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Satchu's Rich Wrap-Up
Thursday 25th of February 2016

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The Latest Daily PodCast can be found here on the Front Page of the site

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In this electronic age we see ourselves being translated more and more into the form of information, moving toward the technological extension of consciousness. Marshall McLuhan

There are no passengers on spaceship earth. We are all crew. Marshall McLuhan

We drive into the future using only our rearview mirror. Marshall McLuhan

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I think the scene comes first, an idea of a character in a place. It’s
visual, it’s Technicolor—something I see in a vague way. Then sentence
by sentence into the breach. No outlines— maybe a short list of items,
chronological, that may represent the next twenty pages. But the basic
work is built around the sentence. This is what I mean when I call
myself a writer. I construct sentences. There’s a rhythm I hear that
drives me through a sentence. And the words typed on the white page
have a sculptural quality. They form odd correspondences. They match
up not just through meaning but through sound and look. The rhythm of
a sentence will accommodate a certain number of syllables. One
syllable too many, I look for another word. There’s always another
word that means nearly the same thing, and if it doesn’t then I’ll
consider altering the meaning of a sentence to keep the rhythm, the
syllable beat. I’m completely willing to let language press meaning
upon me. Watching the way in which words match up, keeping the balance
in a sentence—these are sensuous pleasures. I might want very and only
in the same sentence, spaced a particular way, exactly so far apart. I
might want rapture matched with danger—I like to match word endings. I
type rather than write longhand because I like the way the words and
letters look when they come off the hammers onto the page—finished,
printed, beautifully formed.

In Mao II I thought about the secluded writer, the arch individualist,
living outside the glut of the image world. And then the crowd, many
kinds of crowds, people in soccer stadiums, people gathered around
enormous photographs of holy men or heads of state. This book is an
argument about the future. Who wins the struggle for the imagination
of the world? There was a time when the inner world of the
novelist—Kafka’s private vision and maybe Beckett’s—eventually folded
into the three-dimensional world we were all living in. These men
wrote a kind of world narrative. And so did Joyce in another sense.
Joyce turned the book into a world with Ulysses and Finnegans Wake.
Today, the world has become a book—more precisely a news story or
television show or piece of film footage. And the world narrative is
being written by men who orchestrate disastrous events, by military
leaders, totalitarian leaders, terrorists, men dazed by power. World
news is the novel people want to read. It carries the tragic narrative
that used to belong to the novel. The crowds in Mao II, except for the
mass wedding, are TV crowds, masses of people we see in news coverage
of terrible events. The news has been full of crowds, and the TV
audience represents another kind of crowd. The crowd broken down into
millions of small rooms.

“We all know how the thing we secretly fear is not a secret at all but
the open and eternal thing that predicts its own recurrence.” ― Don
DeLillo, Mao II

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Vladimir Putin in phone calls with Syrian, Iranian, Saudi Arabian and Israeli leaders as Syria ceasefire plans continue
Law & Politics

Vladimir Putin spoke to Bashar al-Assad, the King of Saudi Arabia,
Iranian President Hassan Rouhani and Benjamin Netanyahu in quick
succession today as efforts to implement a planned ceasefire in Syria

The Russian President is playing a key role in brokering the
“cessation of hostilities” due to start on Saturday after drawing up
plans with the US.

A spokesperson for Assad said he and Putin had stressed the need to
continue fighting the so-called Islamic State, al-Qaeda linked rebels
and “other terrorist organisations” in their phone call on Wednesday.

The Syrian President classed all armed groups as terrorists in an
interview last week, saying: “I don’t think that the term ‘opposition’
can be used to describe somebody carrying a weapon…every terrorist is
an enemy.”

But the Kremlin put a more positive spin on its ally’s stance today,
saying Assad “confirmed the Syrian government’s readiness to
facilitate the ceasefire’s implementation”.

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It was a reputational victory it was as well as a military one. Russia entered the Syrian war at a low point internationally.
Law & Politics

The EU and the US waged severe trade, finance and diplomatic war
(“sanctions”) against the Bear; it was isolated from the West and the
South. The ruble was crumbling, society was grim and dissatisfied with
Putin’s prudent decision to keep away from Ukrainian turmoil (apart
from very limited support of the Russian separatists) instead of
forcefully interfering, as Russia had been anyway condemned as the

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05-OCT-2015 :: Putin is a GeoPolitical GrandMaster @TheStarKenya
Law & Politics

Putin has always been considered a grandmaster of geopolitics, but of
late has been placed under tremendous pressure by the oil warfare
specialist –President Barrack Obama of the US.

The wrestling of the oil price from above $100.00 to below $50.00 a
barrel, was always intended to wither Russia’s power, and send it into
a tailspin.

It was delivered to the US Embassy in Baghdad. And pretty soon after
that message was delivered, Russia began its intervention on the side
of President Bashar Assad of Syria.

You could hear the squealing start immediately from Ankara to Riyadh,
from the GCC to Washington. All these capitals have assets on the
ground in Syria, and what is clear is that Russia is not making a
distinction between IS or the ‘’moderate opposition fighting Assad’’
[which really means ‘’our’’ terrorists].

Lavrov said: “If it looks like a terrorist, if it acts like a
terrorist, if it walks like a terrorist, if it fights like a
terrorist, it’s a terrorist, right?”

Putin fancies himself the fly-catcher and syria the fly-trap. The
speed of execution confirms that Russia is once again a geopolitical
actor that will have to be considered. It is a breath-taking rebound.

President Obama is now probably considering how he can wrestle the Oil
price to $20.00.

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12-JAN-2015 The oil warfare specialist, US President Barack Obama, has successfully wrestled crude price to below $50 a barrel
Law & Politics

12-JAN-2015 The oil warfare specialist, US President Barack Obama, has
successfully wrestled crude price to below $50 a barrel, and with that
effected a choke-hold on Vladimir Putin's Russia, Venezuela and others
as far afield as Nigeria and Angola.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1032
Dollar Index 97.46
Japan Yen 112.39
Swiss Franc 0.9890
Pound 1.3948
Aussie 0.7176
India Rupee 68.525
South Korea Won 1236.78
Brazil Real 3.9581
Egypt Pound 7.8285
South Africa Rand 15.6194

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Sugar Surges Most in 22 Years on El Nino-Driven Supply Shortfall

Raw-sugar prices surged the most in at least 22 years after the
International Sugar Organization increased its forecast for a
production deficit in the current crop year amid rising concern about
the impact of the El Nino weather pattern on supplies.

World production in the 2015-16 period will trail consumption by 5.02
million metric tons, compared with a November estimate for a 3.5
million-ton shortfall, the International Sugar Organization in London
said Tuesday in an e-mailed report.

“A statistical deficit is clearly supportive for world prices," the
ISO said. All other things being equal, prices "can be expected to
trend generally higher in the remaining months of 2015/16."

Raw-sugar futures for May delivery soared 8.9 percent to settle at
13.90 cents a pound by 1:04 p.m. on ICE Futures U.S. in New York, the
biggest one-day gain for the most-active contract since at least March
1993. In London, white sugar for May delivery jumped 6.1 percent to
$395.90 a ton on ICE Futures Europe.

It’s not just adverse weather that’s supporting prices. Brazilian
mills are making more ethanol from sugar cane to meet surging domestic
demand for the biofuel, adding extra pressure on sugar supplies.

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Sugar 5 day Chart INO

Emerging Markets

Frontier Markets

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Le Monde called "France's secret war in Libya"

French special forces and intelligence commandos are engaged in covert
operations against Islamic State militants in Libya in conjunction
with the United States and Britain, the French newspaper Le Monde
reported on Wednesday.

It said President Francois Hollande had authorised "unofficial
military action" by both an elite armed forces unit and the covert
action service of the DGSE intelligence agency in the conflict-ridden
North African state, which has two rival governments and largely
ungoverned desert spaces.

What Le Monde called "France's secret war in Libya" involved
occasional targeted strikes against leaders of the ultra-radical
Islamist group, prepared by discreet action on the ground, to try to
slow its growth in Libya.

Le Monde said specialist bloggers had reported sightings of French
special forces in eastern Libya since mid-February.

It quoted a senior French defence official as saying: "The last thing
to do would be to intervene in Libya. We must avoid any overt military
engagement, but act discreetly."

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Analysts say Isis fighters are arriving from Tunisia and sub-Saharan Africa, mingling with thousands of migrants who are crossing the Sahara and seeking boats to Europe.

“Isis is creating a real African jihadi army, we can see mass arrivals
of jihadis, they are impossible to control for the simple reason that
they use the same route as migrants,” said Paris-based terrorism
expert David Thomson. “The airstrikes can reduce the shock that is
coming, but they need ground troops to stop it.”


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Gaddafi's Body in a Freezer - What's the Message? 24th October 2011

I am left thinking, this dead Gaddafi business is one powerful
message. And today Marshall McLuhan’s prediction in The Gutenberg
Galaxy (1962) that ‘The new electronic interdependence recreates the
world in the image of a global village’ has come to pass. The image of
a bloodied Gaddafi, then of a dead Gaddafi in a meat locker have
flashed around the world via the mobile, YouTube and Twitter.

Who is in charge of the messaging? Through the fog of real time and
raw footage, I note a very powerful message. The essence of that
message being;

‘Don’t Fxxk with us! Be- cause you will end up dead and a trophy
souvenir in a fridge.’

That same person is probably repeating Muammar’s comment, “I tell the
coward crusaders: I live in a place where you can’t get me. I live in
the hearts of millions.”

And asking ‘Really? Are You? Or are you now very dead and in a meat locker?’

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Diamond Sees Africa Turmoil as Entry Point for Investors

Atlas Mara Ltd. co-founder Robert Diamond said a tougher economic
climate and lower asset valuations in Africa are a buying opportunity.

Risk appetite for investors “should be, and is greater now than it
was” in good times, Diamond, who’s been buying stakes in African banks
as Chief Executive Officer of Atlas Mara, said Wednesday at the
Bloomberg Africa Business and Economic Summit in Cape Town. “We think
that the story is the same story. This is just a better entry point.”

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Trade within Africa Tear down Africa's trade walls Economist

TWO OF the largest regional trade accords in history were agreed last
year. The Trans-Pacific Partnership involves 12 countries in Asia and
the Americas, and was the subject of headlines and heated debate. But
most people have never heard of the Tripartite Free Trade Area (TFTA),
which covers 26 African countries. It will create the biggest
free-trade area on the continent, “from Cairo to the Cape”, as its
supporters boast.

Many in the developing world see trade as rigged in favour of rich
countries. But African regional integration is all the rage. The
continent features 17 trade blocs. The TFTA aims to join up three of
them: the East African Community (EAC), the Southern African
Development Community (SADC) and the Common Market for Eastern and
Southern Africa (COMESA). At a conference on African business on
February 20th-21st in the Egyptian resort of Sharm el-Sheikh, several
leaders called for a united African market.

An abundance of borders has long separated the continent’s 54
countries, limiting economies of scale. Fixing common problems such as
a shortage of roads takes teamwork—and in turn should lead to more
integration. Average transport costs in Africa are twice the world
average and are thought to harm trade on the continent more than
tariffs and other barriers.

A shame, then, that regional economic deals are often poorly
implemented. An African firm selling goods on the continent still
faces an average protection rate of 8.7%, compared to 2.5% overseas,
according to the UN Conference on Trade and Development (UNCTAD). That
is one reason why intra-African trade as a percentage of total African
trade, though increasing, is well below what is seen in other poor

Nearly all African countries are party to more than one regional
agreement. The overlapping allegiances can tie them in knots. Members
of COMESA, for example, must impose a common external tariff on goods
of non-members. But several members are also in the SADC free-trade
area, which requires lower tariffs on goods from some non-COMESA
states. The TFTA is meant to iron out these differences, but the
details are still to be decided.

African countries vary in size, geography and resources, so trade
deals affect each differently. Manufacturing tends to cluster in big
countries such as Kenya, Nigeria and South Africa. Small agricultural
producers fear being swamped with food from larger neighbours. There
are no mechanisms for helping the losers. So it is difficult to
convince countries to make sacrifices in order to increase trade.

Bureaucracy is expensive to overcome. According to research by Nick
Charalambides of Imani Development, a consultancy, Shoprite, a South
African retailer, spent $5.8m dealing with red tape in 2009 in order
to gain $13.6m in duty savings under SADC. Others avoid the hassle of
customs: informal trade is thought to provide income to over 40% of
Africa’s population.

Some think Africa needs to approach trade differently. “The first
question that should be asked is: what can we trade with each other?”
says Bineswaree Bolaky of UNCTAD. Often the answer is: not much. Most
African countries produce a narrow range of goods and have export
sectors geared towards supplying rich countries. Few have significant
manufacturing bases and, unlike in developing Asian countries, there
is little trade in inputs or services that might lead to African
chains of production.

The volume of intra-African trade is so small that fixing these
problems, and upgrading the continent’s infrastructure, may not seem
worth the expense to some countries. So UNCTAD recommends creating an
integration fund, financed by relatively rich African states, to pave
new roads and build export capacity in poorer countries. The African
Development Bank handed out over $1 billion in the past two years with
the explicit aim of boosting intra-African trade. But that risks
becoming an objective in and of itself. “You still need to be flogging
stuff to big countries,” says Alan Winters of the University of

In their zeal to integrate, African leaders may also be using the
wrong model. Broad and shallow agreements are the norm, but the
continent’s most successful economic bloc consists of just five
countries. EAC members keep good data, and a public scorecard holds
them accountable for non-tariff barriers. “There you have a small
group of countries that is taking it seriously and making some
progress,” says Jaime de Melo of the University of Geneva. Talk of a
common currency in East Africa and even a political federation do not
seem far-fetched. It is a stretch to think that the TFTA will lead to
anything similar.

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"We cannot spend money we do not have. We cannot borrow beyond our ability to repay. Until we can ignite growth and generate more revenue, we have to be tough on ourselves," Finance Minister Pravin Gordhan

He said the economy may expand just 0.9 percent in 2016, down from a
previous forecast of 1.7 percent and compared with estimated growth
estimate of 1.3 percent in 2015.

It would be the lowest rate of growth since South Africa emerged from
recession in 2009 and would reflect the impact of a severe drought and
a sluggish global economy.

Despite weaker growth, the government would still aim to reduce its
budget deficit to 3.2 percent of GDP in the next fiscal year from 3.9
percent in the current 2015/16 period by tightening spending.


So No Rabbit was pulled out of the Hat.

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IMF calls on Nigeria to lift foreign exchange curbs

"The exchange rate should be allowed to reflect market forces more and
restrictions on access to foreign exchange removed, while improving
the functioning of the interbank foreign exchange market," the
Washington-based fund said in a statement, after consultations with
top officials in Nigeria.

Currency curbs had "significantly" affected parts of the private
sector and the economic outlook for Africa's top oil producer was
"challenging", it said.

The IMF also said it expected the West African nation to grow by 3.2
percent this year, below the official forecast of 3.78 percent. It
urged boosting non-oil revenues, raising infrastructure spending and
collecting more taxes.

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Nigeria All Share Bloomberg -16.62% 2016

23,883.34 -207.64 -0.86%

Ghana Stock Exchange Composite Index Bloomberg -0.10% 2016


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Israeli Prime Minister Benjamin Netanyahu on Tuesday pledged his country's cooperation with African nations against "terrorism" as he met Kenyan President Uhuru Kenyatta.
Kenyan Economy

"Israel is willing and prepared to work with African countries in our
common battle against militant Islamic terrorism," Netanyahu said as
he went into talks with Kenyatta, whose country has long been a
strategic ally of Israel.

"I have to say that more and more African countries recognise what you
recognise -- that Israel is a unique partner against this extremism".

The Kenyan leader said "we both live in challenging neighbourhoods
with similar security concerns and the cooperation between our two
governments since the time of our independence has been formidable".

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Moody’s tips Kenyan banks to maintain profit-making streak
Kenyan Economy

The international rating agency expects that infrastructure spending
will increase productivity and support the services sector. This is in
turn expected to result in higher demand for credit.

“We expect real gross domestic product (GDP) growth in Kenya of close
to 5.7 per cent in 2016 supported by a substantial level of
infrastructure spending which will boost productivity and a rapidly
expanding services sector. In turn, this will support credit growth of
around 15 per cent and rising business opportunities for Kenyan
banks,” said Moody’s.

The local banking industry is also expected to perform better than
other regions over the next couple of quarters.

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Housing Finance reports FY PAT 2015 +22.724% Earnings here
Kenyan Economy

Par Value:                  5/-
Closing Price:           20.00
Total Shares Issued:          352,416,667
Market Capitalization:        7,048,333,340.00
EPS:             3.43
PE:               5.83

FY Total Assets 71.659434b versus 60.961680b +17.54%
FY Loans and advances income 7.218269b vs. 5.814833b +24.135%
FY Deposit and placements with banking institutions income 756.912m
vs. 523.935m +44.467%
FY Total interest income 8.098136b vs. 6.374782b +27.034%
FY Customer deposits expenses [2.857720b] vs. [1.867321b] +53.037%
FY Other interest expenses [1.628462b] vs. [1.473482b] +10.518%
FY Total interest expenses [4.486182b] vs. [3.340803b] +34.285%
FY Net interest income/[loss] 3.611954b vs. 3.033979b +19.050%
FY Fees and commissions on loans and advances 191.678m vs. 232.497m -17.557%
FY Other income 768.444m vs. 455.478m +68.712%
FY Total non-interest income 1.171089b vs. 0.842695b +38.969%
FY Total operating income 4.783043b vs. 3.876674b +23.380%
FY Loan loss provision [503.771m] vs. [551.219m] -8.608%
FY Staff costs [1.098664b] vs. [0.976430b] +12.518%
FY Other operating expenses [1.324256b] vs. [0.781944b] 69.354%
FY Total operating expenses [3.112537b] vs. [2.457769b] +26.641%
FY Profit/[loss] before tax and exceptional items 1.670506b vs.
1.418904b +17.732%
FY Profit/[loss] after exceptional items 1.753518b vs. 1.400653b +25.193%
FY Profit after tax and exceptional items 1.196969b vs. 0.975336b 22.724%
FY Revaluation surplus on property, plant and equipment – vs. 226.161m
FY Total comprehensive income for the year 1.183536b vs. 1.098813b +7.710%
EPS 3.43 vs. 4.21 -18.527%
Dividend per share 1.30 vs. 1.50
FY Total non-performing loans and advances 3.487145b vs. 3.960993b -11.963%
FY Loan loss provision [992.863m] vs. [813.945m] +21.982%
FY Liquidity ratio 28.04% vs. 30.76% -2.72%
FY Net cash flow from operating activities [4.409455b] vs. 3.265259b -235.042%
FY Net cash flow from investing activities [1.286549b] vs. [0.098194b]
FY Net cash flow from financing activities 2.798034b] vs. [0.400840b] +798.043%
FY Net [decrease]/increase in cash and cash equivalents [2.798034b]
vs. 2.766225b -201.150%

On 2nd August 2015 the holding Company HF Group limited [formerly HFCK
Limited] transferred certain Assets and liabilities to HFC Limited at
book values in exchange for equity in HFC.


FY PAT +22.724% but because of Rights Issue FY EPS -18.527%

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24-FEB-2016 :: Interests in Kobil Tanzania Limited & KenolKobil Congo SPRL
Kenyan Economy

Kenolkobil Limted has relinquished all its shareholding interests in
Kobil Tanzania Limited and KenolKobil Congo SPRL Limited

 We view it as an earnings accretive outcome because Tanzania was a
break-even subsidiary (at best) and the sale proceeds could be used to
further deleverage. Both Tanzania and DRC operations were fairly
small: Tanzania - 22 retail stations and a long term lease for a
terminal, Congo – owned one storage depot. Therefore, we do not expect
a major impact to the top line of the company. In terms of logistics,
the restructuring will likely have no impact on other subsidiaries as
KenolKobil could either use third party storage in Tanzania or supply
product via Kenya to ensure uninterrupted supply to the landlocked
regional subsidiaries. (Source: Company, Kestrel Research)

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KenolKobil share price data here +3.645% in 2016
Kenyan Economy

Par Value:                  0.50/-
Closing Price:           9.95
Total Shares Issued:          1471761200.00
Market Capitalization:        14,644,023,940
EPS:             0.74
PE:                 13.446

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East African Portland Cement reports H1 Loss after Tax -528.259m Earnings here
Kenyan Economy

Par Value:                  5/-
Closing Price:           52.50
Total Shares Issued:          90000000.00
Market Capitalization:        4,725,000,000
EPS:             79.52
PE:                 0.660

A key provider of Cement and Cement products in Kenya for over 70 years.

The East African Portland Cement Company H1 2016 results through 31st
December 2015 vs. 31st December 2014

H1 Revenue 4.620517b vs. 4.127869b +11.935%
H1 Cost of sales [3.767486b] vs. [3.501890b] +7.584%
H1 Gross profit 853.031m vs. 625.979m +36.272%
H1 Other operating income 34.648m vs. 182.379m -81.002%
H1 Administration and selling expenses [1.167360b] vs. [1.208075b] -3.370%
H1 [Loss]/profit from operating activities [279.681m] vs. [399.717m] -30.030%
H1 Foreign exchange [losses]/gains [187.595m] vs. 233.493m -180.343%
H1 Finance costs [279.680m] vs. [186.849m] +49.682%
H1 [Loss]/profit before tax [745.025m] vs. [124.442m] +498.693%
H1 [Loss]/profit after tax [528.259m] vs. [67.848m] +678.592%
H1 EPS [5.91] vs. [0.73] +709.589%
H1 Total assets 24.134452b vs. 23.112582b +4.421%
Cash and cash equivalents as at 31st December [0.372098b] vs.
[1.269911b] -70.699%


The first 6 months to 31st December 2015 recorded +16% increase in
sales volumes over prior period
Gross Profit Margin  improved to 18%
Finance costs increased by 50%
Foreign Exchange Loss in the period was 188m. Yen Loan refers

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Issues a Full Year Profits Warning
Kenyan Economy

Co. will record a lower income for the full year ending 30th June 2016
as the unrealised Fair Value gain on Investment Property and the Gain
on disposal of Land will not recur this financial Year


The Yen denominated Loan has created a material FX Impairment.

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N.S.E Today

The Nairobi All Share pushed +0.27% better to close at 140.90.
The Nairobi NSE20 improved +16.13 points to close 3867.06
Equity Turnover clocked 445.825m.

N.S.E Equities - Commercial & Services

Safaricom firmed +0.3125% to close at 16.05 and traded 2.715m shares.
There were Buyers for 4x the volume traded at the Closing Bell,
signalling follow-through upside traction.

Nation Media was high -ticked +5.65% to close at 187.00 on light
trading of 400 shares.
Standard Group was high-ticked +6.03% to close at 30.75 on 500 shares.

N.S.E Equities - Finance & Investment

Moody's struck a bullish Note about the Kenyan Banking Sector.

“We expect real gross domestic product (GDP) growth in Kenya of close
to 5.7 per cent in 2016 supported by a substantial level of
infrastructure spending which will boost productivity and a rapidly
expanding services sector. In turn, this will support credit growth of
around 15 per cent and rising business opportunities for Kenyan
banks,” said Moody’s.

I have been saying for a while that the Banking Sector had all the bad
news baked into the price and that I felt the Full Year Earnings
Season might well prove a positive price Catalyst.

Housing Finance was the first Bank to release Full Year 2015 Earnings
and announced a +22.274% FY Profit after Tax Acceleration which
translated into a FY EPS of 3.43 -18.527% because of the Rights Issue
conducted last  year. Housing Finance is a solid Franchise and is
carving out a nuanced Niche.

''The growth in profitability is mainly due to our diversified
banking, property development and insurance strategy,” Mr Ireri said
when the group released its full year results at an investor Briefing.

Housing Finance firmed +1.25% to close at 20.25 and traded 509,300
shares worth 10.412m. Housing Finance traded shares as high as 21.00
+5.00% during the session.
Banking Shares saw good Buy Side Demand through the Session.
Kenya Commercial Bank closed +0.63% better at 39.75 and traded 2.723m
shares. KCB is set to hurdle 40.00 in short order and the Catalyst
will be the FY Earnings Release next week.
Equity Group shaved off -0.63% to close at 39.00 and traded 3.520m shares.
Diamond Trust Bank closed +0.5% at 201.00 and on strong volume of
509,700 shares. DTB is +7.48% Year To Date and that is a strong
performance versus the Benchmark Index.
Standard Chartered had an Order Imbalance where Buyers outpaced
Sellers by 1,500% and rallied +3.125% to close at 198.00 a 1 month
closing High and was trading at 200.00 +4.17% at the Finish Line.
Barclays Bank pushed +1.57% higher to close at 12.95 and traded 337,300 shares.

N.S.E Equities - Industrial & Allied

Kenolkobil Limted announced that it has relinquished all its
shareholding interests in Kobil Tanzania Limited and KenolKobil Congo
SPRL Limited Kestrel Research said ''We view it as an earnings
accretive outcome because Tanzania was a break-even subsidiary (at
best) and the sale proceeds could be used to further deleverage.''
Reuters also carried an Interview with the Chief Executive David Ohana
said on Thursday.

KenolKobil on Wednesday said it had completed the sale of its Tanzania
business, which had 17 service stations, as well as a fuel depot in
Lubumbashi in the Democratic Republic of the Congo. It did not
disclose the value of the two transactions, which took two years to

Ohana said the company's debt had fallen to about $28 million from
$170 million two years ago. The company's gearing ratio, or proportion
of debt on its balance sheet, fell to 25 percent from 55 percent.

"In two to three months, this company will be debt free," Ohana told
Reuters on phone.

KenolKobil closed +0.5% at 10.00 which is a 2016 Closing High.
KenolKobil was stretching as high as 10.25 +3.02% at the closing Bell.

East African Portland Cement reported a 1st Half Loss of 528.259m
versus a Loss of 67.848m last time. EAPC reported an +11.935% increase
in H1 Revenue but Finance Costs +50% and a Foreign Exchange Loss of
188m [They have a Yen Loan and the Japanese Yen has been soaring] also
encouraged EAPC to issue a FY Profits Warning. East African Portland
Cement did not trade.

by Aly Khan Satchu (www.rich.co.ke)
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February 2016

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