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January 22, 2019

Safaricom shares may be held by foreign investors

The Safaricom scratchcard.Photo Elkana Jacob
The Safaricom scratchcard.Photo Elkana Jacob

The Dow Jones staunched it preciptious lurch lower yesterday and gained 567 points after Monday's 1175 point drop and Fridays 666 point drop.

The VIX traded above 50% for, remarkably, only the third time ever (if you count September 8- March 9 as one "time"). LTCM, Asia crisis, dotcom bubble, Greece, euro debt crisis, Brexit ... none of that got the VIX above 50. [Jamie Reuters]

President Zuma looks set for the eject button and this rallied the Rand bigly.

Raila Odinga has called for new elections in an interview with BBCHARDtalk's Zainab Badawi.

MarkMacfarlane EVP_EastAfrica for Tullow Oil PLC said, "The exploration and appraisal campaign in Kenya has confirmed the presence of substantial oil resources in the South Lokichar Basin…East Africa is on the verge of becoming a major oil exporting region.”

The Nairobi All Share corrected -1.802% to close at 178.11.

The Nairobi NSE20 corrected -0.814% to close at 3729.34.

Equity turnover was 1.101b after trading 1.997b the previous session.

Clearly we imported contagion from international markets over the last two sessions.

Safaricom which traded its highest volume of shares for six months yesterday [42.11m shares] retreated -3.39% to close at 28.50 and traded 20.681m shares worth 590.785m. Safaricom is +6.54% in 2018 and has corrected -5.00% off a record closing high of 30.00 reached January 26. Clearly over the last two trading sessions, we have seen some spillover into the share price (It is after all held by a lot of foreign investors) but the session closed out with Safaricom solidly bid at 28.25.

The Media Counters rebounded finally.

Nation Media Group rebounded +1.89% to close at 108.00 and traded 14,500 shares. Nation Media was caught up in the fake news wars and carried the obituary notice of Jimmy Wanjigi, who is widely reported to be alive and well though minus a passport.

Standard Group was high ticked +8.66% to close at 34.50 on just 200 shares worth of business.

KCB Group retreated -2.162% to close at 45.25 and traded 5.318m shares worth 241.900m. KCB closed the session trading at 45.50 signalling that a base might have been found today.

Equity Group eased -1.72% to close at 42.75 and traded 896,300 shares worth 38.357m. Equity is +7.54% in 2018.

KenolKobil firmed +1.35% to close at 15.00 and traded 5.256m shares worth 79.071m. KenolKobil is +7.142% in 2018 and I venture has further to go.

Total Kenya spiked +7.48% higher to close at a 2018 high of 28.75 and traded just 4,000 shares. Buy side demand was 10 times the volume traded. Total Kenya is +22.34% in 2018 and self-evidently an out-performer.

EABL closed unchanged at 249.00 and traded 211,400 shares worth 52.814m. EABL's more resilient price action might be signalling International Investors are in fact underweight EABL. EABL is +4.621% in 2018.

Bamburi Cement closed unchanged at 175.00 and traded 226,500 shares.




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