The news that South African Finance Minister Pravin Gordhan had been served with a warrant for arrest roiled SA asset prices with the rand crashing up to 3.71 per cent lower versus the dollar. Gordhan presciently said the following at the Financial Times Africa 2016 conference last week: “As long as I am in my position I have confidence of President Zuma but it can end with 1 phone call.’’ He was kindly asked to switch off his phone for the duration of the interview.
The British pound was last at 1.2271 versus the dollar. The Nairobi All Share closed lower. The NSE20 Index retreated -17.02 points to close at 3241.92. Equity turnover, slowed from Sh1.01 billion previously to clock Sh636.963 million.
Kenya Airline Pilots Association has called for an indefinite strike from October 18 to protest what it described as poor management at Kenya Airways, the union’s general secretary said on Tuesday. “We have no confidence in the airline’s recovery,” said the circular from Capt Paul Gichinga, the head of Kalpa. “Kalpa’s members will from Tuesday down their tools until a comprehensive change of guard at Kenya Airways is effected.”
Kenya Airways closed unchanged at a three-month high of Sh4.20 with 120,700 shares changing hands. Recent revelations have not slowed a recent price rebound. Safaricom eased -1.23 per cent to close at Sh20.00 and traded 9.580 million shares worth Sh192.473 million. Safaricom has been a bull outlier for four years now. TPS Serena retreated -4.76 per cent to close at Sh18.00 and traded 954,300 shares. A significant shareholding has been changing hands at these levels of -28.00 per cent year to date. KCB Group retreated -2.702 per cent to close at Sh27.00 and traded 1.460 million shares. KCB has spoken of seeking partnerships across the digital Fintech space.
“Today we announce the death of brick and mortar for transactions in banking,” said Equity Group chief executive James Mwangi at a press briefing. Equity Group firmed 1.68 per cent to close at Sh30.25 on good volume action of 3.760 million shares worth Sh113.868 million.Standard Chartered closed unchanged at Sh180.00 and traded 8,200 shares. StanChart has seriously outperformed its big cap peers and is positive through 2016.
EABL was the most actively traded share at the exchange yesterday and firmed 0.35 per cent to close at a 10 week high of Sh283.00, trading713,100 shares worth Sh202.287 million. EABL is 5.677 per cent in 2016. KenGen saw strong volume of 3.620 million shares and tacked -0.72 per cent lower to close at Sh6.85 but was trading at Sh7.00, a 1.45 per cent five-month high.
Aly-Khan is a financial analyst