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Kenya Weekly Market Wrap - 23 September 2016


Equity market commentary
Gaining for the second straight week, the NASI and NSE 25 indices were up 1.9%w/w (-7.9% YTD) and 2.3%w/w (-15.7% YTD) respectively. The NSE 20 Index continued on its losing streak, down 1%w/w (-21.4% YTD). On foreign investor block trades done on Safaricom, equity turnover soared 145.2%w/w to USD 40.9m - the fourth highest turnover in 2016. At USD 3.7m (+47.2%w/w), foreign investors recorded net inflows for the third straight week. Their participation rose to 85.6% compared to 70.3% in the previous week.
Safaricom, which accounts for 40.8% of total market cap, was the leading mover accounting for 58.8% of market activity. Recouping the loss made last week, the telco gained 2.6%w/w and closed at a three week high of KES 19.40. Of the top movers, CFC Stanbic was the worst performer, down 7%w/w despite renewed foreign investor interest. 
EABL recorded the highest foreign net inflows of USD 1.1m. The brewer was among the top gainers and closed at a seven week high of KES 284.  Unseating Safaricom, KCB had the highest net foreign outflows, at USD 303k. The bank, which has recorded foreign net inflows for the past four weeks, was down 1.9%w/w. Of the listed banks, KCB is the second worst performer (-41.1%) this year after National Bank (-59%).
Headline News
Kenya opens embassy in Cuba, Environment Tribunal stops railway construction through Nairobi National Park, Central Bank of Kenya opens a temporary numismatic museum tomorrow, FAA clears JKIA for final audit to achieve Category One Status, MPC lowers CBR by 50bps to 10%, Yields fall on the latest 5-year and 20-year Treasury Bonds auction, China sets up CAD Fund East Africa office, to finance construction of 85,000 police housing units, OPIC opens East Africa office, expresses interest in Nairobi-Mombasa Expressway Project, Netherlands to stop development aid to Kenya from 2020.
Company News
Mobile health wallet M-Tiba partners with Pfizer Foundation and UAP Old Mutual Insurance, Vivo Energy opens a 23 million litre diesel storage tank in Mombasa, Kenya Power agrees to review power purchase agreement with Mumias Sugar.

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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