KQ reaps MJ’s dividends, hits 2016 high

The Kenya Airways staff. Photo/File
The Kenya Airways staff. Photo/File

In the international markets, the Kingdom of Saudi Arabia is set to push the Sell Button on a record sale of $17.5 billion of sovereign bonds.

The Bank of Uganda reduced interest rates by 100 basis points.

The Nairobi All Share rowed back -0.50 points to close at 136.13.

The Nairobi NSE20 eased back 10.67 points to close at 3239.00

Equity turnover clocked Sh262.487 million more than the previous session, but still way below par for 2016.

Sasini ratcheted +7.799 per cent higher to close at Sh19.35 and traded light just 10,100 shares.

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reported that BlackRock Fund Advisors acquired 72.08 million Safaricom shares worth Sh 1.4 billion earlier this month, further confirming Safaricom's accession on to the radar of the world's biggest investors. Safaricom eased -0.25 per cent to close at Sh19.70 and traded 1.854 million shares. I would surmise that BlackRock will be coming back for more shares.

Kenya Airways continues to reap a ''Michael Joseph'' dividend and the share price today surged +8.33 per cent to close at Sh5.20, a 2016 closing high. Yesterday's move was executed on good trading volume of 1.859 million shares. KQ is +50.72 per cent over the last four weeks, and is now +6.122 per cent in 2016. The share price which was ''bombed out'' is rebounding on the basis that Joseph has the bonafides to secure the long-term funding and future of the Pride of Africa.

TPS Serena eased -1.91 per cent to close at Sh18, and traded 1.035 million shares. TPS has seen good two-way volume action at this level of -28.00 per cent in 2016.

NIC Bank was the most actively traded banking share for the second consecutive session. The lender closed unchanged at Sh27.50 (-36.41 per cent in 2016) and traded 1.658 million shares worth Sh45.61 million, making that a cumulative total 2.821 million shares and 0.44 per cent of its shares traded over two sessions.

Standard Chartered firmed +0.54 per cent to close at 185.00 and traded 59,100 shares. StanChart is +16.15 per cent on a Total Return Basis in 2016, vastly outperforming its peers and the broader Indices. A lot is going right here and at the PLC level, and the share price action in 2016 is an accurate reflection of that fact.

Barclays Bank eased -1.24 per cent to close at 7.95 a three-week low. Barclays is -32.72 per cent in 2016 on a Total Return Basis but part of that retreat is related to Barclays PLC's very public announcement of their desire to exit Africa.

Atlas Development, which has been delisted in London (where to held a listing), did not trade. Investors are -50 per cent in 2016 after taking a fearful battering in 2015. Atlas was in the oil and gas support business but is now promoting on-line gambling in Nigeria.

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