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February 20, 2019

Safaricom eases 1.94% before fi scal results

safaricom house. Photo/Monicah Mwangi
safaricom house. Photo/Monicah Mwangi

The Bank of England has raised interest rates a quarter point to 0.5% and this is the first rate hike in a decade.

Sterling reacted poorly and was down more than a 140 basis points versus the dollar.

The IMF said Sub Saharan Africa to register 3.4 per cent growth in 2018 versus 2.6 per cent in 2017.

The Nairobi All Share could not maintain its winning ways and eased -0.48 points to close at 163.48.

The Nairobi NSE20 Index maintained its run higher and closed +17.16 points to close at 3776.83

Equity turnover was vibrant for the second consecutive session and volume clocked 970.128b

Citi ahead of the Safaricom earnings release today said ''We see mobile money as one of two growth drivers for the company going forward, together with data. We are below consensus in our growth outlook as we see three reasons for being cautious: 1. M-money growth is increasingly shared with other players. 2. High voice prices are likely to incentivize migration to OTT. 3. We think the gaming sector, a tailwind in the 2017/17 fiscal year, could start to decline following tax rise from January 2018.'' Safaricom rowed back -1.941% to close at 25.25 and traded 18.954m shares worth 482.86m.

Kenya Airways continued its recent winning ways to close +1.69% at 6.00 a five-month high and traded 1.030m shares. Kenya Airways has rallied a stellar +18.811% over four trading sessions.

Deacons rebounded +8.82% to close at 3.70 on just 500 shares traded.

Standard Group bounced +5.714% to close at 37.00 and is up a mind-boggling +124.24% year to date.

KCB Group rallied +4.45% to close at 41.00 and was trading at 42.00 +7.01% at the finish line. KCB has ramped +7.89% higher over two sessions. KCB traded 3.500m shares worth 143.869m.

Equity Bank which had rallied +12.413% since releasing its Q3 2017 earnings, stalled today and closed unchanged at 40.75 and traded 3.092m shares worth 126.455m.

Centum Investments bounced +3.125% higher to close at 41.25 and traded 22,600 shares.

Kenya Re ratcheted +6.25% higher to close at 21.25 and traded light.

KenGen firmed +0.56% to close at 8.95 and was trading at session highs of 9.20 +2.25% at the closing bell. KenGen traded 4.085m shares and I stand firm on my year end price target of 10.00.

KenolKobil closed +1.35% stronger at 15.00 and traded 2.456m shares. KenolKobil trades on a trailing PE of 9.146 and accelerated H1 2017 profit before tax +20.573% making it attractive at these levels.

Total Kenya rallied +5.95% to close at 22.25 and traded 22,900 shares.

EABL firmed +0.4% to close at 245.00 and traded 275,200 shares.



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