The economy grew by 5.6 per cent last year, slightly faster than the 5.3 per cent growth recorded in 2014. Agriculture, which contributes nearly a quarter of Kenya's economic output, grew 5.6 per cent in 2015 from 3.5 per cent the previous year.
Kenya was actually a 'sweet spot' in the El-Nino weather phenomenon and that's why I often say monetary policy forecasting requires some meteorological skills as well.
This GDP outcome is a positive one especially given the travails elsewhere. I expect South Africa and Nigeria to expand at 0 per cent in 2016, for example.
The Nairobi All Share edged 0.46 points lower to close at 146.47.
The NSE20 index pushed +13.35 points higher to close at 4022.61.
Equity turnover clocked 416.893m.
Safari com eased back -0.88 per cent to close at Sh16.95 and traded 2.308 million shares.
According to a media report Chris Kirubi (who is among the top shareholders of Kenya Airways) is calling ''for the sacking of its top management''. The report in the Business Daily said he also wants the KQ board disbanded arguing its recent decisions had reduced the airline's operating capacity. Kirubi might be emitting a signal in the noise. Kenya Airways rallied +2.33 per cent to close at Sh4.40 and was trading at 4.50 +4.65 per cent at the finish.
Kenya Commercial Bank closed unchanged at 41.50 and traded 2.006 million shares. Equity closed unchanged at Sh40.00 and was the most actively traded share at the exchange with 3.865 million shares worth Sh154.629 million changing hands. Anecdotally, a friend who resides in Kinshasa informs me that the bank has moved with despatch in the DRC. Standard Chartered which had been egregiously marked down since the bonus shares were credited, rebounded +3.62 per cent to close at Sh200.00 and traded 900 shares. Buyers outpaced sellers by a factor of 21 versus 1 signalling yesterday's rebound has legs.
EABL eased 1.01 per cent to close at 294.00. The special dividend has juiced the share and I expect it to vault 300.00 in short order.
ARM Cement last Friday it reported a pre-tax loss of Sh3.54 billion for the full year 2015 due to foreign exchange losses after notching up a profit of Sh2.02 billion in 2014. This was superseded by the news that ARM Cement had secured a $140 million investment from CDC Group. ARM rallied five per cent on the news to close at 36.75 a nine-week high. ARM traded 23,700 shares.
Crown Paints issued full-year 2015 earnings last Friday where revenue posted a double digit increase of 11.559 per cent to clock Sh 6.737108 billion, profit before tax surged +43.052 per cent but earnings per share retreated by 21.687 per cent because of more shares being in issue. The dividend was slashed by 65.714 per cent. These were better than fair results. Crown Paints firmed three per cent to close at Sh51.50.
Home Africa issued a Notice announced that FY 2015 financials will be published by Friday, May 6, which is a week late. It closed unchanged at 1.55.