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January 23, 2019

Remittances are a wonderful ‘silver bullet

World Bank offices in Upperhill. Photo/Monicah Mwangi
World Bank offices in Upperhill. Photo/Monicah Mwangi

Fears that the World was on the brink of war lifted Gold [to a 2 year High] and brent crude to a 3 Year High above $72.00 a barrel before profit taking set in.

The Iranian rial, The Turkish lira and the Russian ruble have been getting creamed.

The Kenya Shilling was last at a 2018 high of 100.90 lifted by inward remittances which clocked a new monthly high of Sh21.25 billion ($210.36 million).

“Remittances are indeed a wonderful ‘silver bullet’…our inward remittances have been accelerating to fresh all-time highs and speaks fundamentally to Kenya Inc.’s intellectual capital and monetisation thereof” I told the Business Daily .

The Nairobi All Share eased back -1.34 points to close at 192.82.

The NSE20 Index eased back -10.69 points to close at 3820.26.

Equity Turnover clocked 787.647 million

The Business Daily is headlining ''Safaricom CEO eyes return to helm'' on its web site. This is indeed good news. Safaricom eased -1.56% to close at 31.50 and traded 4.496 million shares.

Safaricom is +17.75 % in 2018 outperforming the increase in the All Share by +32.36 %. The PayPal collaboration, the E-Commerce platform all speak to a fast growing and unfolding E-Commerce opportunity. After all Kenya is the birthplace of mobile money and smart phones are now plain ubiquitous.

I interviewed Lamin Manjang CEO Standard Chartered today and he described this banking moment as ''a strategic inflexion point'' We will publish the Interview on today.

StanChart popped +1.29 % higher to close at 235.00 and traded 26,600 shares. StanChart is +12.98 % in 2018 ahead of a Sh17 full year dividend Pay Out.

Barclays Bank firmed +0.775 % to close at a fresh 2018 high of 13.00 and traded 1.004 million shares. The Bank is +35.41 % in 2018 outperforming the All Share Index by 164.00 per cent year to date.

Equity Group was the most actively traded share at the Exchange and closed unchanged at 56.00 [+40.88 % in 2018 and outperforming the All Share Index by +204.8 % year to date] and traded 4.893 million shares worth 274.047 million. Equity topped its peer group at the full year 2017 mark and reported a +14.155 % FY2017 EPS acceleration.

Sanlam Kenya was marked down -7.92 % to close at 23.25 and traded 7,100 shares.

KenGen closed unchanged at 8.75 and traded 1.170 million shares. It sits on its 200 day moving average and trades on a trailing PE Ratio of 6.387, which is inexpensive.

The underlying supply demand dynamic around the share was inverted with the arrival of the PIC SA on the shareholder register.

KPLC eased -1.28 % to close at 7.70 and is -15.38 percentage points in 2018.

Bamburi Cement which reported a very sharp slide in FY 2017 EPS of -68.56%, closed unchanged at 175.00 and traded 988,300 shares worth 173.836m. Bamburi Cement is -2.777% in 2018 and lagging the Indices.

Total Kenya firmed +1.481% to close at a fresh 2018 high of 34.25 and traded 4,500 shares. Total Kenya has been an Outlier at the exchange in 2018 and is +45.744% in 2018.




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