Kenya Airways hits a fresh 2016 high of Sh7
The Nairobi All Share retreated -1.01 points to close at 140.49. The Nairobi NSE20 Index eased back 2.93 points to close at 3248.54 Equity turnover clocked Sh448.198 million.
Safaricom eased -1.18 per cent to close at Sh21.00 and traded 5.744million shares worth Sh120.742 million. Safaricom released H1 Earnings last Friday where H1 EPS accelerated +33.33 per cent. Any price correction will be shallow ahead of a return to fresh all time highs. Safaricom is +37.66 per cent in 2016 on a total return basis vastly outperforming the Nairobi All Share which is -4.00 per cent over the same period.
Kenya Airways rallied +2.189 per cent to close at a fresh 2016 high of Sh7.00. Kenya Airways closed the session trading session highs of Sh7.20 +5.11 per cent signalling the recent upswing has legs. Kenya Airways traded 1.774 million shares and is now +42.85 per cent in 2016. Business Daily reported that chairman Michael Joseph is set to visit the KLM CEO within two weeks to renegotiate a number of agreements. Mr Joseph has a legacy to protect and his early moves signal he knows exactly what needs to be done, hence the recent surge in the share price.
Nation Media retreated -1.00 per cent to close at a 2016 low of Sh99.00 and traded 31,800 shares. NMG is -47.10 per cent in 2016. What is clear is that government spending has slowed big but also not unlike the banking sector, the media sector is slap bang in the middle of its Schumpeter moment.
According to Schumpeter, the “gale of creative destruction” describes the “process of industrial mutation that incessantly revolutionises the economic structure from within, incessantly destroying the old one, incessantly creating a new one”.The banks saw some broad-based activity.
Equity Bank, which reported quarter three earnings last week and also pronounced the branch dead, closed unchanged at Sh30.75 and traded 3.063million shares worth Sh94.398 million. KCB Group, which will report Q3 earnings as early as this week, closed unchanged at Sh28.75 and traded 1.717million shares. DTB closed unchanged at Sh136.00 and traded 154,800 shares.
Standard Chartered is the only Kenyan bank which has delivered a positive total return in 2016. Stanchart eased -1.05 per cent to close at Sh189.00. StanChart is +18.41 per cent on a total return basis in 2016 which is a nice place to be for its CEO Lamin Manjang ahead of a visit of the StanChart PLC board to Kenya this week.
Barclays Bank Kenya turned +1.176 per cent firmer to close at Sh8.6 and traded 1.228 million shares.