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Satchu's Rich Wrap-Up
 
 
Wednesday 20th of March 2019
 
Morning
Africa

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Macro Thoughts

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@Tesla TSLA $264. @elonMusk margin call at $232 @zerohedge
Africa


Of course, Musk does have millions more TSLA shares he can (and
undoubtedly will) pledge to meet margin calls, so an outright
liquidation of his stock is unlikely to occur until the price of Tesla
shares dips into the $90s. However, the closer the stock gets to that
figure (and considering the financial disaster Tesla is, that time may
be closer than one might think), the more likely it is that the
ensuing “death spiral liquidation” will be front-run (and thus
accelerated) by observant market participants, perhaps at prices well
into the $100s.

read more




25-FEB-2019 :: Currency Puzzles
Africa


Currency Markets remain the most liquid market of all in the World and
something equivalent to the Challenger Deep in the Mariana Trench
which is the deepest known point in the Earth’s oceans. The Foreign
Exchange market trades in excess of $5.1 trillion a day.
Within the 24 hour cycle, the market exhibits Liquidity peaks and
troughs and we have witnessed spectacular and exponential moves
typically in the early hours when most of the World is in the Land
of Nod and liquidity is at its lowest. You might recall a night when
Sterling tanked ten big figures, a night when the Rand flash-cras- hed
and even this year we saw the Aussie get creamed.
Wizards and Gremlins stalk the night. Once upon a time, the FX market
was a ‘’voice-over’’ market, today its entirely screen-based and
algorithimic and High Frequency Trading is a big component

read more


The @jpmorgan global FX volatility index this week fell to its lowest level since September 2014, and is down by about one-quarter so far this year.
Africa


Excluding a skittish British pound, the average one-month implied
volatility of G7 currencies is now sitting around a level of 6, “and
less than 1 volatility point away from the all-time low set in the
summer of 2014,” notes Mandy Xu ⁦@CreditSuisse⁩

Home Thoughts

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The Swing by Kabir
Africa


Between the Poles of the Conscious and the Unconscious there has the
Mind made a Swing. Thereon hang all Beings and all worlds, and that
Swing never ceases it's Sway Millions of Beings are there The Sun and
the Moon in their courses are there Millions of ages pass And The
Swing goes on. All Swing! The Sky and the Earth and the Air and the
Water

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'Poppy apocalypse' in California as selfie chaos causes canyon to close @SkyNews
Africa


Local officials call the influx "unbearable" after 150,000 people
descend on Lake Elsinore to see the "super bloom".

read more




There is much symbolism here, since Soleimani happens to be the first Iranian commander to receive the Order of Zulfiqar since 1979
Law & Politics


Zulfiqar also spelled Dhulfiqar (Arabic: ذو الفقار Ḏū-l-Faqār or
Ḏū-l-Fiqār) is the sword of Imam Ali ibn Abi Talib which is said to
have been given to him by the Islamic Prophet Muhammad.

https://twitter.com/alykhansatchu/status/1108056888531398658

Indeed, Khamenei has since decorated Soleimani with Iran’s most
prestigious medal of honor, the Order of Zulfiqar.

read more






4 FEB 19 :: "The edge... There is no honest way to explain it because the only people who really know where it is are the ones who have gone over," Hunter S Thompson.
Law & Politics


The Chavez Revolution was always a rebellion in the Superpower’s back
yard and the machine was eventually going to bring it to heel by hook
or by crook.

read more




China Considers Excluding @Boeing 737 Max From Trade Deal @business
Law & Politics


China is looking at excluding Boeing Co.’s troubled 737 Max jet from a
list of American exports it would buy as part of a trade deal with the
U.S., people familiar with the matter said.
Boeing jets were featured on a draft list of American products China
would buy to reduce its trade surplus with the U.S., the people said,
asking not to be identified discussing private deliberations.
Now, safety concerns are pushing China to examine whether to cut the
737 Max from the list altogether or replace it with other Boeing
models after the crash of a plane operated by Ethiopian Airlines led
to the aircraft being grounded worldwide, they said.
A reduction in aircraft purchases could make it harder for China to
fulfill an offer it’s said to have made to pare its $300-billion-plus
annual goods trade surplus with the U.S. over six years, and
potentially delay any overall agreement between the two countries.
Worth billions of dollars and a key U.S. export, planes would likely
be a key component of any commitment by China to buy more American
goods, along with soybeans, meat and natural gas.
China’s Ministry of Commerce, which is in charge of the nation’s trade
talks with the U.S., didn’t immediately respond to a request for
comment. A Boeing representative declined to comment.
For Boeing, China’s exclusion of Max purchases in a trade deal would
mark another setback for a company that’s reeling from a crisis of
confidence over its top-selling plane, which accounts for almost a
third of its operating profit.
Chinese airlines made up about 20 percent of 737 Max deliveries
worldwide through January, according to Boeing’s website.
China Southern Airlines Co. has 16 of the aircraft, with another 34 on order.
China Eastern Airlines Corp. has 13, while Air China Ltd. has 14,
according to Boeing.
 Other Chinese airlines that have bought the Max include Hainan
Airlines Holdings Co. and Shandong Airlines Co.
The 737, which first entered service in the late 1960s, is the
aviation industry’s best-selling model and Boeing’s top earner. The
re-engineered Max version has racked up more than 5,000 orders worth
in excess of $600 billion, including planes that have already been
delivered.
Most of China’s airlines count the government as its top shareholder
and aircraft purchases are often coordinated by state agencies
including the Civil Aviation Administration of China and National
Development and Reform Commission.
No other country has more demand for aircraft than China, which is
estimated to seek 7,690 new planes worth $1.2 trillion in the 20 years
through 2037, according to Boeing’s latest forecast.

read more




A little over a week after the deadly crash of an @flyethiopian Airlines @Boeing 737 Max jet, the aircraft maker's CEO Dennis Muilenburg put out a personal statement to passengers, airlines, & the aviation community yesterday @qz
Law & Politics


We know lives depend on the work we do, and our teams embrace that
responsibility with a deep sense of commitment every day. Our purpose
at Boeing is to bring family, friends and loved ones together with our
commercial airplanes—safely. The tragic losses of Ethiopian Airlines
Flight 302 and Lion Air Flight 610 affect us all, uniting people and
nations in shared grief for all those in mourning. Our hearts are
heavy, and we continue to extend our deepest sympathies to the loved
ones of the passengers and crew on board.

Safety is at the core of who we are at Boeing, and ensuring safe and
reliable travel on our airplanes is an enduring value and our absolute
commitment to everyone. This overarching focus on safety spans and
binds together our entire global aerospace industry and communities.
We're united with our airline customers, international regulators and
government authorities in our efforts to support the most recent
investigation, understand the facts of what happened and help prevent
future tragedies. Based on facts from the Lion Air Flight 610 accident
and emerging data as it becomes available from the Ethiopian Airlines
Flight 302 accident, we're taking actions to fully ensure the safety
of the 737 MAX. We also understand and regret the challenges for our
customers and the flying public caused by the fleet's grounding.

Work is progressing thoroughly and rapidly to learn more about the
Ethiopian Airlines accident and understand the information from the
airplane's cockpit voice and flight data recorders. Our team is
on-site with investigators to support the investigation and provide
technical expertise. The Ethiopia Accident Investigation Bureau will
determine when and how it's appropriate to release additional details.

Boeing has been in the business of aviation safety for more than 100
years, and we'll continue providing the best products, training and
support to our global airline customers and pilots. This is an ongoing
and relentless commitment to make safe airplanes even safer. Soon
we'll release a software update and related pilot training for the 737
MAX that will address concerns discovered in the aftermath of the Lion
Air Flight 610 accident. We've been working in full cooperation with
the U.S. Federal Aviation Administration, the Department of
Transportation and the National Transportation Safety Board on all
issues relating to both the Lion Air and the Ethiopian Airlines
accidents since the Lion Air accident occurred in October last year.

Our entire team is devoted to the quality and safety of the aircraft
we design, produce and support. I've dedicated my entire career to
Boeing, working shoulder to shoulder with our amazing people and
customers for more than three decades, and I personally share their
deep sense of commitment. Recently, I spent time with our team members
at our 737 production facility in Renton, Wash., and once again saw
firsthand the pride our people feel in their work and the pain we're
all experiencing in light of these tragedies. The importance of our
work demands the utmost integrity and excellence—that's what I see in
our team, and we'll never rest in pursuit of it.

Our mission is to connect people and nations, protect freedom, explore
our world and the vastness of space, and inspire the next generation
of aerospace dreamers and doers—and we'll fulfill that mission only by
upholding and living our values. That's what safety means to us.
Together, we'll keep working to earn and keep the trust people have
placed in Boeing.

Dennis Muilenburg
Chairman, President and CEO
The Boeing Company

read more


The lack of touch and finesse displayed by Boeing over the last seven days is mind-boggling. They have stayed resolutely behind the curve
Law & Politics


The Message Boeing sent was the Safety came second, a simply untenable
position. Eventually the FAA capitulated and grounded the 737 Max.

read more


18-MAR-2019 :: @Boeing 737 MAX-8, @FlyEthiopian 302, the FAA and 'teachable moments''
Law & Politics


The big teachable moments for me were these. Ethiopian and its
Government acted with a lot of decorum. Concerns about brand damage
are overblown.
In contrast, Boeing have taken a big hit but more worryingly the
Corporate's reactions to a fast moving situation were a D-.

read more





@FlyEthiopian is the airline of the African continent. They control the skies and fly to more destinations than anybody else. I don't think their position is under threat,"
Law & Politics


"They are an efficient organisation and have kind of a military
approach to running an airline which is obviously the right way to
go," Satchu added.

read more


Currency Markets at a Glance WSJ
World Currencies


Euro 1.1342
Dollar Index 96.50
Japan Yen 111.57
Swiss Franc 1.0002
Pound 1.3236
Aussie 0.7085
India Rupee 68.8035
South Korea Won 1130.20
Brazil Real 3.7897
Egypt Pound 17.293
South Africa Rand 14.4850

read more




#Facebook agrees to dismantle targeted advertising system for job, housing and loan ads after discrimination complaints @Schuldensuehner
World Currencies


Change represents a significant shift for a company that has built one
of the most successful advertising platforms in history

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Mozambique's second largest city was destroyed last Friday. When I say destroyed I mean 90% of the buildings were destroyed. @nurianegrao
Africa


There are 2.5 million people on the region affected by Cyclone Idai.
It is still raining. The dams are full. The flood gates will have to be opened.

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23-NOV 2015 I cannot help feeling we are like frogs in boiling water. We have created massive interference in the "cosmic tuning" phenomenon
Africa


Des villageois émergent de la brume à Runhowane, près de
Chimanimani au Zimbabwe, dimanche. Photo Zinyange Auntony. AFP @Libe

https://bit.ly/2TmdWUU

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the regime appeared to be attempting to ramp up its international support, dispatching new deputy prime minister Ramtane Lamamra to Russia, which counts Algeria as its biggest African weapons customer
Africa


“We see attempts to undermine the situation, and categorically oppose
any interference in these processes,” he was quoted as saying by the
RIA Novosti news agency.

read more



U.S. Africa Command Statement on Amnesty International Report - @USAfricaCommand
Africa


Since June 2017, AFRICOM conducted 110 airstrikes in Somalia,
eliminating more than 800 terrorists. AFRICOM airstrikes are primarily
conducted in secluded, low-populated areas.

read more




What makes Africa's largest e-commerce platform African? @qzafrica
Africa


News of Jumia’s filing to go public on the New York Stock Exchange
last week is stirring questions about what defines a startup as
African.
While the company runs the largest e-commerce business across Africa
with operations in 14 countries including Nigeria, Kenya, Morocco and
Egypt, it is incorporated in Germany, has its headquarters in Dubai
with its central tech team based in Portugal, and as its IPO filing
shows, will be listed in New York.
Being a “German stock corporation” probably means it will pay the
majority of its corporate taxes in Germany, but its subsidiaries will
also pay local taxes in most countries. “There isn’t sufficient
clarity on this matter,” says Aly-Khan Satchu, a Nairobi-based
financial and investment analyst. “It’s basically called African
because its business is in Africa but its ownership and a lot of the
infrastructure is not on the continent.”
Then there’s the issue of its founders. Jumia was co-founded in 2012,
by Sacha Poignonnec and Jeremy Hodara, two French former McKinsey
associates who specialized in retail, packaging and e-commerce while
with the consulting firm. The 38-year olds are from the traditional
background of a lot of French executives via Paris business schools.
They opened shop in Nigeria in 2012 alongside Tunde Kehinde (Nigerian)
and Raphael Kofi Afaedor (Ghanaian) who both left the company in 2015.
The other member of Jumia’s senior management is chief financial
officer Antoine Maillet-Mezeray, 49, who is also French. Jumia’s new
supervisory board is a bit more African with names including Blaise
Judja-Sato, the Cameroonian-American founder of VillageReach, Alioune
Ndiaye, the Senegalese chief executive of Orange Middle East and
Africa and Jonathan Klein, the South African-born co-founder of Getty
Images.
As such, Jumia’s identity as an African company is based on the
continent being its primary market. It’s a categorization that’s often
seen in the African tech space for smaller startups and even long
established tech businesses. Research methodology behind reports on
venture funding trends in Africa often use primary markets as a
defining standard for startups to be covered.
Partech Ventures and WeeTracker, two of the companies that publish
annual reports, both include startups that have a primary market in
Africa whether or not they are headquartered or incorporated on the
continent. In compiling its reports, Nayantara Jha, co-founder of
WeeTracker, says it considered the question of being incorporated
outside the continent “but soon realized that the money was raised for
Africa and not only by Africans.”
“My standard for saying a startup is African is simple: the idea
originates from Africa and it is founded by an African,” says Victor
Asemota, a Nigerian tech veteran and investor.
In some cases, Asemota argues, companies incorporated outside Africa
or founded by non-Africans simply look to leverage the relative
novelty of innovating and solving problems in Africa. For some, it’s
about “using the African affiliation as a prop,” he argues. “Their
real ambition is to gain quick recognition.”
Until that “unfortunate” reality changes, Sulyman predicts more
African startups will aim to get incorporated abroad to maximize
access to venture capital especially as funding pools closer to home
are remain unlocked. “Access to funding is a great driver for
incorporating outside,” Jha reiterates. “Today, Jumia’s IPO is
possible because of Rocket Internet [its parent company incorporated
in Germany].” But having been incorporated outside the continent,
Jumia’s branding as an African company is “public and investor
relations being played at a quite high and interesting level,” Satchu
says. “They want to indigenize their brand [as] successful brands in
Africa tend to be adept at indigenization. It’s subtle and clever
marketing to cloak itself in the righteousness of the continent and
seek to dilute the fact that its ownership is not on the continent.”
The move could also be rooted in a two-part “defensive” play for
market dominance, Satchu speculates. “They’re trying to capture the
first-mover advantage ahead of what is surely going to be extremely
fierce competition with Alibaba and Amazon,” he says.
While Jumia positions itself as African—”the leading pan-African
e-commerce platform”—in the S1 filing Amazon and Alibaba’s foothold in
the US and China respectively means they will likely be regarded as
being wholly foreign by local consumers. The other part of the play
would be to “probably look for one of those (Amazon or Alibaba) to
take a stake in the business.”
As Quartz has previously reported, it’s a big-picture play many
industry insiders believe to be the end goal for local e-commerce
businesses. It appears even more plausible for Jumia given its
well-documented steep losses: in total, Jumia has already accumulated
losses of nearly $1 billion operating for in its African markets.
While looking to define the identity of a startup operating in Africa,
Sulyman advocates not losing sight of the company’s local impact
especially if such company “is being a great corporate citizen…where
employees are being treated equitably irrespective of where they’re
from or where they are.” On the other hand, Sulyman concedes the
scrutiny is prompted if a company “is purely extractive” or adjudged
to be “deceptive for the sake of branding and PR” to lean on the
novelty of Africa’s tech ecosystems.
But Satchu says it’s “absolutely important” to be explicit about
businesses’ identity and roots regardless. “So many incorporations in
Africa prefer smokes and mirrors,” he tells Quartz. “Shining a torch
on these things has to be a good thing.”

read more




Ghana is selling $3 billion of Eurobonds Tuesday as a dovish turn by some of the world's leading central banks spurs appetite for high-yield, high-risk holdings.
Africa


The West African oil and cocoa producer sold the debt in a three-part
deal with average maturities of seven, 12 and 31 years, according to a
person familiar with the matter, who asked not to be identified.
The shortest tranche was priced to yield 7.875 percent, after initial
guidance of around 8 percent to 8.5 percent, the person said.
The other other tranches were priced at 8.125 percent and 8.95
percent, respectively.
Bank of America Merrill Lynch, JPMorgan Chase & Co., Morgan Stanley,
Standard Bank Group Ltd. and Standard Chartered Plc arranged the deal.
Ghana has previously said it would sell $2 billion of foreign-currency
debt to help finance its 2019 budget and seek $1 billion more if
demand proved high enough.
The cedi strengthened for the first week in four last week as
investors bet the sale would boost central bank reserves and help it
protect the currency, which has weakened 9.6 percent this year.
S&P Global Ratings rates Ghana B, five steps into junk territory and
the same level as Argentina and Egypt. African sovereign dollar bonds
have returned 9.5 percent in 2019, the most among emerging-market
regions, according to JPMorgan indexes.

read more


#Ghana issued $3bn of Eurobonds yesterday. Demand was sky-high. Finance Minister Ken Ofori-Atta told @BloombergTV investors placed $20bn of orders! @PaulWallace123
Africa


Ghana Stock Exchange Composite Index Bloomberg -3.15% 2019

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

Sunset in Botswana ☀️ #TravelAfrica #Botswana #SeeAfrica @seeafricatv

https://twitter.com/seeafricatv/status/1107885141244940288

The MTN 🇺🇬 Managing Director Wim Van Halleputte, who was
deported last month is back in Uganda & back in office.

https://twitter.com/SoogiKatende/status/1108028739592601600

Other news, MTN has agreed to pay the $100M (one hundred million
dollars) that H.E was demanding as license renewal fee (not the $58M
UCC wanted)

read more







Carbacid Investments Ltd. reports HY 2019 EPS EPS 0.41 vs. 0.65 -36.923%
Kenyan Economy


Par Value:                  5/-
Closing Price:           9.16
Total Shares Issued:          254851988.00
Market Capitalization:        2,334,444,210
EPS:             1.17
PE:                 7.829

Carbacid Investments PLC HY 2019 results through 31st January 2019 vs.
31st January 2018
HY Turnover 304.851m vs. 301.566m +1.089%
HY Cost of sales [141.790m] vs. [132.586m] +6.942%
HY Gross profit 163.061m vs. 168.980m -3.503%
HY Other operating income 18.751m vs. 15.321m +22.388%
HY Administrative expenses [59.927m] vs. [48.828m] +22.731%
HY Operating profit 121.885 vs. 135.473m -10.030%
HY Finance income 79.766m vs. 76.155m +4.742%
HY Adjustment on revaluation of equity investments [48.003m] vs.
6.108m -885.904%
HY PBT 153.870m vs. 217.890m -29.382%
HY PAT 105.319m vs. 164.983m -36.164%
Interim dividend/ share –
EPS 0.41 vs. 0.65 -36.923%
Total Assets 3.311627b vs. 3.270359b +1.262%
Share capital and reserves 2.971137b vs. 2.910671b +2.077%
Cash and cash equivalents at the end of the period (maturing in less
than 3 months) 484.987m vs. 684.404m -29.137%

Results for the six months ended 31st January 2019
Turnover for the first 6 months of the year increased by 1% compared
to the same period last year. Operating profit however reduced by 10%
compared to the corresponding period in the previous year due to
increasing operating costs that are influenced by external drivers.
Mining Royalties and County Government demands continue to put more
pressure on operations and margins. The Group continues to look for
new markets and process improvement opportunities.
Group profit after tax has been impacted by a substantial drop in the
value of investments in equities in the Nairobi Securities Exchange
(NSE) and Dar-es-Salaam (DSE) Stock Exchange, by Shs 48 million. This
compares to a gain of Shs 6 million in the same period last year. The
NSE and DSE indices lost 15% of their respective values over the
6-month period, and it is not certain that the markets will rebound
sufficiently to recoup the drop-in investment values by 31st July
2019. As a result, the full year results are expected to be lower than
prior year. The Board will continue to apply strategies to ensure best
performance under the circumstances.

Dividend
As has been the practice in the past few years a final dividend will
be considered based on full year results.

Profit warning
Carbacid Investments Plc (the Company) makes this announcement
pursuant to Regulation G.05 (1) (f) and (2) of the Nairobi Securities
Exchange Listing Manual and the Capital Markets (Securities) (Public
Offers, Listing and Disclosures) Regulations,2002.
Based on the Company's unaudited financial results for the first six
months ended 31st January 2019 and the Company's second half forecast
particularly as regards the investment portfolio, profit for the full
year is projected to be at least 25% lower than the previous financial
year.

read more




 
 
N.S.E Today


The UK House of Commons Speaker threw a Brexit Curve Ball, by
pronouncing that the Prime Minister would not be able to bring er Exit
Plan for another vote unless it was substantially modified.
Essentially he has guillotined a Theresa May's Ground Hog Day.
The markets with had rallied Sterling sharply in 2019 and in fact
Sterling was the best performing G-10 Currency in 2019 but of late has
been brought down a peg or two off its 2019 highs.
With the exception of Qatar, every country ETF is positive in 2019 w/
an average return of +11%. Best start to a year since 1987. [Charlie
Billelo]
On 2 JAN 19 ::  I  headlined my Article 2019 Annus Mirabilis which
means “wonderful year”  following on an Annus Horribilis in 2018.
The ⁦@jpmorgan⁩ global FX volatility index this week fell to its
lowest level since September 2014, and is down by about one-quarter so
far this year.
Excluding a skittish British pound, the average one-month implied
volatility of G7 currencies is now sitting around a level of 6, “and
less than 1 volatility point away from the all-time low set in the
summer of 2014,” notes Mandy Xu ⁦@CreditSuisse⁩
The eerie Calm before a Storm?
The Boeing CEO who is also Chairman and President Dennis Muilenburg
finally surfaced and pronounced
We know lives depend on the work we do, and our teams embrace that
responsibility with a deep sense of commitment every day. Our purpose
at Boeing is to bring family, friends and loved ones together with our
commercial airplanes—safely.
Our mission is to connect people and nations, protect freedom, explore
our world and the vastness of space, and inspire the next generation
of aerospace dreamers and doers—and we'll fulfill that mission only by
upholding and living our values. That's what safety means to us.
Together, we'll keep working to earn and keep the trust people have
placed in Boeing.
The Boeing missteps are mind boggling.
The FED opines on the US Economy tonight and Powell will be the near
term ''Decider'' for the Markets near term.
There is a lot of excitement about the Jumia Listing expected
imminently in New York at the NYSE.
Ghana [which is the Proud Owner of the worse performing currency in
2019 out of 140 that I track lobbed out $3b worth of Eurobonds
Tuesday, sold the debt in a three-part deal with average maturities of
seven, 12 and 31 years, according to a person familiar with the
matter, who asked not to be identified.
The shortest tranche was priced to yield 7.875 percent, after initial
guidance of around 8 percent to 8.5 percent, the person said.  The
other other tranches were priced at 8.125 percent and 8.95 percent,
respectively.
Finance Minister Ken Ofori-Atta told @BloombergTV investors placed
$20bn of orders! These are heady days and the liquidity Firehose is
Full on.
African sovereign dollar bonds have returned 9.5 percent in 2019, the
most among emerging-market regions, according to JPMorgan indexes.
Kenya Treasury might wish to get their skates on.
The Kenya Shilling which rallied 2.35% since the start of the Year to
a multi year high of 99.60 in the second week of March was last
trading at 100.95.



N.S.E Equities - Commercial & Services


Safaricom rallied +1.964% to close at 28.55 and traded 3.771m shares.
Safaricom is +28.60% in 2019 as Investors upgraded the M-PESA Earnings
Curve particularly since the blow-Out Launch of Fuliza.

The Debate about Kenya Airways and the proposed ''Tie-Up'' with KAA is
a National Interest issue. if we have any ambitions with regard to
being a Gateway and Hub then its critical Kenya Airways is put on an
even Keel. The market firmed +0.787% and the share is a Trading Buy
because when Push comes to shove.



N.S.E Equities - Finance & Investment


StanBic Holdings with served up some mouth-watering FY 18 Earnings
rallied 5.26% to close at 100.00 on light trading.



N.S.E Equities - Industrial & Allied


EABL rallied +1.74% to close at 205.00 and traded 535,200 shares and
is +17.31% in 2019 after releasing some well received H1 Earnings.

KenGen eased -1.06% to close at 5.60 and traded 2.909m shares. The
market is yet to price in the already announced geographical
extension.

Carbacid Investments Ltd. reported a -36.923% decline in  HY 2019 EPS
and issued a FY Profits Warning.

''Group profit after tax has been impacted by a substantial drop in
the value of investments in equities in the Nairobi Securities
Exchange (NSE) and Dar-es-Salaam (DSE) Stock Exchange, by Shs 48
million''

Carbacid closed -0.11% at 9.13 and is -8.00% Year To Date.
--



by Aly Khan Satchu (www.rich.co.ke)
 
 
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March 2019
 
 
 
 
 
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