KQ share price falls further after profits dip
CEO Kenya Airways Titus Naikuni and Alex Wainaina Mbugua Group Finance Director KQ during the investor briefing at Intercontinental Hotel today by Karuga wa Njuguna
The NSE20 rallied 8.88 points to close at 3694.23. The benchmark index is +15.2574% in 2012 and less than 0.5% from a 10 month closing high. The Nairobi All Share firmed 0.41 points to close 79.82. The Bull trend [admittedly from an egregiously low base at the close of last year, is very much intact and once again gaining positive traction. EABL has set a fresh all time closing high. Kenya Airways lurched even further below the rights price. Market Cap closed at 1.023042 trillion. Equity Turnover was 181.963m and the lackadaisical volume is signalling supply exhaustion at this price point on a number of counters.
In Commercial and services Safaricom traded a tight 3.40-3.45 range and 7.573m shares. Safaricom closed unchanged at 3.40 and is +15.254% in 2012 and chart resistance is at 3.50, a 10 month high, a level reached in May on 4 occasions. Kenya Airways lurched 5.755% lower to close at 13.10 and traded 116,400 shares. This is clearly really sub optimal. Uchumi retreated 0.8746% to close at 17.00 and traded 81,300 shares.
In Banks,Kenya Commercial Bank rallied 1.086% to close at 23.25 and traded 475,100 shares. There was buy side interest at the closing bell for 1000% of the ootal number of shares traded during the session. 23.00 had proven chart resistance but it has now been crossed signalling the next leg higher.
Barclays Bank was the 2nd most actively traded counter and rallied 1.5625% to close at 13.00 and traded 2.347m shares. Barclays Bank has eased 0.3846% in 2012 and trades on a PE of 8.7468.
Equity Bank rallied a further 2.345% to close at 21.75 and traded 1.005m shares. Equity Bank rallied 8.75% this week and traded year high volume on wednesday. Equity Bank trades on a 7.7984 PE. Co-oP Bank eased 5 cents to close at 13.80 and traded 735,200 shares. Housing Finance firmed 2.564% to close at 16.00 and traded 12,500 shares.
Centum was the most actively traded counter. Centum eased 1.0204% to close at 14.55 and traded 2.406m shares. Centum is +7.777% in 2012 and trades on a PE 4.2236.
PanAfric rallied 5.839% to close at 36.25 on 1,400 shares. This was a Reaction to the report that Sanlam Limited had issued a statement that it had received approval from shareholders and market authorities to increase its shareholding in the company to 60 per cent from the current 50 per cent. This is a 10 month closing high. In Industrial and Allied,EABL rallied 0.9174% to close at 220.00 which is a fresh all time closing high, in a sequence of them this year. EABL has delivered a 29.36% total return in 2012.
Mumias Sugar rallied 6.557% to close at 6.50 and traded 2.772m shares. Buy side interest had been stacking up and the imbalance had become egregious. Mumias Sugar is +22.641% in 2012 and trades on a 5.1587 PE.Mumias Sugar rallied 10.169% this week. East African Portland was high ticked 5% to close at 63.00 and traded 500 shares.