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September 22, 2018

KQ touches a new 2016 high at Sh6.10

KQ flight at Moi Airport Mombasa./FILE
KQ flight at Moi Airport Mombasa./FILE

The Nairobi All Share rebounded 1.02 points to close at 136.81.

The Nairobi NSE20 closed +11.12 points at 3214.50. Equity turnover clocked Sh438.373million and somewhat some seriously low-ball volume sessions last week.

Kapchorua Tea rallied +6.66 per cent to close at Sh80. Tea farmers have all had quite a windfall. 

Safaricom (which will report earnings early November) firmed +1.52 per cent to close at Sh20.00 and traded 4.937 million shares. Buyers outpaced sellers by a factor of two to one, signalling further upside traction into that earnings release. 

Kenya Airways maintained its ''Michael Joseph'' rebound and closed +7.96 per cent at a fresh 2016 high of Sh6.10 and traded 2.023 million shares. Kenya Airways has registered a parabolic +69.44 per cent price rebound over the last four weeks. The price surge is a serious signal in the noise. 

Sidian Bank, formerly known as K-Rep bank (but is not listed at the securities exchange) yesterday announced that it has embarked on a voluntary retirement scheme. This is surely a harbinger of things to come in the smaller banks as they right-size their Operations. Sidian which is majority owned by Centum is moving with despatch. 

Equity Group firmed +0.81 per cent to close at Sh30.75, and was lightly traded with just 82,800 shares changing hands.

Standard Chartered firmed a shilling and is the only bank at the Nairobi Securities Exchange that has posted a positive return in 2016. StanChart is +16.00 per cent on a total return basis in 2016.

EABL was the most actively traded share at the exchange and closed unchanged at Sh272.00 and traded 1.013 million shares worth 276.139 million (62.98 per cent of the total volume traded). EABL is well supported at these price levels. 

KenGen, which fell sharply after the release of its financial year earnings and some -13.77 per cent on Friday, stabilised and closed unchanged at Sh5.95 with 521,100 shares changing hands. The share price reaction on Friday was overcooked and in part because of the dividend pass and an optically big dividend payment to the GoK. The share price remains undervalued but the management needs to start promoting the investor story.

Deacons EA shares are down by 58 per cent since it listed at the NSE on August 2 through yesterday morning. Deacons closed limit down -9.72 per cent at Sh5.70.

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