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Satchu's Rich Wrap-Up
 
 
Thursday 22nd of June 2017
 
Morning
Africa

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

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@LanaDelRey [5 second video - quite extraordinarily viral in fact]
Africa


I just want to say thank you for each and every birthday wish
I'm so lucky because I have u!
Thanks for making it a beautiful day
❤️Lana

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12-JUN-2017 :: Riyadh Summit where the kingdom committed fifth of its remaining forex reserves
Africa


Returning to the Riyadh Summit where the kingdom committed fifth of
its remaining forex reserves [which will fall off a cliff when Oil
slumps towards $32.00 a barrel] to a purchase of ‘’beautiful’’
American arms speaks to a heist. The House of Saud’s protector has
always been the US but this time an American president has excelled
himself at extracting a mindbogglingly egregious price.

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"He's ambitious, bold, thinks big, but is running very high risks," said Yezid Sayigh, senior fellow at the Carnegie Middle East Center in Beirut.
Africa


"He hasn’t been rewarded for performance. He’s being rewarded because
he’s King Salman’s favorite son and that ultimately he would become
positioned to become the next king."

In his lightning rise to power in two years, Saudi Crown Prince
Mohammed bin Salman has shaken things up in ways not seen since the
founding of the kingdom 85 years ago.

Abroad, he escalated the war in Yemen and this month cut ties with
neighboring Qatar. At home, he instigated an economic overhaul that’s
popular with foreign investors, but harder to swallow for some Saudis.
At 31, he is heir to the throne, effectively running the world’s
largest oil exporter now and likely for decades to come.

His generation was the first on the Internet, the first to play video
games, and the first to get its information from screens. “We think in
a very different way,” he said. “Our dreams are different.”

Prince Mohammed has said he’s used to resistance. He says he studies
Winston Churchill and Sun Tzu’s The Art of War and will turn adversity
to his advantage.

Conclusions


He is in a perfect storm. Needs to stop out a number of positions and
needs to do it quick and it looks entirely unlikely that he will take
that course. More, Likely he double-downs.

Home Thoughts

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@TimeOutLondon Summer Solstice: the longest day in London
Africa


i know London like the back of my hand. I have walked from Hampstead
to Hammersmith, I have been just about everywhere in that wonderful
City. Hope things get back under control.

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Great Mosque of al-Nuri (Mosul)
Law & Politics


Tradition holds that Nur ad-Din Zangi built the mosque in 1172-73,
shortly before his death. According to the chronicle of Ibn al-Athir,
after Nur ad-Din took control of Mosul he ordered his nephew Fakhr
al-Din to build the mosque:

[Nur ad-Din] rode in person to its site and viewed it. He climbed the
minaret of the mosque of Abu Hadir, looked down on the site of his
mosque and ordered that the neighbouring houses and shops should be
added to the land that he viewed but that nothing should be taken
without the willing agreement of the owners. He put the Sheikh Umar
al-Malla in charge of the project, a pious and good man. The
properties were purchased from their owners at most substantial prices
and the construction began, on which large sums were expended. The
building was completed in the year 568 [i.e. AD 1172-3].[1]

The mosque was well known for its leaning minaret, known as al-Hadba’
("the hunchback"). Grattan Geary, a 19th-century traveler, described
the minaret's appearance:

It is several feet out of the perpendicular, though it starts fair
from the ground, and at the top, before putting on its gallery and
dome, it regains an erect posture. Its attitude is that of a man
bowing.[2]

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Osborne's profile is similar to that of Khalid Masood @Bershidsky
Law & Politics


Osborne's profile is similar to that of Khalid Masood, the convert to
Islam who perpetrated the March 22 attack that started on Westminster
Bridge in London. Osborne, a father of four, is 48. Masood, 52, had
three kids. Masood had a long history of violence and went to jail for
one of the brawls in which he used a knife. Osborne is described as
"shouty" and volatile, though seems to have kept his outbursts to the
level of pub confrontations. Neither could hold down a job for long.
Neither had any links with radical organizations. They appear to have
led miserable, angry lives.

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@UN forecasts that the current world population of nearly 7.6 billion will increase to 8.6 billion by 2030, 9.8 billion in 2050 and 11.2 billion in 2100.
Law & Politics


"The population in Africa is notable for its rapid rate of growth, and
it is anticipated that over half of global population growth between
now and 2050 will take place in that region," he said. "At the other
extreme, it is expected that the population of Europe will, in fact,
decline somewhat in the coming decades."

Conclusions


Demographic Dividend or time bomb?

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.1169
Dollar Index 97.51
Japan Yen 111.13
Swiss Franc 0.9724
Pound 1.2672
Aussie 0.7555
India Rupee 64.525
South Korea Won 1142.11
Brazil Real 3.3351
Egypt Pound 18.1415
South Africa Rand 13.0523

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An ancient Islamic city has been found under an Ethiopian town where local lore spoke of giants QUARTZ
Africa


The residents of Harlaa, a small town in eastern Ethiopia, have always
suspected there was something special about their city. For years
farmers have been unearthing Chinese coins, old pottery, and building
stones so massive that local lore has said that only giants could have
moved them.

Now a two-year archaeological dig by a team from the universities of
Exeter, Addis Ababa, and Leuven in Belgium has confirmed some of their
suspicions.

Researchers have found evidence of an ancient trading city connected
with the Gulf, Egypt, and India, as well as Islamic cities throughout
Africa. The team found remnants of what appears to be a 12th-century
mosque, similar to those found in Tanzania and Somaliland, jewelry, as
well as pottery from as far as China and the Maldives. The researchers
also found coins from 13th century Egypt.

read more


Angola shifts tone on Congo, deepening Kabila's isolation
Africa


A more direct challenge has come from Sindika Dokolo, a Congolese
businessman and art collector who is married to the billionaire
daughter of President Jose Eduardo dos Santos.

Having previously steered clear of national politics, Dokolo has in
recent weeks hit out at Kabila on Twitter and in interviews, drawing
comparisons with the end of Congolese late dictator Mobutu Sese Seko's
rule.

"We underestimate Congo's capacity to destabilise the region," he told
Reuters. "We are playing with matches on a barrel of explosives and
that worries me a lot."

Dokolo has urged students and church leaders to mobilise against
Kabila and praised Moise Katumbi, an opposition leader in exile.

He says he is commenting as a private Congolese citizen. But the
outspoken remarks carry weight because they come from the heart of the
family around dos Santos.

"Clearly as husband to Isabel dos Santos, this signals frustration in
Luanda," said Alex Vines, head of the Africa Programme at London-based
policy institute Chatham House.

Conclusions


This would be a major hit on Kabila's chances if Angola dropped him.

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Angolan capital tops list of most expensive cities for expats
Africa


The Angolan capital Luanda has knocked Hong Kong off the top spot in
an annual survey that ranks the cost of living for expatriate workers
in world cities.

The survey found the cost of renting a two-bedroom apartment suitable
for expatriates in Luanda was £4,800 ($6,055) per month, while a fast
food hamburger meal priced at £11.50.

It was the second time in three years that Luanda topped the survey,
which compares the costs of housing, transport and clothing in 209
cities.

While Luanda rose, all UK cities fell significantly in this year's
rankings which were released on Wednesday, with 30th-ranked London
dropping 13 places from 2016.

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South Africa All Share Bloomberg +1.48% 2017
Africa


Dollar versus Rand 6 Month Chart INO 13.0523 [SELL REBOUNDS
@SAPresident not going anywhere soon]

http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&v=d6&t=c&a=50&w=1

Egypt Pound versus The Dollar 3 Month Chart INO 18.1415

http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1

#MarketsToday Global investors hit panic button on Nigeria, sells-off
$20.3m shares, plunges ALSI 2.61% on Etisalat debt scare @channelstv
@BBoason

https://twitter.com/BBoason/status/877531923710660608

Nigeria All Share Bloomberg +24.57% 2017

http://www.bloomberg.com/quote/NGSEINDX:IND

33,477.89 -897.71 -2.61%

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Diamond Sells 35% of Atlas Mara to Raise Money for Nigeria
Africa


Atlas Mara Ltd., the company co-founded by former Barclays Plc head
Bob Diamond, plans to sell a 35 percent stake to Fairfax Africa
Holdings Corp. so it can increase its stake in a Nigerian bank.

Atlas Mara will raise $200 million selling new shares to existing
shareholders and Fairfax Africa and by issuing a convertible bond to
the Toronto-based investment company, Atlas Mara said in a statement
on Wednesday. London-listed Atlas Mara also agreed to acquire an
indirect 13.4 percent shareholding in Union Bank of Nigeria Plc from
the Clermont Group for $55 million, which will raise its effective
stake in the Lagos-based lender to 44.5 percent.

“A strategic partnership with Fairfax Africa creates a strong
relationship between two like-minded, long-term investors in Africa,”
Atlas Mara said. “Each is focused on capitalizing on the long-term
growth potential of Africa and provides permanent capital to support
growth.”

Union Bank has been Atlas Mara’s single biggest investment in Africa
since Diamond started the company in 2013. The Nigerian lender is the
country’s worst-performing bank stock this year, having announced in
November it plans a rights issue to boost its capital levels as the
country’s small- and mid-sized lenders struggled to cope with a
contraction in the economy of Africa’s biggest oil producer.

Atlas Mara, which has investments in banks across seven African
countries, has lost almost 80 percent of its value since an initial
public offering in December 2013 as growth across the continent slowed
and currencies weakened, hurting profit converted back into dollars.
Diamond, 65, in February ousted Chief Executive Officer John Vitalo
and pledged to cut annual operating costs by $20 million after
expenses engulfed income and threatened the company’s ability to
expand through acquisitions.

Fairfax Africa agreed to buy at least 30 percent of the $100 million
of new shares at a price of $2.25 apiece, representing an implied
purchase price of 0.33 times book value, the company said in a
separate statement. Atlas Mara’s stock has traded at an average this
year of $2.26, according to data compiled by Bloomberg. The shares
fell 0.5 percent to $2.50 as of 9:02 a.m. in London, giving the
company a market value of $194.5 million.

“Banks are at the forefront of economic development in sub-Saharan
Africa,” Prem Watsa, Fairfax Africa’s chairman, said in the statement.
“Atlas Mara represents a unique opportunity to invest in many
profitable banks in the region at a very attractive valuation.”

The partnership with Fairfax Africa, which has investment holdings
across Africa, will give Fairfax four directors on Atlas Mara’s board,
while a new management incentive plan will be put in place, Atlas Mara
said. Diamond will continue as Atlas Mara’s executive chairman.

read more




Liquid Telecom eyes targets and debt with $600m fundraising FT
Africa


The business, which is based in London and is owned by Econet Group,
has been linked with an initial public offering after it turned down
“multibillion-dollar offers” from unnamed investors in the past two
years.

Liquid Telecom acquired South African fixed-line operator Neotel from
Tata Communications for $430m last year after a deal to sell that
business to Vodacom, Vodafone’s business in the country, did not
materialise.

That has boosted its revenue in the year to February 28 to $594.6m and
its gross profit to $359.6m. The Neotel deal also increased its
network reach to 13 countries and its customer base to 113,000.

Some of the funds raised by the bond issue will be used to refinance debt.

Liquid Telecom supplies fibre cable lines across south, central and
eastern Africa and also provides network services to some of Africa’s
biggest telecom groups, including MTN, Orange, Bharti Airtel and
Vodafone.

The $600m capital raising comes alongside a new $100m credit facility,
as the company looks to keep up with demand for connectivity in
markets including Kenya, Rwanda and Uganda. Data traffic is expected
to rise by a third a year out to 2020 according to the company.

Nic Rudnick, chief executive, said integrated fibre networks were
being offered on a multinational basis for the first time which
creates opportunities for “an enormous amount of growth”.

“Customers in Nairobi can connect in Kigali with the same speeds as
seen in western markets,” he said. “It is the first time on a
multinational scale this has been possible on the continent. It is the
kind of service seen in Europe some years ago and Africa is catching
up.”

Guy Peddy, an analyst with Macquarie, said there were opportunities in
high-growth markets offering a first-mover advantage to companies such
as Liquid Telecom. “Generally, the African market is a penetration
story. Telecoms companies always tend to do well when growing
penetration compared to growing average revenue per user,” he said.

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Mombasa port traffic up 11 percent in Q1, sees no election disruption @timesofindia
Kenyan Economy


The port handled 7.2 million tonnes of cargo between January and March
against 6.5 million in a similar period last year.
During the period, imports accounted for 6 million tonnes against 5.5
million handled in the same 2016 period, an increase of 10 percent,
the Kenya Ports Authority said in a report.
It handled 877,778 tonnes in exports, up 4 percent on the 845,068
tonnes handled in the same period last year.

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Kenya Shilling versus The Dollar Live ForexPros 103.44
Kenyan Economy


Nairobi All Share Bloomberg +14.92% 2017 [23 month Highs]

http://www.BLOOMBERG.COM/quote/NSEASI:IND

153.23 +0.49 +0.32%

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Nairobi ^NSE20 Bloomberg +13.24% 2017 [11+ month highs]
Kenyan Economy


3,608.15 +8.14 +0.23%

Downtown Nairobi in 1957. Photo taken from Delamere Avenue, which
is Kenyatta Avenue today. @HistoryKe

https://twitter.com/HistoryKe/status/877494353144557569

Every Listed Share can be interrogated here

http://www.rich.co.ke/rcdata/nsestocks.php

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N.S.E Today


Crude Oil which entered a bear market at the beginning of the week
slumped to a 10 month low yesterday.
Oil producing Capitals the world over are like Rabbits caught in the
headlights.
I am of the View that Crude Oil will fall to as low as $32.00 a barrel
in New York this year and that this will be the catalyst for a
financial crisis of the Lehman 2008 variety in the Oil Producers.
Most double-downed and borrowed and never factored a price collapse of
the nature we are currently experiencing.
The Nairobi All Share rallied +0.73% to close at a fresh 23 month
High. The All Share and the NSE20 Index entered a bull market in the
last week of last month.
The Nairobi All Share is +15.75% in 2017.
The Nairobi NSE20 Index edged 4.4 points firmer to close at an 11
month high of 3612.55
The market looks fully-priced in the short term.



N.S.E Equities - Commercial & Services


Safaricom rallied +2.19% to close at 23.25 and traded 5.718m shares.
Safaricom is +21.4% in 2017 and targets its record closing High of
23.50 [reached on 2 occasions this month] in very short order.



N.S.E Equities - Finance & Investment


Equity Bank was the most actively traded share at the Securities
Exchange and corrected -2.6% lower to close at 37.50 and traded 5.179m
shares worth 194.327m. Equity is +25% in 2017 but has corrected 6.25%
off a 2017 closing high of 40.00 reached on 15th June.
KCB closed unchanged at 37.50 and traded 4.427m shares worth 166.945m.
KCB is +30.43% in 2017 and has corrected -9.75% off a 2017 closing
High from 5th June.
COOP Bank closed unchanged at 17.00 and traded 8.393m shares worth
142.697m. COOP Bank is +28.78% in 2017 and has corrected -3.409% off a
2017 closing High of 17.60 reached 6th June.
Standard Chartered Bank rallied +1.95% to close at 209.00.

National Bank which had rallied +62.58% in June finally met some
profit taking and rowed back -4.42% to close at 10.80.

Centum closed unchanged at 43.25 and traded 969,000 shares. Centum is
+16.89% in 2017 and as room to rally towards 50.00.



N.S.E Equities - Industrial & Allied


EABL corrected -0.75% off a 2017 closing high to close  at 265.00 and
traded 211,700 shares. EABL is +8.606% in 2017.

BOC Kenya was the biggest Gainer at the Exchange today rallying +9.41%
to close at a 2017 High of 93.00. BOC Kenya is +13.4% in 2017.

Mumias Sugar which had rallied on nothing in particular corrected
-8.00% to close at 1.15

-- 



by Aly Khan Satchu (www.rich.co.ke)
 
 
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June 2017
 
 
 
 
 
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