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Macro Thoughts

The oil price is in a free fall. China just announced its lowest
G.D.P. growth rate in a quarter of a century. The European Union has
been in crisis for years. The Middle East . . . enough said. Even the
American economy, one of the world’s few bright spots, is showing some
signs of slowing down.

Why, then, are the markets so disturbed? One possible explanation has
to do with trading algorithms, which encourage trend-following and
herding. Once stocks or bonds or oil prices make a sharp move,
everyone piles on in the same direction, and the market’s over-all
shifts are exaggerated.

At the moment, we seem to be on the cusp of such a shift, although
even that is uncertain. It is conceivable that the optimists will be
proved right, and that this is just a passing phase. If so, the
post-Davos model will survive for another while. It is also
conceivable that the pessimists will be proved right, in which case
there are rough times ahead for the world economy, and someone will
eventually have to construct a post-post-Davos model. The system will
demand it: capitalism can’t run on pessimism.

I, like Lefevre, have watched the markets for eternity and I have
never seen anything like this and thats saying something because I can
remember 1994, 1998 and those were big and seismic events.

There is no Hail-Mary pass coming for the commodity producers, and
from Abuja to Luanda, from Lusaka to Johannesburg, the denouement is
still ahead and the risks of a disorderly break-down are spiking just
like the Chicago Board Options Exchange Volatility Index.

Mellon became unpopular with the onset of the Great Depression.
Herbert Hoover, in memoirs published decades later, wrote that Mellon
advised him as President to "liquidate labor, liquidate stocks,
liquidate farmers, liquidate real estate... it will purge the
rottenness out of the system. High costs of living and high living
will come down. People will work harder, live a more moral life.
Values will be adjusted, and enterprising people will pick up from
less competent people."

The pickup in global growth is weak and uneven across economies, with
risks now tilted toward the emerging markets, says the IMF’s latest
World Economic Outlook (WEO) Update.

Advanced economies will see a modest recovery, while emerging market
and developing economies face the new reality of slower growth.

The WEO Update now projects global growth at 3.4 percent this year and
3.6 percent in 2017 (see Table), slightly lower than the forecast
issued in October 2015.

“This coming year is going to be a year of great challenges and
policymakers should be thinking about short-term resilience and the
ways they can bolster it, but also about the longer-term growth
prospects,” said Maurice Obstfeld, IMF Economic Counsellor and
Director of Research.

Most countries in sub-Saharan Africa will see a gradual pickup in
growth, but only to rates that remain lower than those achieved during
the past decade.

These risks relate mostly to the ongoing adjustments of the global
economy, namely China’s rebalancing, lower commodity prices, and the
prospects for the progressive increase in interest rates in the United
States. They include the following possibilities:

• A sharper-than-expected slowdown in China, which could bring more
international spillovers through trade, commodity prices, and waning
confidence.
• A further appreciation of the dollar and tighter global financing
conditions which could raise vulnerabilities in emerging markets,
possibly creating adverse effects on corporate balance sheets and
raising funding challenges for those with high dollar exposures.
• A sudden bout of global risk aversion, regardless of the trigger,
could lead to sharp further depreciations and possible financial
strains in vulnerable emerging market economies.
• An escalation of ongoing geopolitical tensions in a number of
regions, which could affect confidence and disrupt global trade,
financial flows, and tourism. New economic or political shocks in
countries currently in economic distress which could also derail the
projected pickup in activity.
Commodity markets pose two-sided risks. On the downside, further
declines in commodity prices would worsen the outlook for
already-fragile commodity producers, and widening yields on energy
sector debt threaten a broader tightening of credit conditions.
On the upside, the recent decline in oil prices may provide a stronger
boost to demand in oil importers, including through consumers’
possible perception that prices will remain lower for longer.
“All in all, there is a lot of uncertainty out there, and I think that
contributes to the volatility,” said Obstfeld. “We may be in for a
bumpy ride this year, especially in the emerging and developing
world,” he said.

Home Thoughts

“Freedom is the freedom to say that two plus two make four. If that is
granted, all else follows.”  ― George Orwell

                S’io credesse che mia risposta fosse
A persona che mai tornasse al mondo,
Questa fiamma staria senza piu scosse.
Ma perciocche giammai di questo fondo
Non torno vivo alcun, s’i’odo il vero,
Senza tema d’infamia ti rispondo.

LET us go then, you and I,
When the evening is spread out against the sky
Like a patient etherized upon a table;
Let us go, through certain half-deserted streets,
The muttering retreats          5
Of restless nights in one-night cheap hotels
And sawdust restaurants with oyster-shells:
Streets that follow like a tedious argument
Of insidious intent
To lead you to an overwhelming question….               10
Oh, do not ask, “What is it?”
Let us go and make our visit.

In the room the women come and go
Talking of Michelangelo.

The yellow fog that rubs its back upon the window-panes,                15
The yellow smoke that rubs its muzzle on the window-panes
Licked its tongue into the corners of the evening,
Lingered upon the pools that stand in drains,
Let fall upon its back the soot that falls from chimneys,
Slipped by the terrace, made a sudden leap,             20
And seeing that it was a soft October night,
Curled once about the house, and fell asleep.

And indeed there will be time
For the yellow smoke that slides along the street,
Rubbing its back upon the window panes;         25
There will be time, there will be time
To prepare a face to meet the faces that you meet;
There will be time to murder and create,
And time for all the works and days of hands
That lift and drop a question on your plate;            30
Time for you and time for me,
And time yet for a hundred indecisions,
And for a hundred visions and revisions,
Before the taking of a toast and tea.

In the room the women come and go               35
Talking of Michelangelo.

And indeed there will be time
To wonder, “Do I dare?” and, “Do I dare?”
Time to turn back and descend the stair,
With a bald spot in the middle of my hair—              40
(They will say: “How his hair is growing thin!”)
My morning coat, my collar mounting firmly to the chin,
My necktie rich and modest, but asserted by a simple pin—
(They will say: “But how his arms and legs are thin!”)
Do I dare               45
Disturb the universe?
In a minute there is time
For decisions and revisions which a minute will reverse.

For I have known them all already, known them all:
Have known the evenings, mornings, afternoons,          50
I have measured out my life with coffee spoons;
I know the voices dying with a dying fall
Beneath the music from a farther room.
  So how should I presume?

And I have known the eyes already, known them all—              55
The eyes that fix you in a formulated phrase,
And when I am formulated, sprawling on a pin,
When I am pinned and wriggling on the wall,
Then how should I begin
To spit out all the butt-ends of my days and ways?              60
  And how should I presume?

And I have known the arms already, known them all—
Arms that are braceleted and white and bare
(But in the lamplight, downed with light brown hair!)
Is it perfume from a dress              65
That makes me so digress?
Arms that lie along a table, or wrap about a shawl.
  And should I then presume?
  And how should I begin?
.      .      .      .      .      .      .      .
Shall I say, I have gone at dusk through narrow streets         70
And watched the smoke that rises from the pipes
Of lonely men in shirt-sleeves, leaning out of windows?…

I should have been a pair of ragged claws
Scuttling across the floors of silent seas.
.      .      .      .      .      .      .      .
And the afternoon, the evening, sleeps so peacefully!           75
Smoothed by long fingers,
Asleep … tired … or it malingers,
Stretched on the floor, here beside you and me.
Should I, after tea and cakes and ices,
Have the strength to force the moment to its crisis?            80
But though I have wept and fasted, wept and prayed,
Though I have seen my head (grown slightly bald) brought in upon a platter,
I am no prophet—and here’s no great matter;
I have seen the moment of my greatness flicker,
And I have seen the eternal Footman hold my coat, and snicker,          85
And in short, I was afraid.

And would it have been worth it, after all,
After the cups, the marmalade, the tea,
Among the porcelain, among some talk of you and me,
Would it have been worth while,         90
To have bitten off the matter with a smile,
To have squeezed the universe into a ball
To roll it toward some overwhelming question,
To say: “I am Lazarus, come from the dead,
Come back to tell you all, I shall tell you all”—               95
If one, settling a pillow by her head,
  Should say: “That is not what I meant at all;
  That is not it, at all.”

And would it have been worth it, after all,
Would it have been worth while,         100
After the sunsets and the dooryards and the sprinkled streets,
After the novels, after the teacups, after the skirts that trail along
the floor—
And this, and so much more?—
It is impossible to say just what I mean!
But as if a magic lantern threw the nerves in patterns on a screen:             105
Would it have been worth while
If one, settling a pillow or throwing off a shawl,
And turning toward the window, should say:
  “That is not it at all,
  That is not what I meant, at all.”
.      .      .      .      .      .      .      .
        110
No! I am not Prince Hamlet, nor was meant to be;
Am an attendant lord, one that will do
To swell a progress, start a scene or two,
Advise the prince; no doubt, an easy tool,
Deferential, glad to be of use,         115
Politic, cautious, and meticulous;
Full of high sentence, but a bit obtuse;
At times, indeed, almost ridiculous—
Almost, at times, the Fool.

I grow old … I grow old …               120
I shall wear the bottoms of my trousers rolled.

Shall I part my hair behind? Do I dare to eat a peach?
I shall wear white flannel trousers, and walk upon the beach.
I have heard the mermaids singing, each to each.

I do not think that they will sing to me.               125

I have seen them riding seaward on the waves
Combing the white hair of the waves blown back
When the wind blows the water white and black.

We have lingered in the chambers of the sea
By sea-girls wreathed with seaweed red and brown                130
Till human voices wake us, and we drown.

A Muslim teacher who shielded Christian fellow passengers when their
bus was attacked by Islamist militants has died in surgery to treat
his bullet wound.
Salah Farah was on a bus travelling through Mandera in Kenya when it
was attacked by al-Shabab in December.
The attackers told the Muslims and Christians to split up but he was
among Muslim passengers who refused.
A bullet hit Mr Farah and almost a month on, he died in hospital in
the capital, Nairobi.
In previous attacks in the area, al-Shabab has killed Christians and
spared Muslims.
At the time, Mr Farah told the BBC's Bashkas Jugsodaay that attackers
had offered him an escape.
"They told us if you are a Muslim, we are safe. There were some people
who were not Muslim. They hid their heads," he said.
However, he recalled to Kenya's The Daily Nation that people were told
to separate but they refused.
"We asked them to kill all of us or leave us alone."

Conclusions

A Clinton victory has been backed to 8-11 from 5-6, William Hill said
in an e-mailed statement in London on Tuesday. That implies Clinton
has about a 58 percent chance of winning. Donald Trump is second
favorite at 7 to 2,or 22 percent.

Conclusions

Its Hillary Clinton's to lose and going by her 9 hour Senate
Interrogation [when she did not go to the loo throughout] - I think
she is a Shoe-In.

The Pentagon is considering retroactively demoting retired Gen. David
Petraeus after he admitted to giving classified information to his
biographer and mistress while he was still in uniform

“It’s totally premature to speak of a crisis in China,” a senior IMF
Official told a press conference.

In my experience, when policy makers make these kind of
pronouncements, it is exactly because there is a crisis.

“At the moment none of us can read China,” said the CEO of Glencore. I
can and it is going to get a lot worse, I am afraid.

The further problem is that no one believes the data either. This
moment when the market stops suspending its disbelief is seriously a
dangerous one for policy makers.

Euro 1.0950
Dollar Index 98.91
Japan Yen 116.97
Swiss Franc 1.0013
Pound 1.4153 The pound dropped as low as $1.4130, the weakest level
since March 2009, and was down 0.6 percent at $1.4158 as of 4:10 p.m.
London time.
Aussie 0.6869
India Rupee 67.905 ndia’s rupee dropped, trading within 1.4 percent of
its record low
South Korea Won 1212.88
Brazil Real 4.0622
Egypt Pound 7.8295
South Africa Rand 16.8222

Frontier Markets

Three gunmen, thought to belong to an al-Qaida affiliate known as
AQIM, or al-Qaida in the Islamic Maghreb, are shown outside
Ouagadougou’s Splendid Hotel and the nearby Cappuccino cafe during the
attack on Friday evening. The assault on the hotel in Burkina Faso
capital killed at least 30 people and left more than 50 wounded. Three
jihadis can be seen standing next to burning cars a little more than
an hour after the assault began raising questions as to why security
forces took so long to respond

Most countries in sub-Saharan Africa will see a gradual pickup in
growth, but with lower commodity prices, to rates that are lower than
those seen over the past decade. This mainly reflects the continued
adjustment to lower commodity prices and higher borrowing costs, which
are weighing heavily on some of the region’s largest economies
(Angola, Nigeria, and South Africa) as well as a number of smaller
commodity exporters.

Emerging-markets bonds may be experiencing the worst start to a year
on record but nowhere is the pain greater than in sub-Saharan Africa.

The world’s poorest continent accounts for half of the 20
worst-performing dollar bonds issued by developing nations in 2016.
It’s also the only region in the world where not one country’s debt
has produced a positive return, with African securities falling 5.4
percent this year, compared with the average 1.3 percent loss in
emerging markets, the worst first two weeks of a year since Bloomberg
began compiling data in 2010.

The malaise means governments will find it more expensive to issue
debt just when they most need financing to plug budget deficits that
are widening amid a plunge in prices for commodities from oil to
copper. While rising yields might make African Eurobonds more alluring
to investors, prices are likely to fall further because of global risk
aversion and the slump in raw materials, according to Standard Bank
Group Ltd., the continent’s largest lender by assets.

“You’re seeing particularly violent moves in African bonds because you
have an investor base retrenching from frontier markets, and the
underlying fundamentals of these countries are suffering,” Ray Zucaro,
chief investment officer at RVX Asset Management, said by phone from
Aventura, Florida, last week. “Given the backdrop of commodity prices
and fear of rising dollar rates, it’s hard to envision a lot of
issuance.”

Average yields on sub-Saharan African Eurobonds have surged to 9.4
percent, compared with 5.8 percent in April last year, according to
the Bloomberg USD Emerging Market Sovereign Bond Index. Yields on
dollar debt in Zambia and Ghana have climbed above 15 percent, with
only Venezuela and Ecuador paying more among emerging markets.

“At these levels the markets are shut” for Ghana, Zambia and Angola,
Claudia Calich, a money manager at M&G Investments, which holds
securities in Zambia, Ivory Coast, Rwanda and Angola, said in an
interview in London last week. “Their governments won’t be able to
issue.”

Zambian notes are the biggest losers in Africa, with declines of more
than 14 percent, the most among 61 developing nations tracked by
Bloomberg after Venezuela. Overspending and falling copper prices
helped push Zambia’s budget deficit to 6.9 percent of gross domestic
product, from the targeted 4.6 percent, Finance Minister Alexander
Chikwanda said in October. The country’s kwacha has weakened 42
percent over the past 12 months, the third-biggest decline among more
than 150 currencies tracked by Bloomberg.

“We are sitting with large funding gaps and there are more questions
about how these governments are going to raise the money to plug the
gap,” Ridle Markus, an Africa strategist at Barclays Plc’s unit in
Johannesburg, said by phone on Jan. 14. “Look at Zambia, for example.
They had a dollar bond last year, we know that they’ll struggle on the
fiscal side again this year and they will need some additional funds
at a time when copper prices are quite low. So the question is: how
are they going to raise the money?”

Economic growth in sub-Saharan Africa probably slowed to 3.8 percent
last year, from 5 percent in 2014, accelerating to 4.3 percent this
year, according to the International Monetary Fund. At least seven
sub-Saharan African currencies, including South Africa’s rand and
Angola’s kwanza, lost more than 20 percent of their value against the
dollar since the start of last year.

“It doesn’t appear to be the right time” to be lengthening debt
holdings in African Eurobonds, Dmitry Shishkin, a London-based
strategist at Standard Bank, said in a note on Monday. “We would
rather miss the turnaround in bond prices than try to pick the bottom.
There are tentative indications, such as improving trading volumes,
suggesting that we shouldn’t be too far away.”

Ghana’s parliament in December approved plans to issue as much as $1
billion in Eurobonds this year, while the Democratic Republic of Congo
is preparing to debut almost $1 billion of debt on international
markets, which Prime Minister Matata Ponyo said in December will be
used to invest in projects that will help boost economic growth.

Nigeria may also sell debt for the first time since 2013 to fund a
record spending plan, Finance Minister Kemi Adeosun said last month.
Kenya is also gauging investor support for further issuance, the
Financial Times reported on Jan. 14, citing Treasury Secretary Henry
Rotich. African issuance in 2015 declined to $6.75 billion, compared
with a record $8 billion a year earlier, according to data compiled by
Bloomberg.

“The question is whether these countries can grow fast enough to repay
their debt or whether they already have too much debt,” Antoon de
Klerk, a fund manager at Investec Asset Management, said by phone from
Cape Town on Jan. 15. “The answer lies in what they did with the money
they borrowed over the past five years. Did they invest it in
infrastructure, in which case there could be good results, or did they
simply spend it on things like salaries, in which case it will be
really difficult to generate high economic growth?”

PRESIDENT Jacob Zuma seems to think the markets are "weird people in a
dark room with computers", the Democratic Alliance’s (DA’s)
Johannesburg mayoral candidate Herman Mashaba has said.

"(Zuma said) that the markets are overexaggerated. Does he understand
who the markets are? For him the markets are some strange character,
sitting in a dark room with computers manipulating the world," Mr
Mashaba said.

"Now this is the man who is leading this modern economy. This is the
man that’s leading the economy that’s... got the potential to be the
shining light for Africa and the world, and look at where this economy
is today," he said.

South Africa last year had the least rainfall since records began in
1904, and the country’s corn production declined 30 percent last year
to 9.9 million tons, according to the nation’s Crop Estimates
Committee. Zambia’s harvest could drop by more than 30 percent this
year to a seven-year low if current weather patterns persist, a
farmers’ lobby group said Monday.

Gross domestic product in Africa’s most industrialized nation will
probably expand 0.7 percent this year, compared with October’s
estimate of 1.3 percent, the Washington-based lender said in an update
to its World Economic Outlook report on Tuesday. The IMF cut its
projection for 2017 by 0.3 percentage points to 1.8 percent.

South Africa All Share Bloomberg -6.05% 2016
http://www.bloomberg.com/quote/JALSH:IND

47,627.76 +751.14 +1.60%

Egypt EGX30 Bloomberg -12.97% 2016
http://www.bloomberg.com/quote/CASE:IND

6,097.45 +156.26 +2.63%

The circular was addressed to commercial lenders whom it said should
immediately start charging 50 naira ($0.2513) on every 1,000 naira
deposit or electronic transfer conducted by customers.
http://af.reuters.com/article/investingNews/idAFKCN0UX1C6

Nigeria All Share Bloomberg -21.60% 2016
http://www.bloomberg.com/quote/NGSEINDX:IND

22,456.32 -94.51 -0.42%

Ghana Stock Exchange Composite Index Bloomberg -0.23% 2016
http://www.bloomberg.com/quote/GGSECI:IND

The Kenyan government plans to cut spending by 1 per cent of gross
domestic product in the next six months as it seeks to rein in its
ballooning budget deficit and create “buffers” to counter emerging
market turbulence.

East Africa’s largest economy, a net oil importer, has suffered less
than many counterparts on the continent — notably South Africa and
Nigeria — from tumbling commodity prices and the fallout of China’s
faltering economy. Its currency has stabilised this year after falling
11 per cent last year.

But Henry Rotich, finance minister, told the Financial Times he was
looking to slash up to Ks60bn ($590m) from the government’s budget for
the financial year ending in June when he presents a supplementary
budget next month. Kenya’s gross domestic product is about $60bn.

“As we go into the medium term [we need] to create some buffers, some
fiscal space because we are now living in a world where there is a lot
of vulnerability,” he said, adding that most of the cuts would be in
recurrent expenditure. “Development projects where most of the jobs
are created will not be heavily affected, apart from those that are
delayed.”

Kenya’s decision to cut its budget mirrors that of South Africa, which
is also trying to reduce public sector spending. Ghana, with help from
the International Monetary Fund, is seeking to reduce its budget
deficit.

In contrast, Nigeria has decided to increase spending in a bid to
boost growth while leaders in Uganda and Zambia, which both face
elections this year, are also lifting government spending.

Kenya’s development projects are centred around building a 600km
railway from Mombasa on the coast to Nairobi and on to the town of
Naivasha, at a total cost of $3.2bn.

Investors would welcome a Ks60bn spending cut, the equivalent of 10
per cent of the government’s recurrent expenditure, analysts say,
particularly since the budget deficit has expanded from 2 per cent a
decade ago to about 8 per cent now.

“The Kenyan government has had a bit of a spending problem for some
time,” said John Ashbourne, ‎Africa economist at Capital Economics in
London. “The economy has not accelerated as much as the government
expected a few years ago.”

Last October interest rates on government Treasury bills soared from 9
per cent to 23 per cent as investors worried the government was
struggling to service its debt. The government secured a syndicated
loan, and calmed the markets with help from the central bank, and
Treasury bill rates have now returned to 10 per cent.

But Apurva Sanghi, the World Bank’s lead Kenya economist, said Mr
Rotich should look to boost revenues by expanding the corporate and
individual tax base, rather than cutting spending. “My team estimated
that the government loses 2.6 per cent of GDP in terms of forgone
revenues because of misaligned tax incentives,” he said.

Kenya’s missed its revenue target by almost 10 per cent, or Ks28bn, in
the first quarter of this financial year, the state revenue authority
said.

Mr Rotich acknowledged that economic growth, which is expected to be
around 5.7 per cent in 2015, was at least two percentage points lower
than it needed to be to create enough jobs for all those entering the
labour market.

He is seeking to boost productivity through revising labour laws and
enhancing the business environment, he said. “Reaching 10 [per cent
economic growth] is achievable but we need to improve the business
environment, get changes in the legal environment, the labour sector,”
he said. “Agricultural productivity is an area [of] priority”

Kwame Owino, chief executive of Kenya’s Institute of Economic Affairs,
said he thought Mr Rotich was too optimistic and that the economy was
fragile despite a recent uptick in agriculture and tourism revenues,
two key sources of foreign exchange.

“We have to be clear that the resurgence of the US economy and the
recent rate hike did affect us even if people say it didn’t,” he said,
pointing to recent outflows from the Nairobi stock exchange, company
profit warnings and a weaker-than-expected trade balance. “Kenyans are
resilient but it will become a much bigger issue if there’s another US
rate hike.”

Mr Ashbourne of Capital Economics said that while “growth is not going
to be as good as the government expected, compared to elsewhere in
Africa it’s not doing badly”.

He added: “It is easy to be pessimistic about Kenya compared to its
potential but it is likely to be one of the best performers in
Africa.”

140.69 -0.41 -0.29%

3,835.10 +10.50 +0.27%

Points to consider from an article by John Aglionby and published in
the Financial Times
http://on.ft.com/1NjQPiJ

Mr Ashbourne of Capital Economics said that while “growth is not going
to be as good as the government expected, compared to elsewhere in
Africa it’s not doing badly”.

He added: “It is easy to be pessimistic about Kenya compared to its
potential but it is likely to be one of the best performers in
Africa.”

International Markets remain under severe Pressure with the Relief
Rally yesterday lasting under 24 hours.
The Dollar is grinding EM and Frontier currencies under foot.
The Shilling is Teflon and was last trading at 102.40.
The Nairobi All Share imported Volatility today and closed down -1.32%
at 138.83. The All Share is outperforming its Peers but is -4.715%
Year To Date.
The Nairobi NSE20 broke down through the 3,800 level to close at
3796.49 -38.61 points.
Equity Turnover clocked 837.002m.

Williamson Tea closed down 10% and Kapchorua Tea closed -9.82%. The
Price Action is correlated to the Bonus shares which are being
allocated at a Ratio of one bonus share for every share held.

Safaricom closed -2.173% at 15.75 and traded 7.618m shares. I wish the
CEO Bob Collymore a very Happy Birthday and am of the opinion that you
remain structurally long Safaricom and pick it up on dips such as
these.

WPP-ScanGroup saw heavy volume action and firmed +0.9% to close at
28.00 and traded 3.032m shares [0.797% of its issued shares] which is
a material position.

'The next 18 months are crucial for @KenyaAirways,” the KQ boss Mbuvi
Ngunze was quoted as saying. We also learnt that Kenya Airways has
sent the  finance boss home and retired its fleet chief. Kenya Airways
shaved off -1.03% to close at 4.80. Its good to see Mr. Ngunze make
his move now. Demand outpaced Supply and we could see an attempt to
vault 5.00.

Kenya Commercial Bank was the most actively traded share at the
Securities Exchange and closed -2.59% at 37.50 and traded 6.935m
shares worth 260.485m. KCB was trading at 38.00 and above the closing
price at the Finish line. 40.00 is the Key Price Pivot and KCB will
return above that level as soon as the market turns.
Equity Group retreated -2.53% to close at 38.50 and traded 3.697m
shares. Like KCB, Equity was trading at 39.00 and higher than its
closing price at the Finale. In both cases, evidently size was traded
with a discount.
Diamond Trust Bank firmed +2.82% to close at 182.00.

NIC Bank was marked down -8.77% to close at 39.00 and traded 23,600 shares.

Centum closed unchanged at 46.00 and traded 749,300 shares. Centum was
trading at 46.75 +1.63% at the closing Bell.

BAT firmed +0.249% to close at 804.00 and on good volume. BAT traded
65,100 shares and has been seriously resilient this Year.

I look forward to hosting Albert Mugo the MD and CEO of Kengen and
some of his key Officers at Mindspeak this Friday from 1700 hours.
KenGen traded 4.633m shares and closed -8.33% at 5.50. This Price is
unfathomable and KenGen is egregiously priced. Come and Engage with
Albert on Friday.

Unga was the biggest Winner at the Exchange and rallied +8.59% to close 34.75.