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Macro Thoughts

Home Thoughts

Chaudhuri, “its mixture of randomness and predestination”, as well as
its “tantalasing, slightly alarming, circular musicality”, Fireflies
is every bit as great a novel as A House for Mr Biswas.

I have just finished it. And I have not returned to Biswas for several
years. Why, at this moment, it seems to me that Fireflies – a first
novel published when the author is 25 years old – is a greater
achievement than A House for Mr Biwas.

W. H. Auden: ``Intellectual disgrace/ Stares from every human face,/
And the seas of pity lie/ Locked and frozen in each eye.``

The United States will take steps to foil Chinese efforts to “take
over” the South China Sea, the White House has indicated, amid growing
hints that Donald Trump’s administration intends to challenge Beijing
over the strategic waterway.

Speaking at a press briefing on Monday White House press secretary
Sean Spicer vowed the US would “make sure that we protect our
interests” in the resource-rich trade route, through which some $4.5tn
(£3.4tn) in trade passes each year.

His comments come less than a fortnight after Rex Tillerson, Trump’s
nominee for secretary of state, set the stage for a potentially
explosive clash with Beijing by likening its artificial island
building campaign in the South China Sea to “Russia’s taking of
Crimea”.

Conclusions

“A blockade [of China’s artificial islands] would be incredibly
provocative and would almost certainly spark a US-China confrontation
on the water … If the US is going to blockade China’s access to
territories which it – rightly or wrongly – believes are its, then we
are in for a confrontation.”

Russia’s economic relations with the US and people-to-people relations
between the two countries are minuscule. According to the US
Government statistics, trade with Russia stood at a paltry US$18.7
billion in 2016 — a substantial decline from US$23.3 billion the
previous year.

Ironically, despite western sanctions, Russia’s share in the European
gas market increased by 3 percent to touch 34 percent last year and
its number one market, Germany, showed the highest growth in absolute
terms — 10 percent growth in one year to touch a whopping 49.8 billion
cubic meters, with the Nord Stream pipeline operating to its full
capacity.

So, things can only get better in Russia-US economic relations, with
energy cooperation at its very center, especially with Rex Tillerson
as state secretary. To be sure, Big Oil will be running a fine comb
through the conversation between President Vladimir Putin and Gazprom
CEO Alexei Miller in the Kremlin — by a delightful coincidence on
January 20, just a few hours ahead of Trump’s inaugural ceremony in
Washington — outlining the vast and ambitious plans of expansion on
the anvil in Russia’s oil and gas sector.

In sum, Trump resuscitating the Reagan Doctrine (sans ideological
baggage). Foreign Minister Sergey Lavrov said in Moscow just 3 days
before Trump’s inauguration:As for nuclear weapons, strategic
stability and nuclear and strategic parity, this is a key issue in
Russian-US relations … we must keep in mind absolutely all factors
that influence strategic stability, and there are many factors besides
nuclear weapons. They include strategic conventional weapons,
including hypersonic weapons that can destroy targets in any part of
the world within an hour even without nuclear warheads. Those who have
these weapons do not need nuclear weapons. The second factor is the
Ballistic Missile Defence system, which is changing the strategic
balance. We need to negotiate this issue, so that any changes in
strategic balance will not destabilize the situation. One more thing
that influences strategic stability is the space militarization plans
of the current and previous US administrations. There are also other
variables, including the US refusal to ratify the Comprehensive
Nuclear Test Ban Treaty. All these factors … influence global
strategic balance and parity. We are willing to hold talks as soon as
the new US administration assumes office …, which must be held in a
businesslike manner and with full awareness of our responsibility to
our nations and to the rest of the world.

The Obama administration’s refusal to negotiate lies at the core of
the derailment of US-Russia reset. Russia will regard ABM deployment
as the touchstone of Trump’s intentions and willingness to abandon
containment strategy.

Conclusions

Because of the unanimous international consensus regarding the status
of Jerusalem, no international embassies to Israel are currently
located in the city, and almost all are in Tel Aviv.

Conclusions

Throwing a match onto a Tinderbox.

This is an Imperial court & the moral of the story is in a Fairy Tale
by Hans Christian Andersen Emperor's New Clothes

"The Emperor's New Clothes" (Danish: Kejserens nye Klæder) is a short
tale written by Danish author Hans Christian Andersen, about two
weavers who promise an emperor a new suit of clothes that they say is
invisible to those who are unfit for their positions, stupid, or
incompetent. When the Emperor parades before his subjects in his new
clothes, no one dares to say that they don't see any suit of clothes
on him for fear that they will be seen as "unfit for their positions,
stupid, or incompetent". Finally, a child cries out, "But he isn't
wearing anything at all!" The tale has been translated into over 100
languages

Etymology
From Old French vain glorios, from Latin vānus ‎(“empty”) + glōriōsus
Adjective[edit]
vainglorious ‎(comparative more vainglorious, superlative most vainglorious)
With excessive vanity or unwarranted pride.
vainglory

On Saturday, speaking to about four hundred intelligence officials,
Trump blamed any misunderstanding on the media. “They are among the
most dishonest human beings on Earth,” he said. (The official White
House transcript notes “laughter” and “applause” here.) “They sort of
made it sound like I had a feud with the intelligence community. And I
just want to let you know, the reason you’re the No. 1 stop is exactly
the opposite—exactly.”

Trump said he assumed that “almost everybody” in the cavernous C.I.A.
entry hall had voted for him, “because we’re all on the same
wavelength, folks.”

In his remarks, Trump made passing reference to the “special wall”
behind him but never mentioned the top-secret work or personal
sacrifices of intelligence officers like Ames and the others who died
in Beirut, including the C.I.A. station chief Kenneth Haas, and James
F. Lewis, who had been a prisoner of war in North Vietnam, and his
wife Monique, who was on her first day on the job at the Beirut
embassy. Nor did the President refer to any of the dozens of others
for whom stars are etched on the hallowed C.I.A. wall of honor. It was
like going to the Tomb of the Unknown Soldier and not mentioning those
who died in the Second World War.

''Then they say, Is Donald Trump an intellectual? Trust me, I’m like a
smart persona.”

“Did everybody like the speech?” Trump asked. “I’ve been given good
reviews. But we had a massive field of people. You saw them. Packed. I
get up this morning, I turn on one of the networks, and they show an
empty field. I say, wait a minute, I made a speech. I looked out, the
field was—it looked like a million, million and a half people.”

Crowd scientists who spoke to the Times estimated that about a hundred
and sixty thousand people attended, compared with the record-setting
1.8 million who were estimated to have been at President Obama’s first
Inauguration. Trump was defiant. “We caught them, and we caught them
in a beauty,” he told the C.I.A. crowd. “And I think they’re going to
pay a big price.”

The former C.I.A. director John Brennan, who retired on Friday, called
it a “despicable display of self-aggrandizement in front of C.I.A.’s
Memorial Wall of Agency heroes,” according to a statement released
through a former aide. Brennan said he thought Trump “should be
ashamed of himself.”

“What self-centered, irrational decision process got him to this
travesty?” MacGaffin told me. “Most importantly, how will that process
serve us when the issues he must address are dangerous and incredibly
complex? This is scary stuff!”

“He used the scene as a prop for another complaint about the media and
another bit of braggadocio about his crowds and his support,” Pillar
told me Sunday. “That the specific prop was the C.I.A.’s memorial
wall, and that Trump made no mention of those whom that wall
memorializes, made his performance doubly offensive.”

At 7:35 a.m. on Sunday, Trump responded on Twitter to the negative
reactions to his comments. “Had a great meeting at CIA Headquarters
yesterday, packed house, paid great respect to Wall, long standing
ovations, amazing people. WIN!”

But it’s hard to see how America’s new leader will recoup from a
performance so shallow, irreverent, and vainglorious.

The result in the US mimicked the Brexit result and what is clear to
me is that we are watching a populist wave or zeitgeist which has now
swept the United Kingdom and the US and has Italy (where Matteo Renzi
has called for a Referendum), France (where Marine Le Pen is the most
popular politician by a street) and the Netherlands all in its
crosshairs.

Comic-turned-politician Beppe Grillo, co-founder of Five Star, said

“ This is the deflagration of an epoch. It’s the apocalypse of this
information system, of the TVs, of the big newspapers, of the
intellectuals, of the journalists.”

And this is another important point, traditional media has lost its
position of control. It’s been upended by the internet which allowed
insurgent politics to broadcast over the top.

Returning to President-elect Trump who deployed linguistic warfare
with devastating effect.  The names he gave his opponents — Crooked
Hillary, Lyin’ Ted, Little Marco, ‘Low- energy’ Jeb — were
devastating.

“Things in Europe are changing. Before, the populist movement was
growing, and now they’re winning.”

Euro 1.0752 The euro edged down 0.1 percent to $1.0754 EUR=, after
earlier touching $1.0774, its strongest level since Dec. 8.
Dollar Index 100.06 The dollar index, which tracks the greenback
against a basket of six major peers, slipped 0.1 percent to 100.040
.DXY, after falling to 99.899 on Monday, its lowest since Dec. 8.
Japan Yen 112.97 The dollar was up 0.1 percent at 112.84 yen JPY= but
notched a low of 112.52 earlier in the session, its weakest since Nov.
30
Swiss Franc 0.9972
Pound 1.2505 The pound was slightly lower on the day at $1.2520 GBP=
after earlier touching $1.2538, its loftiest level against the dollar
since Dec. 15.
Aussie 0.7571
India Rupee 68.115
South Korea Won 1164.00
Brazil Real 3.1634
Egypt Pound 19.0055
South Africa Rand 13.4392

The appeal of cobalt for manufacturers of next-generation batteries is
that the metal makes for an efficient electrode, and can help stored
power last longer. While the market was mired in surplus for years
after the financial crisis, supplies are tightening because the
electric-vehicle boom is set to boost demand 16 percent annually on
average through 2022, according to commodity researcher CRU Group.

That’s already impacting physical prices, which are the highest in
more than five years. Low-grade cobalt on Wednesday reached $16 a
pound on the spot market, up more than 60 percent from lows in
December 2015, according to London-based Metal Bulletin Ltd., a
commodity market price tracker. Average prices this year may exceed
CRU’s November high-end forecast of $18, and may rise “well above” $20
if supplies fall short of estimates, Edward Spencer, a senior
consultant at CRU, said by e-mail.

Emerging Markets

Frontier Markets

Rarely can so huge a continent have displayed so much interest in so
small a country. Ever since Gambia’s Yahya Jammeh, an African dictator
from central casting, first agreed to step down after losing elections
in December, the sliver of a nation has become a symbol of Africa’s
democratic aspirations. In the days up to the expiry of Mr Jammeh’s
term in office at midnight last Wednesday, the sight of a capricious
autocrat digging in his heels and rebuffing attempts by neighbouring
leaders to squeeze him out, transfixed much of the continent.

Nkosazana Dlamini Zuma, chair of the African Union, summed up how much
was riding on this nation of just 2m people when she tweeted: “If we
fail the people of The Gambia, we will be failing Africa. We’ve come a
long way. Democracy in Africa is thriving.”

To say democracy is thriving is a bold statement about a continent
that has, not without reason, been associated with dictators and
one-party rule. Seven of the world’s 10 longest-serving leaders are
African, with Equatorial Guinea’s Teodoro Obiang leading the roster.
If democracy is thriving, then so is autocracy.

Mo Ibrahim, a Sudanese businessman whose foundation has encouraged
good government, is not starry-eyed about the state of African
democracy, saying there are at least 20 countries “making a real mess
of things”. But he does sense a new activism among Africans pushing
for genuine representation.

“The new generation is better educated and social media is offering
them better platforms,” he says. “This is a massive new force that can
really change things for the better.”

Gambia aside, the last year or so, admittedly, has not been great for
African democracy. Leaders in Burundi and Rwanda changed constitutions
to allow themselves to stay on. Joseph Kabila failed to hold an
election in the Democratic Republic of Congo, a vast, lawless country
that — despite its name — has never had a properly democratic transfer
of power. In Uganda, President Yoweri Museveni, in office for 30 years
and counting, held flawed elections. In Gabon, President Ali Bongo,
whose father notched up 42 years, won in an election that was swung by
what seemed to many an improbable 95.5 per cent of the vote on a 99
per cent turnout in Mr Bongo’s home district.

“It always amazes me whenever you have an election in Africa, you see
the queues of people outside the polling stations in the sun and the
heat,” says Mr Ibrahim. “It seems like our poor people in Africa
believe more in western democracy than westerners do.”

West Africa, once a byword for coups and dictators, is now probably
the most democratic region on the continent. With so many of today’s
leaders the beneficiary of elections, a domino effect has taken hold
and the region as a whole has become committed to the idea.

“If you get one or two governments that exercise democratic practices,
it tends to influence neighbouring countries,” says Mr Meredith.

Kenya has proved typical of the “it’s our turn to eat” blight on much
of African democracy, in which winners use the ballot box to seize the
levers of state.

Gambia’s case shows that the space for autocrats is shrinking. Even
the worst dictators in Africa, from Mr Mugabe to Mr Kabila, feel
obliged to hold occasional elections. And, as Mr Jammeh has found to
his cost, once you seek the verdict of the people, anything can
happen.

The big picture point is in fact a demographic one. Many commentators
define the African population surge as a ‘’dividend’’ but what is
clear is that if it is allowed a Free and Fair vote its going be a
Terminator for a whole number of regimes. The demographic bulge is now
arriving at voting age. This is that moment, its importance cannot be
gainsaid.

''Africa is not a Country'' has become a popular meme on social media,
but it makes an important about the non-linearity of the Continent.
However, that non-linearity should not obscure what looks like a
significant political Trend-Change and the LSE for business in their
report ''The commodity price rout and Africa's unusual electoral
cycle,'' said this:

''It would seem elections in the region are at a tipping point, the
traditional incumbent re-election bias is at a historic low and the
ground is fast shifting beneath the feet of the political
establishment. What has triggered the turn of the tide?''

Growth in the Sub-Saharan Africa region is estimated to have slowed to
a 1.5 percent rate in 2016, the weakest pace in over two decades, as
commodity exporting economies adjusted to low prices1. On a per capita
basis, regional GDP contracted by an estimated 1.1 percent.

Risks to the outlook are heavily tilted to the downside. Externally,
heightened policy uncertainty in the United States and Europe could
lead to financial market volatility and higher borrowing costs or cut
off capital flows to emerging and frontier markets. A reversal of
flows to the region would hit heavily traded currencies, like the
South African rand, hard. A sharper-than-expected slowdown in China
could weigh on demand for export commodities and undermine prices.
Continued weakness in commodity prices would strain fiscal and current
account balances, forcing spending cuts that could weaken recovery and
investment.

Domestic risks include the failure to adjust to low commodity prices
and weak global demand. Populist pressures may deter authorities from
taking the necessary measures to contain fiscal deficits and rebuild
policy buffers. A further deterioration of security conditions in some
countries could put strains on public finances.

Against this International Back-drop the IMF is estimating SSA GDP FY
2016 at just 1.5%, the lowest rate of GDP Expansion in more than 20
Years. and a far-cry from the Boom between 2010 and 2015 when GDP
growth outperformed global rates at an average of 4.4% a year and the
''Africa rising'' banner was flying high. In fact, GDP of 1.5% is well
behind the demographic rate of expansion, signaling Africa is not even
standing still but is getting worse off. Big Economies like South
Africa, Nigeria and Angola are in recession or just skirting one. East
Africa [who received a significant Tail-wind from the lower Oil Price
structure] and the likes of Cote D'Ivoire and Senegal have been
out-performing, but more is needed.

Abebe Aemro Selassie, The Director of the African Department at the
IMF says: “Policy response in many countries affected by these shocks
has been delayed and incomplete and this raises uncertainty, deters
private investment and stifles new sources of growth.”

Dollar versus Rand Chart INO 13.46
http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&t=c&a=50&w=1&v=d12

Egypt Pound versus The Dollar 3 Month Chart INO
http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1

Guinness Nigeria plans to seek shareholder approval to raise 40
billion naira ($127.19 million) via a rights issue on Tuesday to boost
its balance sheet, the company said.
http://af.reuters.com/article/investingNews/idAFKBN1571QA

@IgnazioMagnani  🌍Earth from Space 🇳🇬Nigeria, Abuja
https://twitter.com/IgnazioMagnani/status/823084679037386752

Nigeria All Share Bloomberg -2.39% 2017
http://www.bloomberg.com/quote/NGSEINDX:IND

The new President of Ghana Nana Akufo-Addo is saying all the right things
http://growthcrossings.economist.com/article/sub-saharan-africa-finding-opportunities-in-disequilibrium/

Ghana looks primed to move from a policy-making haircut to a
policy-making premium

Overall, business management consulting firm McKinsey projects
household consumption will grow at an average rate of 3.8% from 2016
to 2025 to reach some $2.1 trillion.

A lot of that growth will be driven by the continuing urbanization of
the continent. The UN estimates African cities will add an additional
24 million people every year between 2015 and 2045.

Supermarket chains like South Africa’s Shoprite and Kenya’s Nakumatt
might be tiny blips on the global retail stage today, but the consumer
markets they serve are attracting the attention of investors ready to
play the long game. It makes sense if you’re look at the growth
potential of the consumer base. In addition, the informal economy of
open street markets still dominates 90% of retail in large countries
like Nigeria and Kenya, meaning it’s a near safe bet there’s plenty of
room to grow

With overall African household consumption expected to grow about 45%
from 2015 to 2025, now might be the time to get in on Africa’s
supermarket sector.

Base Titanium released its quarterly activities report – December 2016
last week in Nairobi. Base Resources' share price closed at a 26 month
high of 25 Australia dollar cents and has rallied an extraordinary
+640.09% over a 12 month period. The highest price was clocked in
March 2013 (when the commodity markets were in full swing ) at
53cents. Base Titanium mines mineral sands at Kwale. Mineral sands
produce the following

''Finely ground titanium dioxide is used as white pigment in paints,
plastics, paper, and even edibles - constituting the single greatest
use of titanium worldwide. Zircon's primary use is in the production
of ceramic tiles, but also in more exotic applications such as foundry
casings, nuclear fuel rods, or water purification systems to name just
a few. The main uses for rutile are the manufacture of refractory
ceramic, as a pigment, and for the production of titanium metal''
(Seeking Alpha).

Mineral sands are an esoteric corner of the commodities markets and
transactions are typically bilateral.

I was introduced to Tim Carstens, the CEO of Base Resources by the
then Australian High Commissioner Geoff Tooth and have watched Tim up
close and personal and can say at this time, Mr Carstens has proven he
has the wherewithal to navigate through multiple complex (and even
asymmetric) environments simultaneously. During this period, Base
Resources has had to navigate a boom and a bust in the commodities
markets, a nascent mining environment here in Kenya (and I have to
give credit to Tim and the CS Dan Kazungu who both never lost sight of
the national interest) and simultaneously keep the whole show financed
at an international level.

Rutile is responsible for 50% of revenue but only 15% of volume and
therefore bulk Rutile sales have a significant impact on revenues.
Ilmenite prices rallied an eye-popping +40% in Q4 2016 and prices for
Base Resources’ ilmenite have increased by over 100% between May and
December 2016. Base ramped up production with Ore mined (tonnes)
clocking 3,049,333 in December 2016 versus 2,101,295 in December 2015.
Average revenue per tonne clocked $250 per tonne (versus $200 last
quarter). Base is surfing the price rebound and extracting more value
by optimising production. Interestingly, Kenya exported $16million of
Titanium to the US ten months through 2016 just a little behind Tea
($18m for the same dates). That is called a diversification of our
exports basket right there. The rising tide of production and prices
helped base reduce its net debt by $18.1million to $129.5million.

This remarkable performance will lead to higher royalty payments for
the government of Kenya but its important to look at base not through
a royalty prism alone. Base reminds me of a moon landing, its planted
the mining flag in the Kenyan soil. Kenya did not have a mining sector
before Base Titanium. And in the future, Base's modus operandi will be
a calling card for its expansion across the continent. They are
looking at a property just south of Tanga in Tanzania. Given how
aggressive President Magafuli can be, I would be surprised if he has
not pounced on Tim, yet. Base has an outstanding safety record; Kwale
operations’ lost time injury frequency rate (“LTIFR”) remains at zero.
Base Resources’ employees and contractors have now worked 8.2 million
man-hours LTI free, with the last LTI recorded in the March quarter of
2014. It is Base which is seeking to revitalise the cotton value chain
as its contribution towards creating a sustainable economy after the
mine's life has expired. At every step, Base has been ahead of the
curve, I am certain that the ROI for the local community is off the
charts.

Base Resources is listed in Australia and I expect the share price to
scale all time highs over the next 18 months.

Base is living proof that the Kenya mining sector is now open for
business and we should always remember the pioneers who opened it up.

MasterCard has launched a digital platform that connects smallholder
farmers, agents, buyers and banks in Kenya, Uganda and Tanzania.

The phone-based platform dubbed 2KUZE, enables farmers to buy, sell
and receive payments for agricultural goods via their feature phones.

The product is one of the local technology solutions developed  at the
Mastercard Lab for Financial Inclusion based in Nairobi.

Nairobi All Share Bloomberg -6.96% 2017
http://www.BLOOMBERG.COM/quote/NSEASI:IND

124.06 +0.02 +0.02%

Nairobi ^NSE20 Bloomberg -8.82% 2017
http://j.mp/ajuMHJ

2,905.31 -8.53 -0.29%

@NSEKenya NSE20 Index via ‏@kenyanwalstreet
https://twitter.com/kenyanwalstreet/status/823547191415422977

.@JamiiBoraBank  Sues @EYNews for giving misleading information on
@UchumiKenya via  @kenyanwalstreet
https://twitter.com/kenyanwalstreet/status/823760497598222336

Every Listed Share can be interrogated here
http://www.rich.co.ke/rcdata/nsestocks.php

From the filings in industrial court, the case against Housing finance
and former credit manager Kevin Isika, and our investigation of HF
financial statements here are the brief summary of current events.

(kindly note this was copied from the court case file word by word as
written by the former credit manager Kevin Isika in his law suit
against Housing Finance)

The first few days of President Donald J. Trump's Administration have
been remarkable.
''Then they say, Is Donald Trump an intellectual? Trust me, I’m like a
smart persona.” The President informed the CIA
“Did everybody like the speech?” Trump asked. ''I say, wait a minute,
I made a speech. I looked out, the field was—it looked like a million,
million and a half people.”
Crowd scientists who spoke to the Times estimated that about a hundred
and sixty thousand people attended, compared with the record-setting
1.8 million who were estimated to have been at President Obama’s first
Inauguration.
The situation is in danger of turning Orwellian.
my Theory is that Donald J Trump administration is like an Imperial
Court and No one is prepared to counsel caution and thats why we keep
witnessing these crazy and vainglorious episodes like the size of his
inauguration.
Via Executive order, President Trump has withdrawn the US from TTIP
and lobbed some serious threats at the Chinese.
The withdrawal from TTIP is signalling a more protectionist US
encouraged profit-taking on the Dollar which had rallied sharply since
November 8th.
The UK supreme Court has ruled Parliament must vote on triggering Brexit
It is predicted and predictable that Parliament will accede to Brexit.
The NSE20 sank -1.11% to close at a Fresh 2008 Low of 2873.02. The
NSE20 has slumped -9.82% in 2017.
The Nairobi All Share retreated -0.62% to close at 123.29 and is
-7.53% in 2017 and at levels last seen in July 2013.
Equity turnover was brisk and clocked 1.015b.

Sasini Tea and Coffee firmed +0.57% to close at 17.55 and closed the
session trading shares as high as 19.10 +9.46%. Sasini Tea and Coffee
reported FY Earnings yesterday where FY Revenue accelerated +28.157%
but FY Earnings Per Share declined -20.609%. Its a cheap share and Tea
Prices are on a Tear in 2017.

Safaricom closed unchanged at 18.20 and traded 12.379m shares worth
225.332m. Safaricom is basing out at -4.96% Year To Date and got
caught up in the back-wash of a Bear market at the Securities
Exchange.

TPS Serena bucked the trend and closed +0.26% at 19.05.

Kenya-Re closed unchanged at 23.00 and traded 3.793m shares. Kenya Re
is +2.22% in 2017 and this outperformance has been activated on good
volume action.

Bank shares were soft and traded to the downside with Barclays easing
-2.59%, COOP Bank -2.08%, Equity -0.96% and KCB -0.94%.
HFC which has been reacting to revelations being produced in Court
retreated -3.82% to close at 11.30. HFC has fallen -19.28% in 2017 3x
faster than the All Share.

Ahead of the release of its H1 Earnings this Friday and after
announcing that they are seeking offers for ''a six-acre piece of land
in Mombasa’s Shimanzi Industrial Area'' worth about $7m, EABL eased
back -0.9% to close at 220.00 and on heavy volume action of 2.352m
shares worth 517.646m. EABL is -9.83% in 2017. Andrew Cowan will be
delivering his first Earnings Release this Friday.

BAT ticked -0.09% lower to close at 899.00 and traded 156,900 shares.
BAT is -1.1% in 2017 outperforming the Indices by a wide margin with
the RJ Reynolds Buy-Out surely keeping the share on a strengthening
tack.

--