The US re-imposed economic sanctions on Iran which of course sent crude oil prices spiralling.
The sanctions, which take effect on Tuesday, prohibit Iran from using US currency. They also bar trading in cars and metals and minerals that include gold, steel, coal and aluminium.
“Individuals or entities that fail to wind down activities with Iran risk severe consequences,” Trump said.
The Turkish Lira recovered from a flash crash which saw it drop almost 7% at one point yesterday. The Turkish Lira is down 30% versus the dollar in 2018.
Dubai rents are down 30 per cent since 2016. Lower oil revenue and weaker economies in the surrounding Gulf countries have hurt growth in the U.A.E., while rising costs have reduced the appeal of its biggest city, Dubai.
Safaricom's CEO Bob Collymore returned with a bang.
“Thirty million customers have made a conscious decision to come onto Safaricom’s network,” Collymore told a parliamentary committee when asked if Safaricom was hindering competition. [Reuters]
“The team has done a fantastic job in my absence, you saw the results in the full year,” Collymore told Reuters after the committee hearing.
“Now it is a little bit more about refocusing on the strategy in the company, ensuring that the strategy remains relevant; it is refreshed.”
The Kenya Shilling was last trading at 100.40 and is the best performing sub-saharan Africa currency versus the dollar in 2018.
The dollar remains muscled up on the FX Exchanges and particularly against EM currencies which have gotten creamed.
Trading continues to remain subdued wit turnover clocking 392.977m
Safaricom had four buyers for every seller and closed unchanged at 28.00 but is biased higher as evidenced by the weighted average price which was 28.22 but rounded down. Safaricom traded 5.167m shares worth 145.843m. Safaricom is outperforming the All Share by 1,100 basis points in 2018.
Equity Group thrust +1.507% higher to close at 50.50 and closed out at session highs of 51.00 +2.51%. Equity traded 1.469m shares.
KCB Group firmed 25 cents to close at 48.75 and was trading at session highs of 49.25 +1.55% at the finish line. KCB traded 697,800 shares.
EABL eased -0.89% to close at 223.00 and traded 410,700 shares. EABL is underperforming the Nairobi All Share by 672 basis points in 2018. EABL reported FY Earnings last week where Tanzania was an outlier.
KenGen rebounded +1.64% to close at 6.20 and was trading at 6.30 +3.28% at the finish line. It remains egregiously oversold and will run towards 7.00
KPLC closed -1.666% at 5.90. KPLC is -35.16% in 2018 and its woes very much in the public domain.
Unga rallied +10% to close at 44.00 and above the rejected Buy-Out Offer Price of 40.00