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Kenya Weekly Market Wrap - 30 September 2016


Equity market commentary
All the indices were in the green with the NASI, NSE 20 and NSE 25 indices up 2.0%w/w (-6.1% YTD), 2.2%w/w (-19.7%YTD) and 2.4%w/w (-13.6% YTD) respectively. Equity turnover was down 10.9%w/w to USD 36.4m. Remaining net buyers for the fourth straight week, foreign investors recorded net inflows of USD 2.8m compared to USD 3.7m. Their participation marginally dropped to 82.5% from 85.6% previously.
Safaricom remained at the top of the mover’s list after accounting for 42.7% of market activity compared to 58.8% last week. Gaining for the second straight week, Safaricom inched up 2.8%w/w to close at a three week high of KES 19.95. The telco recorded the second highest net foreign inflows of USD 1.3m (32.9% of total net inflows). Equity Group, which accounted for 13.9% activity, recorded the highest net foreign inflows of USD 1.4m (35.3% of total net foreign inflows). The bank was the best performing top mover up 15%w/w to KES 30.75 – a one and a half month high.
Net foreign outflows were mainly on the banking sector with KCB, Co-op Bank and DTB jointly accounting for 45.6% of total net outflows. Despite this, KCB gained 8.7%w/w to KES 28.00 – a two and a half week high. Co-op Bank and DTB were up 2.1%w/w and 3%w/w respectively. Within the week, Tier 1 banks noted accelerated uptake of mobile based loans following capping of rates which made their loan products cheaper.
Headline News
Kenya to push for total ban of ivory trade at the CITES conference. Tanzania to issue telcos with separate licences for mobile money platforms. Kenya and Jordan conduct joint military exercises. China donates a KES 3bn research centre and botanical garden to JKUAT. Provision requiring importers to insure with local insurers on Marine Cargo to come into full effect on 1 January 2017. Government doubles tax free interest portion for mortgages. 
Company News
Wave launches money transfer services in UK. Kenya Airways having discussions with potential investors for recapitalization. EABL to apply for remission under Excise Duty Act 2015 after law repeal. Unga Group FY16 EPS down 18.1%y/y to KES 4.32, DPS unchanged at KES 1.00

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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