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January 24, 2019

KQ shares up 16 per cent in three sessions

The KQ plane at Moi international airport Mombasa. photo Elkana Jacob
The KQ plane at Moi international airport Mombasa. photo Elkana Jacob

World stocks are up 12 months in a row, the longest winning streak on record.

US consumer confidence jumped to the highest level since 2000.

The IMF is warning about Africa's rising debt and the rising debt service ratio.

In Nigeria, IMF estimates 62% of government revenues were spent on debt service in 2017

“This election must not stand,” opposition leader Raila Odinga told reporters in Nairobi, the capital (Bloomberg).

Asset markets are discounting the NASA leader's comments and see the political situation as a Fait Accompli.

Bond investors indicated that they view the declaration of Kenyatta’s victory as the beginning of the end of the crisis, with the yield on the government’s international bonds due in 2024 tumbling 15 basis points to 6.16 per cent since the announcement of the results (Bloomberg).

The Nairobi All Share followed on yesterdays big gain of 1.174% gain with a further +.1.21% gain to close at 163.96.

The Nairobi NSE followed on yesterdays +54.78 points gain with a further +30.05 gain to close at 3759.67

Yesterday's thrust higher was affirmed by good volume action of 1.24b some six times the average traded last month.

Safaricom was the most actively traded share at the Exchange and firmed +0.98% to close at 25.75 and traded 12.49m shares worth 321.783m. Safaricom is +39.53% in 2017 on a total return basis and sits just -2.83% below a record closing high of 26.50 reached at the end of August. Safaricom will release H1 earnings this Friday pre-market opening.

Kenya Airways rallied a further 3.508% to close at 5.90 and has ramped +16.831% higher over three trading sessions.

Equity Group surged +7.23% to close at 40.75 and was trading at 41.50 +9.21% at the finish. Equity traded 4.239m shares and Q3 2017 earnings that Captain Mwangi turned his Equity Bank Oil Tanker early and on a dime and hence the vibrant price reaction. Equity traded 4.239m shares and there were unserviced buyers for 5.77m shares at the closing bell.

KCB Group rallied +2.614% to close at 39.25 and was trading at limit up 41.75 +9.87% at the finale. KCB traded heavy volume of 5.195m shares.

Co-op Bank firmed 5 cents to close at 16.00 and traded 5.842m shares.

Sanlam Kenya popped +7.40% higher to close at 29.00 and traded 9,300 shares.

Congratulations are in order to Rebecca Miano on her confirmation as the first female KenGen Kenya MD and CEO since 1954. KenGen firmed +1.71% to close at 8.90 and traded 1.148m shares. KenGen is +53.44% in 2017.

EABL closed unchanged at 244.00 and traded 1.154m shares worth 282.713m.




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