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January 20, 2019

Shilling in impressive run

The shilling coins.
The shilling coins.

The Dollar is king. All hail the king Dollar.

President Trump an avowed linguistic warfare Specialist has embraced coercive sanction and financial warfare.

Look at Venezuela where the Bolivar has cratered -2 million per cent, Iran -30% and China where his Tariff warfare has Xi Jinping reeling.

The Dollar is currently seriously weaponised. In fact, if Trump wanted to press his advantage he should buy the Dollar not sell it.

The Turkish Lira opened -20% lower yesterday morning and above 7.00.

''Even if they got dollars, we got 'our people, our God''' [In the markets that is called a ''Hail Mary'' pass] President Erdogan. This move spread contagion across the emerging markets universe. The Indian Rupee fell -0.95% to 69.4750 per dollar an all time low.

The Rand flash-crashed more than 10% falling below 15.00 and losing all its Ramaphosa-related Ramaphoria gains. The Kenyan Shilling has gained by 2.7% year to date and is the third best performing currency in the world in 2018.

The Nairobi All Share ignored the rest of the World [for now] and firmed +0.67 points to close at 173.51

The Nairobi NSE20 firmed +2.43 points to close at 3317.35

Safaricom [which turned down the opportunity to go head-to-head with Airtel in a voice price war and that was probably informed by the fact that Voice's centrality to the Proposition has diminished] firmed +0.88% to close at 28.50 and traded 2.02 million shares.

KCB Group eased -0.98% to close at 50.50 and was the most actively traded share at the Exchange with 3.981m shares worth 201.174m. KCB is +25.146% in 2018 on a total return basis.

Diamond Trust Bank closed unchanged at 197.00 and transacted 384,500 shares worth 75.74m at that level. DTB is +3.95% on a total return basis in 2018 and trades on a trailing PE ratio of 8.302.

Equity Group firmed +0.97% to close at 52.00 and traded shares as high as 53.50 during the session. Equity is +35.84% in 2018 on a total return basis in 2018 and trades on a trailing PE ratio of 10.4.

Standard Chartered Bank pushed +0.98% higher to close at 207.00 and traded 182,100 shares worth 37.98m. StanChart trades on a trailing PE of 10.539 and is +7.211% in 2018 on a total return basis. It is inexpensive.

EABL traded 323,400 shares and closed -0.92% at 215.00. EABL recently reported FY earnings where FY Profit After Tax declined -15% to clock 7.3b. EABL is -9.66% in 2018 ahead of a FY dividend pay out of five shillings and 50 cents.

KenGen eased -0.76% to close at 6.50 on low volume action of 61,900 shares.



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