Michael Wolff said “(People in the White House) do think that if the investigation goes near his finances, he’s sunk.”
August 7, 2017 I wrote ‘’There is a prima facie case here and it is in plain sight’’ and ‘’Any financial expert will tell you that President Trump’s financial affairs are a smoking gun.”
Yields on 10-year U.S. Treasuries dropped after Bloomberg reported China May Halt Purchases of U.S. Treasuries sending benchmark 10-year note yields to 2.58 per cent, the highest since March.
This news roiled the markets, The Yen surged, The Dollar got slammed and canned.
Brent Crude was last at 68.95 not far from my target of 70.00 set in early November last year.
Oxfam’s Byanyima said that massive outflows from Africa were a damning verdict on the performance of the continent’s political class.
“That is a judgement on the leadership we have on our continent, failing to create economic opportunities for their people,” she told AFP.
Angola moved its currency 10% lower against the Dollar in a widely signalled devaluation.
The World Bank pronounced that growth in sub saharan Africa is anticipated to pick up to 3.2 per cent in 2018 from 2.4 per cent in 2017.
Among East African countries, Ethiopia is likely to remain the fastest growing economy, but growth is expected to soften as it takes measures to stabilize government debt. Growth is expected to recover in Kenya, as inflation eases, and to firm in Tanzania on strengthening investment growth.
The Nairobi All Share closed -0.38 points at 173.76
The Nairobi NSE20 closed -7.44 points lower at 3721.07
Equity turnover clocked 883.025m.
Kenya Airways announced it is set to commence daily flights between Nairobi and New York in October 2018. Passengers will from tomorrow commence booking advance tickets for the airline’s maiden flight to JFK. Kenya Airways surged +5.88% to close at 16.20 and traded shares at limit up +9.48% at 16.75. Trading was thin with only 130,700 shares traded.
Safaricom eased -0.89% to close at 27.75 and traded 12.92m shares worth 361.574m. Safaricom has stormed out of the gates in 2018 and is +3.73% in 2018.
Equity Bank firmed +0.61% to close at 41.00 and traded 2.882m shares.
KCB Group firmed +0.58% to close at 43.00 and traded 1.354m shares.
Barclays Bank closed +1.03% firmer at 9.75 and traded 285,400 shares. Barclays and Standard Chartered are my banking picks for 2018.
Jubilee Holdings has this morning announced the appointment of Julius Kipng’etich as its regional CEO. Kipngetich formerly worked at Uchumi Supermarkets as the CEO, resigned in November 2017. Before joining Uchumi, he worked as the COO at Equity Bank. Jubilee firmed +1.00% to close at 499.00 and traded shares as high as 515.00 +3.62% at the closing bell. Jubilee traded 35,700 shares worth 17.849m.
Kenya Re improved +1.02% to close at 19.70 on heavy volume action of 5.044m shares worth 99.636m. Kenya Re is +8.83% in 2018 which is an eye popping gain.
EABL closed unchanged at 239.00 with 638,200 shares worth 153.154m changing hands.
ARM Cement has announced an extraordinary general meeting (to be held on January 22, 2018) through a shareholder’s circular in respect of the proposed sale of 100% of the issued share capital of Mavuno Fertilisers and its subsidiaries to Omya (Schweiz) AG and Pinner Heights Kenya.
‘’We believe the sale of the subsidiary is a positive for ARM Cement, alleviating some of the short term cash-flow constraints in the Group,’’ Kestrel Capital said.
ARM retreated -3.28% to close at 13.25 and traded 112,100 shares.
Kenya Power (which has been in the news of late and yesterday over a nationwide blackout except in Lavington apparently) traded 1.494m shares and closed at 9.00
Total Kenya traded 490,300 shares and saved off 50 cents to close at 24.50.
Aly-Khan is a financial analyst