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Tuesday 27th of November 2018 |
Morning Africa |
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If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 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 http://www.rich.co.ke |
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26-NOV-2018 :: Armageddon Cryptogeddon and BITCOIN. Africa |
It was an in an article on Dec 30th 2016 that I wrote that my conviction Trade for 2017 was 1. Long BITCOIN. BITCOIN was trading at levels around $1,000.00 going into 2017. My Thesis was that BITCOIN and the entire crypto-currency World which had been very esoteric and something of a closed World of ''bug-eyed'' Gamers and the Off-Grid Folks who wanted throw the Yoke of Government off their backs, would ''mainstream'' And it ''mainstreamed'' beyond my wildest dreams through 2017. By November 2017 BITCOIN was knocking on the door of $10,0000.00 and on the 27th November 2017, I wrote an article captioned Bitcoin "Wow! What a Ride!" and advised booking the profits on the Trade. A more than 9.7x Price Inflation was getting uncomfortably close to outpacing the Tulip Mania [see Graph] BITCOIN's parabolic price rally had spawned thousands of other crypto currencies which were sold on the same grounds as the greatest South Sea Bubble prospectus: “For carrying on an undertaking of great advantage, but nobody to know what it is.”
The Price inflated further reaching a high of $19,763.00 on 18 dec 2017. By the first of January this year we had retreated to $13,428.00. On the 02-JAN-2018 I reiterated my Point to get out and said '' I am no longer bullish bitcoin, in fact, I am bearish'' At this point in time, I met Folks on these Streets who would pull out their Computer and show me how they were making money every second [Look at that they would say and indeed There was a number and it was ticking higher] mining BITCOIN. The recent cryptocurrency market decline has resulted in a similar drop in mining profitability and forced Chinese operators to sell their mining devices at a loss. Some mining machines are being sold on the second-hand market for merely 5 percent of their original value. Others would tell me, I've bought Nvidia. Crypto at this point was at Peak Phenomenon.
As I write this BITCOIN is trading at $3,650.00. I think its going right back to levels below $1,000.00.
We have yet to hit peak melt-down. The reason being so many Folks espouse the HODL philosophy.
GameKyuubi posted "I AM HODLING," a drunk, semi-coherent, typo-laden rant about his poor trading skills and determination to simply hold his bitcoin from that point on. "I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e," he wrote in reference to the now-famous misspelling of "holding." "WHY AM I HOLDING? I'LL TELL YOU WHY," he continued. "It's because I'm a bad trader and I KNOW I'M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro."
He concluded that the best course was to hold, since "You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell." He then confessed he'd had some whiskey and briefly mused about the spelling of whisk(e)y. [HODL Definition | Investopedia]
Selling at todays levels frankly is still a great Trade.
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27-NOV-2017 :: Bitcoin "Wow! What a Ride!" @TheStarKenya Africa |
“But it is a curve each of them feels, unmistakably.It is the parabola. They must have guessed, once or twice -guessed and refused to believe- that everything, always, collectively, had been moving toward that purified shape latent in the sky, that shape of no surprise, no second chance, no return.’’
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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"WHY AM I HOLDING? I'LL TELL YOU WHY," he continued. "Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro." Africa |
BREAKING DOWN 'HODL' The term HODL (or hodl) originated in 2013 with a post to the bitcointalk forum. The price of bitcoin had surged from under $15 in January 2013 to a high of over $1,100 at the beginning of December 2013. In the 24 hours to 10:00 a.m. UTC, Dec. 18 – possibly in response to reports of a Chinese crackdown – the price of bitcoin fell 39%, from $716 to $438, according to CoinDesk's bitcoin price index.
I AM HODLING At 10:03 a.m. UTC on Dec. 18, GameKyuubi posted "I AM HODLING," a drunk, semi-coherent, typo-laden rant about his poor trading skills and determination to simply hold his bitcoin from that point on. "I type d that tyitle twice because I knew it was wrong the first time. Still wrong. w/e," he wrote in reference to the now-famous misspelling of "holding." "WHY AM I HOLDING? I'LL TELL YOU WHY," he continued. "It's because I'm a bad trader and I KNOW I'M A BAD TRADER. Yeah you good traders can spot the highs and the lows pit pat piffy wing wong wang just like that and make a millino bucks sure no problem bro."
He concluded that the best course was to hold, since "You only sell in a bear market if you are a good day trader or an illusioned noob. The people inbetween hold. In a zero-sum game such as this, traders can only take your money if you sell." He then confessed he'd had some whiskey and briefly mused about the spelling of whisk(e)y.
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Ozymandias BY PERCY BYSSHE SHELLEY Africa |
I met a traveller from an antique land, Who said—“Two vast and trunkless legs of stone Stand in the desert. . . . Near them, on the sand, Half sunk a shattered visage lies, whose frown, And wrinkled lip, and sneer of cold command, Tell that its sculptor well those passions read Which yet survive, stamped on these lifeless things, The hand that mocked them, and the heart that fed; And on the pedestal, these words appear: My name is Ozymandias, King of Kings; Look on my Works, ye Mighty, and despair! Nothing beside remains. Round the decay Of that colossal Wreck, boundless and bare The lone and level sands stretch far away.”
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Africa |
In a statement, the embassy said it had received credible and specific information of a possible terrorist threat against US Government facilities in Kinshasa. The embassy has urged U.S citizens to keep a low profile as it assesses the threat. “US citizens in Kinshasa and throughout the DRC are strongly encouraged to maintain a heightened level of vigilance and practice good situational awareness. Monitor local media for updates,” reads part of the statement. The Democratic Republic of Congo is expected to hold elections on December 23 with campaigns now in high gear.
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Mozambique - Militant attack in Cabo Delgado province Signal Risk Africa |
Maputo - Twelve people have been killed in a suspected Islamist attack in northern Mozambique, with thousands of villagers fleeing the area into neighbouring Tanzania, police sources said Sunday. Early Friday, "there was an attack in Nangade district, where there are no security patrols. The attackers killed 12 people, mostly women and children," a police source in Cabo Delgado province, who asked not to be named, told AFP. The attack took place in the village of Chicuaia Velha, just a few kilometres (miles) from Tanzania, forcing several thousand people to cross the border to seek safety, police said. A local journalist said the villagers were killed by machete or died when their houses were set on fire by the attackers. It was the third such incident in the last month in Cabo Delgado, leaving 20 dead in all.
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Al Shabaab gunmen kill cleric, nine others at religious centre in Somalia: police @ReutersAfrica Africa |
Al Shabaab gunmen and a suicide car bomber struck a religious centre in central Somalia on Monday, killing a cleric and at least nine of his followers, a police officer said. “A car bomb rammed into the centre of the man who insulted the prophet. Our militants are now inside and fighting goes on,” Al Shabaab spokesman Abdiasis Abu Musab told Reuters. Residents of Galkayo and a regional official said Abdiweli may have also been targeted because his centre hosts mostly youths who play music and dance. Al Shabaab said last year the cleric had referred to himself as the Prophet, an accusation denied at the time by Abdiweli. “We cannot know the figure of casualties right now. Al Shabaab had threatened him many times,” Abdirashid Hashi, the governor of Mudug region, told Reuters.
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New @BarrickGold CEO eyes miners' alliance to fix Tanzania tax row @ReutersAfrica Africa |
In an increasingly acrimonious conflict that has lasted almost two years, the government has torn up mining contracts, hiked taxes and royalties, and banned raw minerals exports. President John Magufuli, nicknamed “The Bulldozer”, swept to power in 2015 pledging to secure a bigger share of resource wealth and cut corruption. Acacia was later handed a $190 billion tax bill - about four times the country’s gross domestic product - for underreporting output. The miner, 63.9 percent owned by Barrick, now faces dozens of criminal charges, from tax evasion to money laundering, with three employees arrested on related accusations Randgold founder Mark Bristow, Barrick’s new CEO after its $6.1 billion acquisition of Randgold closes on Jan. 1, says fixing Barrick’s mounting problem in Tanzania could require a collective strategy that has not been used there before. “Tanzania has got a broader (mining) industry and the importance of the industry itself getting together with government is not a bad idea,” Bristow told Reuters in an interview earlier this month. While there is as yet no agreement to coordinate, “I don’t think it’s a bad place to start”, he said. Mining accounted for 4.8 percent of Tanzania’s GDP in 2016, the last year for which figures are available. Acacia dominates the industry, followed by AngloGold Ashanti, Petra Diamonds and Shanta Gold. AngloGold said it would consider allying with Acacia on the issue. A source at another mining company, who did not want to speak publicly, said it may be challenging to unite Tanzania’s mining industry, which may “not want to inherit” Acacia’s issues. The collective approach is not assured to succeed. A new code in the Democratic Republic of Congo, which scrapped a stability agreement while hiking royalties and taxes, was enacted despite vigorous opposition from miners led by Randgold and Glencore. But Bristow, who says he plans to intervene in Tanzania before the takeover closes, is confident he can break the impasse. “Barrick is concerned about the situation in country at the moment. It’s desperate,” he said. Executive Chairman John Thornton, who last October struck a framework deal with the government that is still not enacted, said Bristow has “great standing” in Tanzania. Under the October deal, Acacia was to pay the government $300 million, give it 16 percent ownership and split the economic benefits of its mines. Acacia, which has lost more than two-thirds of its value since early 2017, was blindsided by the deal, a source said. The biggest hurdle to its enactment is disagreement over the $300 million pay-out schedule and whether it settles the long-standing tax dispute, the source said. One of Barrick’s two lead negotiators, special envoy to Tanzania and former chief operating officer Richard Williams, recently left the company. Barrick’s head of strategy Kevin Thomson will now work on the matter with Barrick’s new Africa and Middle East COO Willem Jacobs, who will take up Williams’ responsibilities. Jacobs, formerly Randgold’s head of Central and East African operations, ran talks for the miner in Congo.
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Traders' shock as Tanzanian govt seizes cashew nuts via @The_EastAfrican Africa |
Tanzania's cashew nut traders are staring at huge losses following the government's move to confiscate the produce of those who fail to show proof that they are farmers. The government has launched the verification exercise to rid the sector of middlemen who have dominated the cashew nut trade for years. In southern Mtwara and Lindi regions, where the army was deployed to collect cashews bought by the government, the authorities have been confiscating thousands of tonnes of nuts. Cooperatives have warned that they would be left saddled with huge debts after bankrolling farmers to prepare the farms and purchase inputs following the government decision to pay farmers directly for the produce.
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@StanChartKE share price data Kenyan Economy |
Closing Price: 188.75 Market Cap: $632.55m EPS:19.64 PE: 9.610
@StanbicKE released their Q3’2018 results with Profit After Tax (PAT) increasing by 46.7% to Kshs 4.7 bn from Kshs 3.2 bn in Q3’2017; @CytonnInvest #cytonnreport @StanbicKE Non-Funded Income (NFI) increased by 19.6% to Kshs 7.4 bn in Q3’2018 The growth in NFI was driven by a 56.9% increase in other income to Kshs 2.1b @StanbicKE Total assets increased by 21.0% to Kshs 286.3 bn from Kshs 236.56 bn in Q3’2017 +16.3% increase in the loan book to Kshs 141.1 bn from Kshs 121.3 bn
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Short-term Sh16bn debt takes toll on @KenyaPower @dailynation Kenyan Economy |
Electricity distributor Kenya Power’s #ticker:KPLC 47.7 per cent surge in short-term debt has plunged the company into a Sh16.1 billion negative working capital position, forcing it to open negotiations for loan restructuring. Kenya Power said last week that it had opened talks with its creditors to extend the payment period for segments of its loan obligations that are due to mature in the current financial year. “We are beginning to renegotiate part of the loans and convert them into long-term debt to bridge the negative liquidity gap,” acting chief executive Jared Othieno said. Renegotiating some of the debt covenants with the creditors is aimed at ensuring that the current liabilities do not exceed current assets. Kenya Power’s financial statement that was released last week showed that liabilities that are due for servicing in the next 12 months stood at Sh106 billion or 48.5 per cent higher than the Sh54.6 billion current assets available to service such obligations. This negative working capital position coupled with insufficient provisioning for outstanding debts forced Auditor-General Edward Ouko to offer a qualified opinion on the company’s accounts. “Were the accounts qualified? Yes they were. It relates mostly to the borrowing covenants. The covenant we have is that we should maintain a cash ratio of 1:1 for some of these loans,” Mr Othieno said. Kenya Power’s total debt stands at Sh113 billion, down from last year’s Sh122 billion but it is the surge in short-term liabilities that has caused the latest pressure. Mr Othieno, however, ruled out asking shareholders for funds to bridge cash flow shortfalls. “We have not reached a point where we are going back to our shareholders for a rights issue. We are keen on restricting (this) debt into the long term,” he said. In the year under review, cash flow constraints forced Kenya Power to turn to short-term borrowing to finance some of its operating costs, a development that increased its finance costs by 29.3 per cent to Sh7.8 billion. Besides, electricity generator KenGen has hit Kenya Power with a Sh1 billion interest penalty for late payments for power supplied.
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