EABL closes week as most traded stock
The Nairobi Securities Exchange
The NSE20 closed at a fresh 12 month-high for the 2nd consecutive session. The NSE20 improved 14.43 points to close at 3840.36. The Benchmark Index has rallied 635 points and 19.812% in 2012. The Nairobi All Share closed + 0.28 points at 83.54. Foreign investor participation has averaged at about 50% through the year and this has been skewed to the buy side.I believe international accounts have increased ssa equity weighting from an egregiously underweight position to a less underweight but still underweight position and it is this that has proven a rising tide this year, particularly in the blue chip big cap counters like KCB, EABL, Safaricom, BAT. Market Cap was 1.101756 Trillion. Equity turnover was 185.159m.
Sasini Tea eased 2.024% to close at 12.10 and traded 254,000 shares. Tea prices have been on a good run in Mombasa.
Commercial and Services
Safaricom firmed 1.3% to close at 3.90 and traded 2.553m shares worth 9.965m. This is a fresh 15 month closing high. Safaricom has rallied 11.428% over the last 4 weeks and is + 32.203% on a total return basis in 2012. Morgan Stanley put out a buy note with a 4.40 price target July 17th. ScanGroup firmed 0.935% to close at 54.00 and traded 162,400 shares worth 8.845m. Kenya Airways ticked 1.071% higher to close at 14.15 and traded 46,200 shares. Uchumi eased 0.32% to close at 15.55 and traded 85,200 shares. Uchumi is +101.94% in 2012 and the best performer at the Exchange this Year.
KCB closed unchanged at 23.50, the weighted average was 23.74 signalling the price is pointing upwards. KCB traded 1.409m shares worth 33.459m. Barclays Bank firmed 0.36% to close at 13.95 and traded 1.379m shares worth 19.248m. Standard Chartered Bank rallied 2.5773% to close at 199.00 and traded 8,800 shares. Equity Bank closed unchanged at 22.00 and traded 327,500 shares. CIC Insurance retreated 4.17% to close at 4.60. This was the 3rd session since CIC Insurance was introduced via a listing. CIC Insurance fell 8.57% Thursday. Kenya Re rebounded 5.34% to close at 9.85 and traded 64,700 shares.
Industrial and Allied
EABL was the most actively traded share for the 5th consecutive Session. EABL closed unchanged at 227.00 and traded 250,000 worth 56.864m. International investors have seen the likes of EABL and African beer and drinks as a safe haven, which offers growth in an uncertain world. KenolKobil firmed 1.916% to close at 15.95 and traded 374,300 shares. KenolKobil has posted a +64.62% total return in 2012 . I am of the view that the acquisition has become more valuable for the Trafigura Subsidiary Puma Energy, since the 1st announcement was made. I think it always Trafigura to insert itself into what is becoming a Red Hot East African Oil and Gas Narrative. Mumias Sugar rallied 2.307% to close at 6.65 and traded 818,700 shares.