion, an independent power producer, told the committee.
There is no refrigeration to preserve food and cooking is done on wood- or dung-burning stoves that cause deforestation, greenhouse emissions, and toxic fumes that are responsible for an estimated 2 million premature deaths a year.
"Not being paid on time or at all is at the top of the fear list for the private sector."
Foreign investors remain wary. Africa attracted an average of just $8.4 billion in foreign direct investment in utilities in 2011 and 2012, according to the United Nations Conference on Trade and Development's "World Investment Report 2013". That figure, which includes gas and water as well as electricity and is for the whole continent, is woefully inadequate.
"Decentralised off-grid and mini-grid solutions often offer the swiftest, cleanest and most innovative solutions to energy poverty by sidestepping the need to connect to the national electricity network," USAID said.
The aim is to tie payment closely and visibly to consumption. Many rural communities already have some form of mobile phone service. Mobiles avoid the problems of laying expensive fixed lines and trying to recover the costs from subscribers; users are charged on pay-as-you-go plans.
In Kenya, USAID is backing several innovative projects including a pay-as-you-go lighting service, and a metered solar power and battery system. In Tanzania, OPIC is funding software that will allow customers to pre-pay for electricity via their mobile phone.
South Africa All Share Bloomberg +7.29% [Fresh record closing High] http://www.bloomberg.com/quote/JALSH:IND
Booysen feels that if the ANC polls about 55 per cent, there "will be panic" within the organisation. FT http://blogs.ft.com/beyond-brics/2014/04/29/extremist-workers-party-key-in-south-africa-election/
About 20% of headline earnings derives from the rest of Africa, up from 12% in 2010. http://www.bdlive.co.za/business/financial/2014/04/29/standards-africa-unit-must-pay-its-way
Dollar versus Rand 3 Month Chart INO 10.56575 [heads to 10.00 before 11.00] http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&t=c&a=50&w=1&v=d3
Egypt Pound versus The Dollar 3 Month Chart INO 6.9994 http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1
Egypt EGX30 Bloomberg +21.58% 2014 [Africa's best in 2014] http://www.bloomberg.com/quote/CASE:IND
8,150.09 -15.87 -0.19%
"This ruling is the last nail in the coffin of the ruling powers that led the coup," said Brotherhood general guide Mohamed Badie, who was condemned to death along with 682 supporters on Monday. "The regime is on the brink of collapse." http://af.reuters.com/article/topNews/idAFKBN0DF12W20140429
Nigeria All Share Bloomberg -4.25% 2014 http://www.bloomberg.com/quote/NGSEINDX:IND
Ghana Stock Exchange Composite Index Bloomberg +5.46% 2014 http://www.bloomberg.com/quote/GGSECI:IND
The Chinese People's Liberation Army yesterday donated US$4.2 million (30 million RMB) to the Zimbabwe Defence Forces. http://allafrica.com/stories/201404290637.html
Meanwhile, General Qi has praised President Mugabe for his stance against Western powers bent on destabilising Africa.
He was speaking at a dinner hosted for him by Zimbabwe Defence Forces Commander General Constantine Chiwenga in Harare on Sunday.
"General officers and men of China admire ZDF, especially your Commander-in-Chief President Mugabe who has managed to stand against Western powers' machinations to destabilise the African continent.
"Your President is one of the few leaders of the likes of Fidel Castrol, Vladimir Putin and others who have stood against Western powers.
"Few leaders have the courage to stand against United States of America and its allies.
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Gross domestic product in East Africa's largest economy rose 4.7 percent from 4.6 percent a year earlier, Planning Secretary Anne Waiguru told a conference today in Nairobi. Kenyan Economy |
The figure is lower than the government's initial estimate a year ago of as much as 6 percent expansion for 2013. The economy, which relies on tourism as the second-largest source of foreign exchange, has suffered a wave of gun and grenade attacks including a shooting spree by al-Qaeda-linked al-Shabaab militants on the Westgate mall in September that left at least 67 civilians and security personnel dead.
Tourist arrivals fell 18 percent to 1.4 million last year, moving the country away from its target of 3 million visitors by 2017, while revenue from the industry dipped to 94 billion shillings ($1 billion) from 96.2 billion shillings. The decline was probably influenced by travel warnings issued by foreign governments due to "security concerns," Waiguru said.
The hotel and restaurant industry was the only facet of the economy that contracted last year, declining 4.5 percent compared with a 2.6 percent increase in 2012, according to the annual Kenyan Economic Survey released today. A fire that disrupted service at the main Nairobi airport in August and elections in March 2013 also curbed tourism, the report said.
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Kenya Economic Survey Report 2014.pdf SCRIB'D Kenyan Economy |
Growth in the agricultural sector decelerated in 2013 to 2.9 per cent from a revised growth of 4.2 per cent in 2012 The Manufacturing sector grew by 4.8 per cent in 2013 compared to a revised growth of 3.2 per cent in 2012 Cargo throughput handled at the Port of Mombasa increased by 1.8 per cent to 22.3 million tonnes Railway freight tonnage dropped from 1.4 million tonnes in 2012 to 1.2 million tonnes in 2013. Total volume of white petroleum products through Pipeline increased from 4.9 Million cubic metres in 2012 to 5.2 Million cubic metres in 2013 The number of mobile connections rose from 30.4 million in 2012 to 31.2 million in 2013 Internet subscriptions rose significantly from 8.5 million in 2012 to 13.3 million in 2013 The number of international visitor arrivals decreased from 1.7 million in 2012 to 1.5 million in 2013 The total import bill of petroleum products declined by 3.5 per cent to KSh 315.4 billion in 2013 Total installed electricity generating capacity increased from 1,606.1 Mega Watts (MW) in 2012 to 1,717.8 MW in 2013. During the year under review, building and construction sector expanded by 5.5 per cent up from a growth of 4.8 per cent registered in 2012 Total exports declined by 3.0 per cent from KSh 517.8 billion in 2012 to KSh 502.0 billion in 2013 Total imports increased by 2.8 per cent from KSh 1,374.6 billion in 2012 to KSh 1,413.0 billion in 2013. This led to the export-import ratio deteriorating from 37.7 per cent in 2012 to 35.5 per cent in 2013 Operationalization of the development budget in the counties is expected to spur further economic growth Increase installed electricity capacity to 5000MW To improve on the country's terms of trade, the government will expand measures aimed at facilitating export growth such as establishment of Special Economic Zones
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UPDATE 2-Kenya delays 2014 growth forecast after 2013 disappoints Kenyan Economy |
NAIROBI, April 29 (Reuters) - Kenya has delayed the release of its official economic growth forecast for this year by more than a month after saying on Tuesday that the economy grew less in 2013 than expected.
The government had been expected to give its forecast for 2014 growth on Tuesday but Cabinet Secretary for Planning Anne Waiguru told reporters the release had been delayed.
"We will have it (2014 forecast) in the budget strategy paper, the one that is going to precede the national budget, she said. "We need to make a few consultations with the national Treasury before we give the forecast."
The finance minister is scheduled to present the national budget to parliament in mid-June. The Treasury said in January it expected the economy to grow by 5.8 percent this year.
Analysts said deferring the growth estimate would buy the authorities time to assess the effects of a drop last year in tea prices and sluggish tourist arrivals.
Gun and grenade attacks blamed on al Shabaab rebels in neighbouring Somalia, including September's attack on the Westgate shopping mall in Nairobi, in which at least 67 people were killed, may also have an economic impact.
"There are several factors that were negative last year and they are up in the air," said Robert Shaw, a Nairobi-based economic analyst.
"It was quite wise not to make a projection at this stage because we certainly need a little more time to see how those factors continue."
The sector grew 2.9 percent in 2013 compared with revised growth of 4.2 percent in the year before, with output of coffee and maize dropping 20 percent and 2 percent respectively.
Razia Khan, head of research for Africa at Standard Chartered, said slower spending by the government after an election in March could have also weighed on growth last year.
"This will be a key factor in Kenya registering a positive surprise when its budget numbers are published," Khan said.
"Slower-than-expected spending will see the fiscal deficit narrow, relative to initial projections of -7.9 percent of GDP."
Total exports declined 3 percent from the previous year, causing the trade balance to worsen, Waiguru said.
Kenya's balance of payments surplus declined to 74 billion shillings ($852.04 million) from 123 billion shillings in 2012.
"If there is one area that this government can be complimented on, it is the relatively stable - one could almost say solid - macroeconomic framework," Shaw said.
"It is quite a nice change from before where all sorts of factors kicked in and it was all very turbulent."
"Commercial threshold resources have been exceeded in the South Lokichar Basin. We know we have exceeded the commercial threshold and that it is going to get higher and higher," he said. http://in.reuters.com/article/2014/04/29/kenya-oil-idINL6N0NL3HX20140429
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ScanGroup reports FY EPS 2013 +22.17% Earnings here Kenyan Economy |
Par Value: 1/- Closing Price: 46.75 Total Shares Issued: 378865102.00 Market Capitalization: 17,711,943,519 EPS: 2.70 PE: 17.314
The largest marketing services company in East Africa.
Full Year Earnings through 31st December 2013 versus 31st December 2012 FY Billings 14.168001b versus 12.472198b +13.596% FY Direct Costs [10.317607b] versus [8.549435b] +20.681% FY Revenue 3.850394b versus 3.922763b Gain on revaluation of equity interest 605.474m in 2013 FY Operating and Administration Expenses [3.547430b] versus [3.058750b] FY Profit Before Tax 1.038416b versus 1.069566b FY Profit After Tax 867.358m versus 752.009m FY EPS 2.70 versus 2.21 +22.17% FY Dividend 40 cents a share
Company Commentary ''Level of client spend in the first half was subdued due to the General elections'' ''The continued investment in growth disciplines, in particular Digital and PR and further developing our presence and potential in Ghana, Nigeria, South Africa and Tanzania led to a 16% increase in operating costs. ''Overall EPS is +26% but the underlying EPS [excluding the revaluation gain] shows a drop of 70% to 0.63.''
Conclusions
Its one of the very few SSA Advertising Pure Plays and has crossed the Nadir in earnings.
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Express Kenya releases FY Earnings and a Profits Warning here Kenyan Economy |
Par Value: 5/- Closing Price: 4.75 Total Shares Issued: 34400000.00 Market Capitalization: 163,400,000 EPS: 0.01 PE: 475
Express Kenya Limited is a Kenya-based company engaged in the provision of clearing and forwarding services for air and sea, as well as warehousing and logistics services.
FY Earnings through 31st December 2013 FY Revenue 387.494m versus 229.908m FY Direct Costs [323.440m] versus [312.535m] Gross Profit 64.054m versus [82.627m] Other Operating Income 15.469m versus 197.731m FY Administrative Expenses [48.793m] versus [68.922m] FY Operating Profit 6.318m versus 16.517m FY Profit for the Year 229,000 versus 13.028m FY Earnings Per Share 0.01 versus 0.37 No Dividend
Conclusions
I do not have a deep insight into the Company. a PE Ratio of 475 is not cheap but the market cap of less than $2m is.
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N.S.E Today |
The Official closing Data has not been received as I file this. The Securities Exchange had a very vigorous session with Volumes of 1.263b of which Safaricom traded 907.446m which represented its 2nd highest volume session of 2014. Liberty +46.179%, CIC Insurance +68.9%, CFC Stanbic Bank +48.275% all set Fresh life Time closing Highs. ScanGroup rallied 4.81% after releasing its FY Earnings.
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N.S.E Equities - Commercial & Services |
Safaricom firmed 0.38% to close at 13.10 and traded its 2nd highest volume session of 2014 with 69.200m shares worth 907.446m changing hands. Safaricom is +20.737% and within 0.75% of a record Closing High of 13.20 reached on 4 occasions this month. Safaricom will set a Fresh Record as early next week.
ScanGroup released its FY 2013 Earnings pre market opening. ScanGroup [where the Majority Shareholder is now Sir Martin Sorrell's WPP] reported a 13.596% Expansion in FY Billings, Direct Costs accelerated +20.681% as the Group chased expansion in Ghana, Nigeria, South Africa and Tanzania. ScanGroup reported a +22.17% acceleration in FY Earnings Per Share. Investors ran the price 4.81% higher.
Express Kenya closed unchanged at 4.75. Express Kenya reported Full Year 2013 Earnings before the opening Bell and issued a Full Year Profits Warning with that Earnings Release. Express Kenya a 1cent a share Earnings Per Share versus 37 cents a share in 2012.
Kenya Airways traded its highest volume session of 2014 and eased 1.19% to close at 12.50 with 1.210m shares traded. Full Year results [which the Commercial Director recently guided higher] are set to be released early June.
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N.S.E Equities - Finance & Investment |
Kenya Commercial Bank eased 1.51% to close at 49.00 and traded 487,800 shares ahead of its Q1 2014 Earnings Release slated for release after the market closed today. KCB is +3.703% in 2014 and I am certain H1 2014 Earnings will outpace Consensus Estimates sending KCB to Fresh All Time Highs. CFC Stanbic Bank rallied 3.2% to close at 129.00 and was trading shares as high as 134.00 +7.2%. CFC StanBic has rallied 48.275% in 2014. Equity Bank eased 1.29% to close at 38.25 and traded 2.092m shares worth 80.281m. Equity Bank had rallied +22.047% in April through this morning and was overdue some Profit-Taking. Barclays Bank closed unchanged at 17.00 and traded 3rd at the Exchange with 2.446m shares traded. Barclays Bank has eased 3.4% in 2014.
Liberty Kenya rallied 8.64% to close at 22.00 which is a Post Listing High. Liberty Kenya traded 476,600 shares. Liberty Kenya is +46.179% this year. CIC Insurance firmed 2.55% to close at 10.05 which is an All Time High and was trading at 10.50 +7.14% at the Closing Bell. CIC Insurance is +68.900% this year. Pan Africa Insurance ticked 0.75% firmer to close at 135.00. Pan Africa is +53.4% this year.
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N.S.E Equities - Industrial & Allied |
EABL eased 0.34% to close at 293.00 and was trading at 297.00 +1.02% at the Finish Line. EABL has rallied +11.832% in April and in a very muscular manner. EABL is in fact +33.78% since closing at a 52 week low in the second half of February this Year and that low marked the moment when weak Longs got flushed out of the system and this is confirmed by the violent Price rally, seen subsequently. EABL traded 123,400 shares.
ARM eased 0.58% to close at 85.50 and traded 395,700 shares. ARM will see serious margin expansion once their Clinker Facility comes on stream this year.
Unga closed 2.97% to close at 26.00 and has rallied +44.44% in 2014.
BAT was high ticked 2.12% to close at 579.00 and traded 100 shares. |
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