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Kenya Weekly Market Wrap - 26 August 2016

Equity market commentary
Wiping out gains made this year, the NASI, NSE 20 and NSE 25 indices were down 8%w/w (-7.4% YTD), 7.1%w/w (-20.4% YTD) and 10.1%w/w (-15.3% YTD) respectively. Equity turnover slumped 30.3%w/w to USD 26.3m on reduced foreign investor trading. Their participation declined to 57.9% compared to 68.1% in the previous week. Though down 27.3%w/w, foreign investors recorded net inflows for the sixth consecutive week, at USD 11.4m.
Safaricom, which accounts for 41% of total market cap, maintained its top mover position accounting for 48.8% of market activity. After touching an all-time high the previous week, the telco was down 7.5%w/w. Safaricom and BAT had the highest foreign net inflows of USD 8.5m and USD 879.6k respectively. Up 20.6% YTD, Safaricom along with BAT (+9.6% YTD) are the only large caps to boast of positive returns. KenolKobil joined the top movers’ list on renewed foreign investor demand. Though up just 0.4%w/w, the oil marketer was the only top mover to post a gain.
Following the presidential assent to the interest capping bill, all banks closed in the red and dominated the top losers’ list after most of them fell by about 10% for two straight sessions. I&M Holdings recorded the highest foreign net outflows (USD 190k) with Equity Group coming at a distant second (USD 69k). Up 8.3% YTD, StanChart is the only bank to post a gain. The banking sector is down 24.3% YTD on market cap weighted basis.
Headline News
Shinzo Abe arrives in Kenya for TICAD VI conference, House throws out petition to investigate Safaricom on tenders, China Wu Yi to set up a KES 10bn building materials plant, supermarket & research centre, License seekers for drone use hit 1,000 as KCAA finalizes regulations.
Company News
Equity Group 1H16 EPS up 17.6%y/y to KES 2.67, DTB 1H16 EPS unchanged at KES 13.95, Bamburi Cement 1H16EPS down 8%y/y to KES 7.15, ARM narrows 1H16 loss per share by 25%y/y to KES 0.54, Limuru Tea 1H16 EPS up 20.1%y/y to KES 3.64, NSE 1H16 EPS down 54.1%y/y to KES 0.32, Kenya Airways starts airport shuttle service, TPS Serena 1H16 loss per share narrows 30.7%y/y to KES 0.43, Britam 1H16 EPS rises 187.5%y/y to KES 0.92, Kenya Power and Toshiba sign MoU in support of efforts to reduce electricity distribution losses.


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NSE 20 Share

stock PREV NOW %  
TOTL 16.50 18.05 9.39  
KAPC 80.00 85.00 6.25  
UCHM 3.70 3.90 5.41  
PORT 29.00 30.50 5.17