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September 19, 2018

KQ shares fell before new MD was announced

The Federal Reserve left rates unchanged yesterday but signalled a rate hike for June where the market has priced that prospective hike at 79.4% up from 70.6%.

“The committee views the slowing in growth during the first quarter as likely to be transitory,” the Federal Open Market Committee said.

The US dollar has surged against some specific currencies, crushing the Australian dollar in particular.

Crude oil has tanked and Brent crude as fallen below the optically important $50.00 a barrel level. Caracas is already at breaking point. A number of other oil producers are going to find the pressure simply unprecedented. The Kenya shilling was last at 103.10 and has been outrageously well-behaved.

 Kenya Airways announced the appointment of Sebastian Mikosz as the CEO from June 1. KQ ticked -0.84% lower to close at 5.90, and traded 499,200 shares.

 Safaricom firmed +0.25% to close at a five-month high of 19.65 and traded 9.374m shares. Investors have run the shares +6.5% higher over the last 4 weeks as they anticipate a solid set of full-year results this month.

 Nation Media Group closed -3.39% off a 2017 high to finish at 99.50, and on good volume of 466,900 shares. NMG remains +6.98% in 2017.

 Equity Group rallied +2.272% to close at 33.75 and traded 1.866m shares. Equity is +12.5% in 2017.

 KCB rallied +1.55% to close at 32.75 and traded 953,900 shares. There were buyers for five times the volume traded signalling an egregious demand versus supply Imbalance. KCB is +13.91% in 2017 and is paying a Sh3 final dividend which will juice returns some.

 John Gachora of NIC Bank was the first to issue quarter one 2017 earnings at the NSE and reported a -3.87% decline in earnings per share when compared to the previous year. This is a better than respectable outcome especially when you factor in this was quarter [with the rate cap in play] was being compared to a quarter where the rate cap was not in play. NIC Bank ticked -2.77% lower to close at 26.25 on light volume. NIC Bank is +0.96% in 2017.

 EABL rallied +1.739% to close at 234.00 and traded 291,600 shares. Near term target is 244.00 which is the unchanged mark for the year.

 The Mumias Sugar CEO has thrown in the towel. Mumias Sugar closed unchanged at 90 cents and is -30.76% in 2017.

 Crown Paints received permission from the CMA to delay the release of their full-year earnings due to challenges around consolidating subsidiaries. Crown Paints did not trade.

Aly-Khan is a financial analyst


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