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September 26, 2018

Equity Bank stands out as the most active share at the NSE

Equity Bank along Badel Naser road Mombasa./FILE
Equity Bank along Badel Naser road Mombasa./FILE

Sterling ramped higher across the board as the 2.3 per cent increase print in the consumer prices index was the fastest since September 2013 and above the median prediction for 2.1 per cent.

The rate is up from just 0.3 per cent a year ago, reflecting sterling’s 17 per cent drop since the Brexit vote in June, as well as an increase in oil prices.

Developments in the US where a Noose [Russia refers] tightened around President Donald Trump's neck triggered a sell-off in the Dollar.

The Shilling was trading at 103.10.

The long-awaited M-AKiba Bond Gig [a mobile-phone based government bond] will be launched this week.

The Nairobi All Share rallied +0.455% to close at a fresh 10 week high of 127.78 and has now narrowed its year-to-date loss to -4.169%.

The Nairobi NSE20 Index rallied +0.575% crossed the important chart level of 3,000 to close at 3,007.90.

Safaricom firmed +0.55% to close at a one week high of Sh18.10. Safaricom traded its slowest session of the year as just 511,900 shares were traded and sellers headed for the hills.

Kenya Airways closed lower at Sh5.30 but was trading at 6.00 +9.09% session highs at the finish. That's a noteworthy development.

KCB Group firmed +0.79% to score another fresh 2017 closing high of Sh31.75 and closed out the session trading at Sh32.50 +3.17% at the closing bell. KCB is +10.434% in 2017 and vastly outperforming the benchmark indices in 2017. The full year dividend was a masterstroke.Co-operative Bank firmed +1.07% to close at Sh14.15 and traded 2.329 million shares. COOP Bank is +7.196% in 2017.

Equity Bank was the most active share at the Nairobi Securities Exchange and closed unchanged at Sh29.50 and traded 5.878 million shares worth Sh174.478 million. Equity is -1.666% in 2017 and my favourite remark from Equity's full year 2016 investor briefing was this;

“When quality becomes king, volume becomes vanity.'' courtesy of chief executive James Mwangi.

I&M was high-ticked by the daily maximum of 10% to close at Sh93.50 on just 300 shares of business.

KenGen closed unchanged at Sh6.55 and traded 3.657 million shares. A buyer has been at work up to this very level for a while now and this extinguishing of cheap supply is going to be very constructive for the share price.

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