News out of the beating heart of the EU Project (Germany) where Madam Merkel is unable to cobble together a coalition saw the Euro sell off hard in the early hours before staging a snap back.
African debt servicing costs have hit a 16-year high. The cost of servicing this debt has risen to an average of 12.2 per cent of government revenues, up from a low of 5.4 per cent in 2011 and the highest figure since 2001, before the wave of debt forgiveness.
The figures come just weeks after Patrick Njoroge, governor of the central bank of Kenya, warned that a “secular increase” in African public debt has pushed several governments towards a debt-servicing threshold beyond which they should not borrow.
The Supreme Court wielded a (political) guillotine and President Kenyatta will be sworn in as president Tuesday, November 28.
A Further 90 day delay in election and the attendant uncertainty would have been unconscionable for the markets.
I am expecting a ''monster'' bull run into year end.
Raila Odinga left Kenya on the eve of today's Supreme Court ruling. He is now in Zanzibar according to the New York Times.
Ryan Cummings said ''Seems NASA are going to go through with plans to inaugurate Odinga as Kenyan president in a parallel ceremony. Cant see what it will achieve outside of legitimising a state crackdown on actions it could define as treasonous.''
The Opposition's asymmetric strategy of tension has run out of road and there needs to be some serious introspection and navel gazing.
The Shilling popped momentarily over 104.00 ahead of the Court decision but then predictably rallied to trade firmer at 103.65.
The Nairobi All Share surged +1.035% to close at 164.82.
The Nairobi NSE20 ramped +49.01 points higher to close at 3779.16
Volume clocked 555.5m with buyers outpacing sellers by a wide margin in most counters.
Sasini Tea and Coffee rallied +7.00% to close at 26.75.
Safaricom firmed +0.98% to close at 25.75 and within 3.73% of an all time high. The NASA Boycott strategy was predictably a damp squib and I expect fresh life time highs before year end. Safaricom traded 3.958m shares and buyers outpaced sellers by a factor of four to one.
TPS Serena Hotels (which is a pure play beneficiary of yesterday's Supreme Court decision) improved +0.9% to close at 28.00 on strong volume action of 502,200 shares.
Equity Bank rallied +3.067% to close at an 11 week high of 42.00 and traded 3.138m shares worth 131.898m. Equity Bank had three buyers for every seller.
KCB Group rallied +3.048% to close at a seven week high of 42.25 and traded 1.136m shares. Buyers outpaced sellers by a factor of 5.5 to one.
Standard Chartered ticked +0.92% firmer to close at 220.00 and traded 105,600 shares. Notwithstanding the recently issued profits warning, I expect a meaningful move to above 240.00.
CIC Insurance rallied +8.11% to close at an 11 week high of 6.00 and traded 532,900 shares.
EABL closed unchanged at 237.00 and traded 548,300 shares worth 130.483m. EABL was the only share at the Securities Exchange that had more sellers than buyers.
KenGen popped +1.744% higher to close at 8.75 and traded 243,900 shares.
Total Kenya rallied +4.123% to close at 25.25 and was trading 26.00 +7.22% at the closing bell. Total Kenya has served up a mouth-watering +54.76% return in 2017.