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Satchu's Rich Wrap-Up
Wednesday 22nd of August 2018

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Macro Thoughts

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How Bitcoin's crash compares to history's biggest bubbles @Business

Bitcoin’s dramatic rise and fall has left many investors wondering
whether the cryptocurrency is destined to enter the history books as
one of the world’s biggest bubbles. After an almost 60-fold increase
over the past three years to nearly $20,000 in December, Bitcoin has
tumbled by about 70 percent from its peak on concern that regulatory
and security hurdles will prevent widespread adoption. By comparison,
the Nasdaq Composite Index recorded a 78 percent peak-to-trough
decline after the dot-com bubble burst in 2000.

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27-NOV-2017 :: Bitcoin "Wow! What a Ride!" @TheStarKenya

Let me leave you with Hunter S.Thompson, “Life should not be a journey
to the grave with the intention of arriving safely in a pretty and
well preserved body, but rather to skid in broadside in a cloud of
smoke, thoroughly used up, totally worn out, and loudly proclaiming
“Wow! What a Ride!”

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Currency Puzzles and a weaponised Dollar @Thestarkenya

Previously EM and Frontier Markets had been showering in a Golden
Flood of Cheap Dollar Liquidity, had been borrowing Dollars like there
was no Tomorrow but are now scrambling to find those Dollars because
the ''Golden shower'' has been switched off

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Central bank asset purchases @adnanchian

2016 $1.60tn
2017 $2.30tn
2018 $0.16tn

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"An early morning walk for the 5 musketeers, very well known cheetahs in the Maasai Mara." - 'Soft morning walk' taken by Fabrizio Bignotti

“An early morning walk for the 5 musketeers, very well known cheetahs
in the Maasai Mara.” - ’Soft morning walk’ taken by Fabrizio Bignotti
while staying at Sarova Mara in aid of the Angama Foundation

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#BragAboutYourGeneration @Frederiko

We dated without @Tinder.
We took rides without @Uber.
We got jobs without @LinkedIn.
We found places without @Waze.
We did playlists without @Spotify.
We took photos without @Instagram.
We found answers without @Google.
We made friends without @Facebook.

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"We have the competitive advantage in the arms trade because we have a better cost-benefit ratio''
Law & Politics

"We have the competitive advantage in the arms trade because we have a
better cost-benefit ratio. The Africans like that better because it is
more at the level they can afford,” says a former Russian diplomat

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Could trade war lead to the real thing? Former Australian PM Kevin Rudd says historically, we've failed to see tipping points until it's too late
Law & Politics

News that China and the U.S. will resume trade talks this week swiftly
lifted markets. This follows the first meetings at the annual summer
retreat of the Chinese Communist Party leadership at the beachside
resort of Beidaihe. As might be expected, the main topic this summer
has been the U.S.-China trade war, where it might lead and what could
conceivably be done to avert it without an unacceptable loss of
political face.

While we won’t have any real indication as to the tenor of the Chinese
discussions or their conclusions for awhile yet, it’s worth thinking
through where this trade war could take us all in the absence of
effective diplomatic intervention. History tells us trade wars are
easy to start and hard to stop, just like real ones. There’s a reason
for that. The material stakes become greater as hostilities continue.
And the domestic political cost of backing down gets higher and

Let’s start with trade. The traded sector represents some 38 percent
of Chinese GDP and 27 percent of U.S. GDP. If the current, small-scale
dispute escalates to cover the entire $650 billion in bilateral trade,
the world will have an objective economic problem on its hands, not
just one of general market sentiment. Once growth numbers start
declining, however marginally, it won’t take all that much for
sentiment, and then the real economy, to head south. Falling sentiment
and economic numbers will contribute to a mutually reinforcing spiral.

The other factor that can’t be ignored is plain old political
psychology. If someone is forced into a corner, they can either back
down or double down. The assumption in Washington seems to be that Xi
will do the former. This may be right. But U.S. leaders need to
remember that China, even as a one-party state, has its own domestic
politics to confront — both internal regime politics as well as the
wider court of Chinese public opinion which, despite internet
censorship, is remarkably well-informed.

Historically, we’ve routinely failed to discern when the tipping
points come between public disagreement, failed diplomacy, political
crisis, failed crisis management, limited conflict and then more
general war. In this case, we aren’t even yet at phase two in the

So those of us, like myself, of a modestly religious frame of mind
should light a candle for the upcoming round of negotiations. A great
deal rides on them, and not just for the U.S. and China.

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This photo from Trump's interview with Reuters is amazing for how many recording devices are in the Resolute desk @DavidNakamura
Law & Politics

This photo from Trump’s interview with Reuters is amazing for how many
recording devices are in the Resolute desk. Looks like at least 7,
incl perhaps one or two from WH side. (Also Trump’s classic
arms-crossed posture.)

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Her last words were b4 beheading: "I am being killed innocent, I will seek justice from God."
Law & Politics

Saudi Arabia beheaded Human Right Activist & #Shia women " Esraa
al-Ghamgam" from Qatif. She was sentenced to death for her criticism
of Government over injustice to #Shia community.

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The only advance delivered by the reforms to date is that a few highly privileged women are now able to drive cars @FT
Law & Politics

The spat with Canada suggests that internal security and repression of
opposition is more important than human rights or improving the
country’s image internationally. (The number of executions in the
kingdom this year is 73.)

When it comes to Tesla , the explanation may lie in the US rather than
Saudi Arabia. The prospective deal has been announced by Mr Musk but
not endorsed by any Saudi official. The key question must be: who
stood to gain from the idea that the Saudis were about to invest in

Saudi is a complex society, with a leadership much more sophisticated
and realistic than many in the west imagine. The last 3 years have
been an aberration, a personality cult alien to the culture of a
conservative society intent on its own preservation.

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wherever per-person Facebook use rose to one standard deviation above the national average, attacks on refugees increased by about 50 percent.
Law & Politics

Landmark study in Germany scrutinized every anti-refugee attack in the
country, 3,335 in 2 yrs, concluded that wherever per-person Facebook
use rose to one standard deviation above the national average, attacks
on refugees increased by about 50 percent.

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Currency Markets at a Glance WSJ
World Currencies

Euro 1.1574
Dollar Index 95.24
Japan Yen 110.45
Swiss Franc 0.9843
Pound 1.2911
Aussie 0.7355
India Rupee 69.855
South Korea Won 1118.68
Brazil Real 4.0491
Egypt Pound 17.8740
South Africa Rand 14.3755

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Venezuelans Grapple With Maduro's Baffling New Economic Plan
Emerging Markets

Caracas returned to work after a holiday weekend that saw President
Nicolas Maduro announce the devaluation and a minimum wage hike of
more than 3,000 percent, decisions that were a tacit acceptance of the
ubiquitous black-market exchange rate. They accompanied the roll-out
of new banknotes that dropped five zeroes -- the second time such a
measure was implemented in the past decade -- to simplify
transactions. Many Venezuelans waited outside banks to get their hands
on the new sovereign bolivares after months of living almost cashless.

Jimmy Lugo, 39, a heavy-machine operator, said as he waited to use an
ATM downtown that he was paying much as 500 percent markups for legal
tender, on which he depends for bus fare. While he doubted the latest
economic package would put more food on his table, he hoped it would
at least bring temporary relief as President Maduro is unlikely to
leave power on his own.

“This is the only ship there is. Either it floats, or we’re all going
down," Lugo said after collecting his cash.

Yet many fear the reforms will sink a foundering nation still deeper.
Inflation is running over 100,000 percent, food and medicine are
scarce and citizens are are fleeing by the thousands to neighboring
countries. Some have been met with violence.

The socialist regime is employing many familiar tactics to in its
latest attempt to rein in economic chaos. The late president Hugo
Chavez chopped three zeros off the currency a decade ago. The minimum
wage, which has been frequently revised, will increase more than 3,000
percent. And authorities said they were poised to publish new price
caps on 25 essentials later on Tuesday.

The Maduro administration also announced that currency auctions, used
to determine the official exchange rate, would resume Wednesday with
greater frequency and access. But many remain skeptical that
rejiggering the system, established in 2003, would ease a dollar
drought that stymied domestic production and starved the country of

The debut of the sovereign bolivar did little to slow the spiraling
prices of goods or dollars, an implicit recognition that the thriving
black market represents the country’s true economy. On Tuesday,
DolarToday, a website that tracks black-market exchange rates, said
the street value of greenback fell almost 10 percent to 65 bolivars on
Tuesday from the 60 bolivar-rate Maduro declared last week.

Maduro is also wading into uncharted territory by linking the
bolivar’s value to a cryptocurrency -- believed to be the first time a
government has tried such a thing. The Petro is backed by crude oil,
and the government sets its value at $60, or 3,600 sovereign bolivars.
The Petro will fluctuate and be used to set prices for goods. Still,
the cryptocurrency doesn’t trade on any functioning market, Francisco
Rodriguez, chief economist of Torino Capital, wrote in a note to
clients Monday.

“They’re going to pay us in cryptocurrency now -- Petros? It’s crazy.
I have no idea how it will work. We’re barely using bolivars at this
point,” said Jose Bastida, a 58-year-old maintenance worker waiting
outside a bank in central Caracas.

Maduro’s plan was “marked by inconsistencies and was short on
specifics, suggesting that any attempt to stabilize the economy would
start out facing huge credibility problems,” Rodriguez from Torino
Capital wrote.

The announcement of the measures on a Friday night was a historical
rhyme for many Venezuelans. In 1983, President Luis Herrera Campins
devalued the bolivar for the first time in 22 years after oil prices
crashed. Citizens called the date “Black Friday.” The bolivar has been
devalued nearly a dozen times since Chavez rose to power nearly two
decades ago, often sparking a flurry of last minute shopping before
business owners slap new price tags on their products.

Marelis Martinez, a 57-year-old administrative assistant, said prices
of many essentials like cheese and eggs had already gone up by as much
as a third over the weekend.

“This is all a joke; I feel like I’m being laughed at,” Martinez said.
“The president can say the minimum wage is worth whatever he wants,
but it still won’t be enough to cover a chicken.”


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Sambi, who had previously been questioned and placed under house
arrest, will also be officially detained to prevent him from fleeing
the country or undermining investigations by communicating with others
accused of involvement in the scheme.

A lawyer for Sambi said he was being held in “prison-like” conditions.
The ex-president, who was in power from 2006-2011, has previously
denied all allegations against him.

Comoros launched a programme with the United Arab Emirates and Kuwait
in 2008 to sell citizenship to stateless people in those countries in
return for cash to help develop the poor Indian Ocean archipelago.

However, an investigation by the Comoros parliament released earlier
this year found that thousands of passports were sold outside official
channels via “mafia” networks and at least $100 million of revenues
went missing.

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'IMF Put' Lures Investors to Angola's Eurobonds as Yields Fall

Angola’s Eurobonds surged after the OPEC member said it would ask the
International Monetary Fund for financial support.

Yields on the southern African nation’s $1.5 billion of bonds maturing
in November 2025 fell 31 basis points, the most in almost two years,
to 7.47 percent by 9:15 a.m. in London. The Ministry of Finance
announced late Monday that it had asked the IMF to add a “financing
component” to its support program, which initially was only going to
include technical assistance.

While the government said it needed help because growth was slower
than expected and it was struggling to fund its budget, investors had
hoped it would turn to the Washington-based lender to speed up
economic reforms. The expectation of an IMF program has helped Angola
weather the sell-off in emerging markets over the past few months
better than its peers. Its Eurobonds have made losses of 1.2 percent
this year, which is less than the emerging-market average of 4.9
percent, according to data compiled by Bloomberg.

The third-biggest economy in sub-Saharan Africa was battered by the
2014 crash in the price of oil, which accounts for almost all the
government’s export earnings. President Joao Lourenco, who came to
power in September, has tried to revive growth by tackling corruption
at state firms and improving the business environment.

The central bank has also devalued its currency, the kwanza, almost 40
percent against the dollar this year in a bid to end crippling
shortages of foreign exchange.

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@HEBobiwine Uganda's 'ghetto president', upstages the real head of state @KagutaMuseveni @mailandguardian

Robert Kyagulanyi cannot remember the day that Yoweri Museveni was
first inaugurated as president of Uganda. It was 33 years ago, and he
was just three.

Since then, Museveni has been inaugurated a further four times, most
recently in 2016. Meanwhile Kyagulani, better known by his stage name
Bobi Wine, has grown up to become perhaps the most serious threat to
the president’s efforts to further extend his residence in State

Even two years ago, this would have been impossible to predict. Sure,
Wine had forged a spectacularly successful career as a reggae musician
and entertainer, and crowned himself ‘the Ghetto President’ — a
reference to his childhood in one of Kampala’s poorest slums. But he
was more famous for his slick lyrics and his high-profile ‘beefs’ with
rival musicians than for his politics.

Look a little closer at those lyrics, however, and the signs of the
political whirlwind he was about to unleash were there. In 2016, when
most of his peers had been co-opted into singing a campaign song in
support of Museveni, Wine released a track called ‘Dembe’ that took
aim directly at the president.

Lwaki temulabira ku Mandela (Why don’t you borrow a leaf from Mandela)

Yafuga kimu n’ata bendera (He ruled a short period and surrendered power)

Abakulembeze okulwa mu ntebe (Leaders who overstay in power)

Ky’ekireetera Uganda okufuuka eddebe (Is the reason why Uganda is rumbling)

Wine’s victory came as a shock to Uganda’s political establishment,
but initially just an isolated one. Kampala has long been an
opposition stronghold, after all, and his popularity was thought to be
confined to the country’s Luganda-speaking regions, which would limit
his national appeal.

They thought wrong. Since his own election, candidates supported by
Bobi Wine — all of them relative outsiders — have gone on to win three
parliamentary seats: in Jinji, Bugiri and most recently Arua. “He has
been to these by-elections taking a lead role and on the way launching
his People Power movement. We see the People Power movement is proving
to be a serious force. It now appears that the young generation, which
is where his big appeal is, they are picking up his messages so fast,”
said Kittata.

If Bobi Wine really has captured the imagination of Uganda’s youth,
then he has demographics on his side: more than 75% of the population
is under the age of 30.

Lukwago, the mayor of Kampala, said that the forces that Bobi Wine has
unleashed could do more than threaten the status quo — they could
overturn it entirely. “The signs are ominous…It can only get worse.
The country may go up in flames. You know the chequered history of
this country, we have witnessed enough bloodshed. We have never had an
orderly succession to power.”

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When #BobiWine is released, the young and outspoken MP will likely be welcomed by even bigger crowds than he left behind @africaarguments

When Robert Kyagulanyi – better known as Bobi Wine – was elected to
Uganda’s parliament last July, the opposition’s excitement around the
iconic musician’s victory was palpable. But it was also tempered with

On the one hand, Bobi Wine was young and charismatic – a rarity in
Ugandan politics. He had won the urban Kampala constituency
by-election by a landslide. He was an articulate and charismatic
opponent of the government, a defender of the poor, a man known
popularly as the “Ghetto President”. His arrival in parliament would
surely be a breath of fresh air.

On the other hand, however, some were wary. They noted that Bobi Wine
was untested and inexperienced. He was not the first musician to join
Parliament, and his lack of a party affiliation could leave him
isolated. His ascension was perhaps worth celebrating, but many did
not expect much from the young man beyond his symbolic electoral

Yet just one year later, even those with the highest hopes may be
surprised at the extent to which the new MP has shaken up Ugandan
politics. Far from being an ineffectual sideshow, the 36-year-old has
become the face of the opposition. He led efforts last year against
the ruling party’s plan to amend the constitution. He recently
spearheaded protests against a new social media tax. And the
candidates he has supported in elections have triumphed, trouncing
nominees backed by both the ruling NRM and the main opposition Forum
for Democratic Change (FDC).

As he has toured the country, the crowds at his rallies have continued
to swell. There is already talk in opposition circles of him
challenging President Museveni in 2021.

Bobi Wine was vocal and articulate, spreading his slogan of “people
power” and urging the youth to forget their partisan differences and
unite around a common goal of removing Museveni. But the musician did
not just speak. He also managed to mobilise the youth through calls
his to action and by giving them something to (literally) sing about.
While marching alongside his fellow citizens in street protests, he
has also continued to use his music to energise supporters. He has
sung hopeful songs of political freedom followed by romantic tunes of

It all started as both Bobi Wine and Museveni campaigned in the
northern town of Arua ahead of a by-election. Protesters reportedly
threw stones at the president’s convoy, leading to clashes with
security forces. Later that day, Bobi Wine tweeted a photo of his
driver, slumped dead and bleeding in his car, claiming that he had
been the real target.

Though things remain uncertain, the Ugandan state cannot hold Bobi
Wine forever. If he is convicted on charges widely accepted to be
trumped up, wells of anger and frustration that have built up over
decades could spill onto the streets. But even if he is released with
charges dropped, he will leave the prison gates to even bigger crowds
than he left behind.

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"The revolutionary contingent attains its ideal form not in the place of production, but in the street''

Paul Virilio, in his book Speed and Politics, says: “ The
revolutionary contingent attains its ideal form not in the place of
production, but in the street, where for a moment it stops being a cog
in the technical machine and itself becomes a motor (machine of
attack), in other words a producer of speed.’’

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Uganda police disperse protesters in capital as unrest goes on

Police spokesman Emilian Kayima said police had deployed to stop a
riot that had broken out in a market in downtown Kampala. “Some groups
of youths have participated in a riot and they are being handled ...
we’re stopping the riot.”

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19-FEB-2018 Hugh Masakela "I want to be there when the People start to turn it around..."

February 3rd 1960 and by a British Prime Minister Harold Macmillan who
said, ‘’The wind of change is blowing through this continent. Whether
we like it or not, this growth of national consciousness is a
political fact.’’

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@Julius_S_Malema the enfant terrible of South African politics, feels he's got President @CyrilRamaphosa just where he wants him

Julius Malema, the enfant terrible of South African politics, feels
he’s got President Cyril Ramaphosa just where he wants him.

Since his expulsion from the ruling African National Congress five
years ago, Malema, 37, and the Economic Freedom Fighters have targeted
setting the national agenda before next year’s elections. The party
has been key in pushing the ANC into more forceful support for
expropriation of land without compensation and free university
education. Now it’s demanding that the ANC fulfill a pledge it made
eight months ago to nationalize the central bank.

Ramaphosa last month announced plans to amend the constitution to
allow the state to take land without paying for it to address skewed
ownership patterns that date back to apartheid and colonial rule. The
prospect of property rights being eroded has spooked investors, who
the president is trying to persuade to pour $100 billion into the
country to spur growth.

“The EFF is in charge -- the ANC is following us,” Malema, whose 25
lawmakers dressed in red miner and maid outfits regularly spark
uproars in parliament, said in an interview. “Through their land
announcement, they had to look for something that changed the
narrative. That’s why they came out as desperately like they did.”

ANC Chairman Gwede Mantashe has suggested that land ownership should
be limited to 12,000 hectares (29,652 acres) per farm owner and white
farmers who hold more than that should cede the rest to the state for

That approach, which is supported by a populist faction in the ANC,
doesn’t tie with Ramaphosa’s reassurances that a policy change won’t
damage production, as happened in neighboring Zimbabwe, where land
grabs that started in 2000 triggered an economic collapse.

The ANC’s U-turn on property rights comes after its support fell to a
record low of 54.5 percent in a 2016 municipal vote when it lost
control of three of the biggest cities, including the economic hub of
Johannesburg, to opposition coalitions. The EFF won 8.2 percent
support and the main opposition Democratic Alliance 27 percent.

Since then, on the policy front, it’s become a case of the tail
wagging the dog, according to Tinyiko Maluleke, a political analyst
based at the University of Pretoria.

“So small is the EFF, it’s the tail in this case, it’s able to wag the
big dog,” he said by phone. “The EFF always takes the opportunity when
there are issues like this to call the ANC’s bluff, to say ‘if you
have all these radical decisions to take at your conferences, we are
going to help you implement them.’”

The ANC denies following the EFF’s lead on land, saying it came up
with the idea of amending the constitution to ensure that the
government could effectively manage redistribution while taking
account of both investors and those who hunger to farm. During a
parliamentary debate in May, Malema called Ramaphosa “wishy-washy” on
the issue and said the EFF was encouraging people to invade unoccupied

“If you occupy illegally the land without changing the constitution,
you are shooting yourself in the head,” Jessie Duarte, the ruling
party’s deputy secretary-general, said in an interview. “We are not
responding to Malema. We discussed this, and we thought we need to do
things properly.”

The EFF has been able to anticipate plans that the ANC is considering
and then portray the decision as if it’s a result of its pressure,
said Ongama Mtimka, a lecturer at the department of political and
conflict studies at Nelson Mandela Metropolitan University in Port

“The EFF is not the governing party, they don’t have some of the
sensitivities and political management issues the ANC needs to take
into consideration,” he said.

The fractious nature of the debate suggests South Africa has dispensed
with the politics of negotiation that prevailed during the era of
Nelson Mandela and led to the end of white-minority rule, according to
Ralph Mathekga, an independent political analyst.

“This creates a very tense policy implementation environment, where
political parties are exchanging ultimatums on policy, and shifting
away from a consensus approach toward an either ‘my way or the
highway’ approach to politics,” he said.

South Africa’s state-owned Land Bank said on Monday a plan to allow
the state to seize land without compensation could trigger defaults
that could cost the government ($2.8 billion) http://bit.ly/2wlnUwi

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Ghana Stock Exchange Composite Index Bloomberg +10.97% 2018

Shoprite Holdings Ltd.’s lower-income South African customers are
struggling and it’s weighing on the profitability of Africa’s biggest
supermarket chain.

Earnings excluding one-time items fell by 3.8 percent to 9.69 rand per
share in the year through June, missing the 10.82 rand per share
analyst estimate compiled by Bloomberg. The Cape Town-based company
also cut the full-year dividend to 4.84 rand a share, it said in a
statement Tuesday.

“Consumers are under a tremendous amount of pressure and conditions
for Shoprite’s core customers at the lower end are particularly
tough,” Alec Abraham, an analyst at Sasfin Securities Ltd., said by
phone before the results were published.

Outside South Africa, Shoprite sales slumped 7 percent in its 14 other
countries, hurt by slow economic recoveries, unfavorable currency
moves and foreign-exchange shortages. Angola particularly weighed,
following two years of breakneck revenue growth. However, the company
is set to expand into Kenya and remains committed to the African
continent, the retailer said.

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Unshackled From Barclays, Absa Investment Bank Chases Growth

Absa Group Ltd.’s corporate and investment banking unit is targeting
new African markets in a bid to boost earnings and deliver on Chief
Executive Officer Maria Ramos’ mission to reboot the lender.

“This was one of the businesses that was impacted by the separation
given it was so closely aligned to Barclays when we first built it
out,” Harvey said. “It’s really about building a pan-African corporate
and investment bank. The separation now allows us to determine our own

Harvey, who looks after the investment bank, and Temi Ofong, who
oversees the corporate-banking division, are focusing on serving the
lender’s offshore client base by opening an office in London next
month and another in New York in 2019. Absa has a presence in 11
African countries that together represent a third of the continent’s
gross domestic product.

The division, which accounted for 15 percent of Absa’s first-half
income, will also expand its footprint across the rest of Africa and
lend in sectors such as infrastructure projects, trade and commodity
finance, Harvey said, areas that weren’t a big focus for Barclays.

“For Africa, we know it’s important to be in that space and we know we
can grow in that space,” he said. The group will also focus on
expanding its commercial property finance and financial markets
businesses, Harvey said.

To achieve this growth it is seeking opportunities for partnerships
and acquisitions in its existing territories, like Nigeria, and
markets where it doesn’t have a direct presence such as Angola, Egypt
and Ivory Coast, the co-CEO said.

“Both options will be available to us,” Harvey said, adding that
potential partners have been knocking on Absa’s door since the
Barclays divorce was announced.

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N.S.E Today

Michael Cohen 'testified under oath that Donald Trump directed him to
commit a crime,' lawyer Lanny Davis said.
The market is still trying to calculate what this in fact will mean.
President Trump tempered what has been at times a violent Dollar
upside move by criticising the FED and China and Europe for currency
I think Trump is playing cute and is in fact enjoying wielding his Big
Stick as a Weapon of Mass Destruction.
The Euro has crossed 1.1600, Gold is within 2 dollars of $1,200.00 Oil
has rebounded nearly 2% as Investors turn bright eyed and bushy
Venezuela's Maduro [who was recently attacked by remote-controlled
drone] is wading into uncharted territory by linking the bolivar’s
value to a cryptocurrency -- believed to be the first time a
government has tried such a thing.
“This is all a joke; I feel like I’m being laughed at,” Martinez said.
“The president can say the minimum wage is worth whatever he wants,
but it still won’t be enough to cover a chicken.” [Bloomberg[
Of course, next door in Uganda, the World is watch President
Museveni's next steps in regard to Bobi Wine very closely indeed. We
could see a big wobble in the currency.
''Though things remain uncertain, the Ugandan state cannot hold Bobi
Wine forever. If he is convicted on charges widely accepted to be
trumped up, wells of anger and frustration that have built up over
decades could spill onto the streets. But even if he is released with
charges dropped, he will leave the prison gates to even bigger crowds
than he left behind'' [@africaarguments]
Hugh Masakela  said‘’I want to be there when the People start to turn
it around....’’
"The Kenya Ports Authority, the port operator, has to meet the
railway’s freight target or pay the railway for the unused capacity.
In effect, the port is working for the railway." [David Ndii] on the
day it was announced that ''Kenya has secured a Sh380bn loan facility
for Naivasha-Kisumu standard gauge railway project''
The Nairobi All Share Index rowed -0.35 points lower to close at 173.96.
The Nairobi NSE20 Index firmed +8.25 points to close at 3344.94.
Equity Turnover registered 467.938m.

N.S.E Equities - Commercial & Services

Safaricom closed unchanged at 29.00 and traded 6.42m shares worth
186.932m on the day that Fortune Magazine placed Safaricom and its
M-Pesa on @FortuneMagazine’s ‘Change the World’ listing. I fully
expect an M-Pesa cross-border thrust and into Ethiopia in particular.

WPP-ScanGroup surged +8.55% to close at 16.50 and traded 4.003m shares
worth 66.044m. WPP-ScanGroup remains -13.157% in 2018 and reported a
+25.64% H1 2018 EPS acceleration.

N.S.E Equities - Finance & Investment

Equity Group closed unchanged at 50.00 and traded 1.268m shares worth
63.608m. Equity trades on a Trailing PE Ratio of 10.00 and accelerated
H1 2018 EPS +17.408% and what caught my attention was Subsidiary
outperformance and acceleration.
Barclays Bank Kenya corrected -2.49% lower to close at 11.75 and
traded 2.817m shares worth 33.219m. Barclays reported a +6.53%
acceleration in H1 2018 EPS growth. Barclays Bank is +32.815% in 2018
on a Total Return Basis.

National Bank of Kenya
reported an H1 2018 EPS [0.83],  booked an H1
Exceptional item of [533.272m] and registered a -257.231% decline in
H1 where they have reported a Loss after Tax of  [282.736m] vs. a PAT
of 179.822m in H1 2017. National Bank closed unchanged at 6.20.

N.S.E Equities - Industrial & Allied

KenGen closed at 6.55 and traded 74,500 shares. Kenyan's share price
has suffered contagion form events at KPLC and therefore is oversold
and will embark on a sharp rebound in due course.


by Aly Khan Satchu (www.rich.co.ke)
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August 2018

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