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Satchu's Rich Wrap-Up
Friday 03rd of March 2017

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0930-1500 KENYA TIME
Normal Board - The Whole shebang
Prompt Board Next day settlement
Expert Board All you need re an Individual stock.

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


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Royal Hunt of the Sun Good Morning World from Nairobi No Filter

“Have you ever climbed a mountain in full armour? That's what we did,
him going first the whole way up a tiny path into the clouds, with
drops sheer on both sides into nothing. For hours we crept forward
like blind men, the sweat freezing on our faces, lugging skittery
leaking horses, and pricked all the time for the ambush that would tip
us into death. Each turn of the path it grew colder. The friendly
trees of the forest dropped away, and there were only pines. Then they
went too, and there just scrubby little bushes standing up in ice. All
round us the rocks began to whine the cold. And always above us, or
below us, those filthy condor birds, hanging on the air with great
tasselled wings....Four days like that; groaning, not speaking; the
breath a blade in our lungs. Four days, slowly, like flies on a wall;
limping flies, dying flies, up an endless wall of rock. A tiny army
lost in the creases of the moon.”
― Peter Shaffer, The Royal Hunt of the Sun

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China Is Determined to 'Blind' U.S. THAAD in #SouthKorea | @rwp2011 @RCDefense
Law & Politics

Lotte shares plunging today with reports of retaliation in China
after the company allowed Thaad deployment on its golf range Sam Kim
김혜성‏ @samkimasia


@BBCWorld Kim Jong-nam death: Malaysia releases North Korean detainee


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Sessions Removes Himself From 2016 Campaign Investigations
Law & Politics

“I have decided now to recuse myself from any existing or future
investigations of any matters related in any way to the campaigns for
president of the United States,” Sessions said Thursday during a news
conference in Washington.

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Law & Politics

At the event, the most striking demonstration of dissent was the
wearing of white by many female members of Congress, who responded to
a call put out by the Democratic Women’s Working Group to outfit
themselves in the color associated with the women’s suffrage
movement—the same choice that Hillary Clinton made when she wore a
white Ralph Lauren pantsuit to accept the Democratic nomination, last
July. Television cameras showed several rows of female representatives
attired in white blazers, dresses, and suits: “Not the white power
Trump intended,” “The Daily Show” quipped on Twitter.

But as the chamber filled with lawmakers and their guests, the TV
cameras revealed another expression of dissent. When Melania Trump,
the First Lady, emerged atop the steps of the gallery above, from
which it is traditional for members of the First Family and their
carefully curated guests to observe the proceedings, and descended to
take her seat, Republicans gave her a long and enthusiastic welcome.
Many Democrats, meanwhile, declined to join in the ovation; they could
be seen turning back to their seats, forgoing what might, in less
contentious times, be a routine gesture of good manners.

As a former model, Melania may be the first First Lady since
Jacqueline Kennedy—that polished product of Miss Porter’s finishing
school—actually to have been schooled in the art of walking. She
showed off her abilities last night as she descended the few steps to
her seat with aplomb, despite a steep rake and high heels.

As an actual model, Melania’s job, in her pre-political life, was to
serve as an object of fantasy—to be a vehicle for a fashion designer’s
artistic expression or commercial ambitions, or, in the case of one
well-publicized shoot for British GQ in which she posed nude on a fur
blanket in the private plane of Donald Trump, who was then her
boyfriend, to appear as the consummate accoutrement of a very wealthy
man. Her chosen profession required her to be a cipher, and her
responsibilities now, as the President’s wife, have some of the same
quality. She has learned to be a blank slate. She is the O without the


Whats clear is that the mask has slipped on several occasions.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.0515 major support at the February low of $1.0492
Dollar Index 102.02 dollar eased a fraction to 102.070 after touching
its highest since Jan. 11.
Japan Yen 114.19
Swiss Franc 1.0126
Pound 1.2257
Aussie 0.7554
India Rupee 66.855
South Korea Won 1154.25
Brazil Real 3.1566
Egypt Pound 16.2000
South Africa Rand 13.1618

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Gold Chart INO 1231.60 [expect it to fall below 1,200.00]

Gold was down at $1,231.82 an ounce, after suffering its biggest
one-day decline since December on Thursday.

Oil prices took an extra blow after Russian crude production remained
unchanged in February, showing weak compliance with a global deal to
curb supply to tighten the oversupplied market.

Early Friday, U.S. crude was up 15 cents at $52.76, having shed more
than 2 percent on Thursday, while Brent edged up 14 cents to $55.21
per barrel.

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WTI crude #oil closes below the 50-day moving day average for first time since #OPEC November #oil production cut deal #OOTT @JavierBlas2

Oil futures decline as much as 2.2% in New York as US stockpiles
expanded to 520.2 million. Most in weekly data since 1982.

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Eritrea Denies Knowledge of Group Linked to Ethiopian Dam Plot

Eritrea’s government denied any knowledge of a rebel group that an
Ethiopian broadcaster said had plotted to attack the country’s
flagship hydropower plant.

Ethiopian security forces killed 13 members of the Benishangul Gumuz
People’s Liberation Movement who had traveled from Eritrea to attack
the Grand Ethiopian Renaissance Dam, or GERD, Fana Broadcasting Corp.,
which is controlled by Ethiopia’s ruling party, reported on Wednesday.
Seven other members of the group fled to neighboring Sudan, whose
authorities handed them over to the Ethiopian government, it said.

"This whole accusation is preposterous and peddled for some sinister
reason,” Eritrean Information Minister Yemane Gebremeskel said in a
message sent via Twitter. He said he has “never heard of this group.”

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Nigerian president @mbuhari out of country due to illness, speaks to Moroccan king @ReutersAfrica

King Mohammed VI called Buhari on Wednesday and the two discussed the
latter's health as well as work on a Morocco-Nigeria crude oil
pipeline, the spokesman said.

Buhari has been in London for six weeks on medical leave, raising
questions about his capacity to govern Nigeria.

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The mysterious illness of Muhammadu Buhari Who's running Nigeria? @TheEconomist

SITTING on the pavement outside the Lagos state government
secretariat, Empero flicks through newspapers, looking for jobs. “We
are smiling and we are dying,” says the 36-year-old, a town planner by
trade. Nigerians are known for their dramatic turn of phrase. But
recent events may justify such rhetoric. The economy shrank by 1.5% in
2016. Inflation has more than doubled to 18.7% in 12 months.
Meanwhile, the president, Muhammadu Buhari, has been out of the
country since January 19th, receiving treatment for an undisclosed
illness. There could hardly be a worse time for the 74-year-old former
military dictator to be incapacitated. But much of the blame for
Nigeria’s current economic troubles can be laid at his door.

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MTN, Africa's biggest telecommunications company, recorded an annual loss of $108m on Thursday, its first in 20 years FT

MTN, Africa’s biggest telecommunications company, recorded an annual
loss of $108m on Thursday, its first in 20 years, underscoring the
damaging blow of a fine in Nigeria and of currency depreciations there
and in several other key markets.

The Johannesburg-listed company said its headline loss was 1.4bn rand
($108m). The headline figure is equivalent to a loss of 77 cents per
share in the year ending December, compared with earnings of 746 cents
per share a year earlier.

A record $5.2bn fine levelled by Nigeria’s regulator in 2015 was
settled by MTN in mid-2016 for the naira equivalent of around
one-fifth of the original sum. This came after the company battled,
initially in court in Nigeria and then in negotiations with the
country’s presidency, for months. The fine slashed 10.5bn rand ($768m)
from headline earnings, the company said.

Though MTN has drawn controversy for its high-risk, high-reward
strategy before, most notably four years ago in Iran, the results
confirm how the penalty did unprecedented damage. About $10bn in
market value has been lost, according to analysts.

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MP proposes stricter regulation of telecom companies @BD_Africa
Kenyan Economy

Gem MP Jakoyo Midiwo has proposed changes to the telecoms law that if
passed would see telecommunication companies face stricter regulation
and apply legal pressure on authorities to split Safaricom.
Mr Midiwo on Wednesday issued a notice of intention to introduce
amendments to the Kenya Information Communication Act (KICA), which
will require mobile phone operators that venture beyond
telecommunication services to split their businesses.
“In addition to operating a telecommunication system or providing a
telecommunication service… a person may engage in any other business
provided that such person shall legally split or separate the
telecommunication business from such other business,” the proposed
amendments say.
Such a split would require the operators to have different accounting
systems for each business, besides forcing industry regulators to
issue different licences for each line of business.
If passed, companies would have six months to comply with the new
laws. Those that fail to comply would face fines of up to Sh10 million
and/or imprisonment of top management for up to two years.
KICA defines telecommunication services as the conveyance of sound,
images and data through electromagnetic, magnetic, electric or
electro-chemical energy.
Depending on legal interpretation, Mr Midiwo’s proposals may lock out
mobile money from the definition of telecommunication services,
meaning that operators would need a separate licence, most probably
from the Central Bank.
In an interview with Reuters last week, Mr Midiwo said he would
introduce amendments to banking and communication sector laws that
would force the separation of M-Pesa from the rest of Safaricom
This is only the latest push to split Safaricom, coming a week after a
leaked draft report on telecoms sector competition showed that the
consultants had recommended the separation of M-Pesa from Safaricom
unless the mobile money sector achieves interoperability by the end of


Its as if [Rogue] Policy-Makers have a Put Option.

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Kenya Shilling versus The Dollar Live ForexPros 102.90
Kenyan Economy

Kenya 91-day treasury bill yield at 8.628 percent versus 8.618 percent
last week - central bank

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Nairobi All Share Bloomberg -8.26% 2017
Kenyan Economy

122.33 -0.32 -0.26%

Nairobi ^NSE20 Bloomberg -6.81% 2017


2,969.12 +2.96 +0.10%

Every Listed Share can be interrogated here


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N.S.E Today

The markets have a Fed rate hike priced at a probability of 90% this
March. The US Dollar which has strengthened under President Trump and
been making significant headway the world over as Investors price in
higher US interest rates.
Inflation spiked as high as 9.04% at the last read but as Razia Khan
of Standard Chartered tweeted
''Before you panic about Kenyan CPI, every single component (ex-food)
is showing <5% y/y inflation. But food is 36% of the CPI basket''
Given the gilt-edged inflation busting credibility that the Central
Bank has, I reckon the markets will leave Dr. Njoroge with margin for
The Meteorological risk is front and centre and the cause is an Indian
Ocean climate event called the Indian Ocean Dipole (IOD) which is
parching East Africa.
The Shilling was last at 102.915 and its performance seriously
noteworthy especially  when you consider some of the malarkey that has
been going on in the FX rates across the rest of Africa.
The Nairobi All Share closed -0.60 points at 121.73 an 8 and 1/2 week Low.
The Nairobi NSE20 Index eased -7.34 points to close at 2961.78.
Equity turnover was light at 224.345m

N.S.E Equities - Commercial & Services

It certainly feels as if The Communications Authority and now Mr.
Midiwo [who said In an interview with Reuters last week that he would
introduce amendments to the banking and communication sector laws that
would force the separation of M-Pesa from Safaricom] have a President
Trump like ability to wrestle the Safaricom share price lower. My
Views are that such a proposal is an egregious one and its effects
would be to crash our bona fides as an Investment destination. And
this is the point, what can look and feel like a Game has outsize
effects across Kenya Inc asset prices. Its Safaricom's decision to
make and to try and legislate another outcome is just outrageous. And
when Investors ask about ''Policy-making'' risk this is it plain and
simple. Safaricom eased -0.59% to close at a fresh 9 month low of
16.90. Volume was light at 1.536m shares signalling a base might be at
hand. Safaricom is -11.74% in 2017 and the move overdone.

N.S.E Equities - Finance & Investment

KCB Group rallied +2% to close at 25.50 and traded 1.977m shares. The
share is cheap at -11.3% in 2017 ahead of its FY 16 Earnings Release
next week. KCB has moved with despatch to right-size the footprint and
might well positively surprise on the dividend front.
StanBic Bank firmed +2.22% to close at 69.00 and traded 295,500
shares. StanBic Bank reported FY 16 Earnings where FY EPS declined EPS
-9.911%. Stanbic Bank is -2.212% in 2017.
Barclays Bank rallied +2.33% to close at 8.80 and traded just 30,700
shares. Barclays Bank is -3.29% in 2017 and is underpinned at these
levels after releasing better than in-line FY Results. The share price
is underpinned by a FY Dividend of 80 cents a share worth a cool 9.09%
on the current share price.
Stanchart was up ticked +1.45% to close at a 2017 high of 210.00
Stanchart is currently the only listed bank share in positive
Territory this year and is +11.11% in 2017.

N.S.E Equities - Industrial & Allied

KenGen firmed +0.8% to close at 6.30 on muscular volume of 3.8m shares
ahead of its Investor Briefing Monday morning next week at the
Kempinski. The Arrival of PIC on the shareholder register is uniformly
positive. There is no good reason for the share price to trade below
PIC's entry price.

BAT was marked down -5.56% to close at 850.00 on just 200 shares of business.

Total Kenya up-shifted +4.705% to close at 17.80 and traded 31,300
shares. Total is +4.705% in 2017.


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

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