StanChart rallies, Barclays flat on NSE
The yield on Kenya’s $2 billion bond due June 2024 has shot up 170 basis points to 8.54 per cent, last time I looked.This back up in yields has all occurred since Trump won the US elections. The dollar is on the rampage across the board. Kenya shilling is at 101.852 versus the dollar.
The Nairobi All Share popped +0.97 higher to close at 140.06. The Nairobi NSE20 Index firmed +10.76 points to close at 3272.47. Equity turnover clocked 437.363million.
Safaricom firmed +1.23 per cent to close at Sh20.50 and traded 4.934 million shares. Half one 2016 earnings justify a higher price, and any price correction will be short-lived ahead of a run towards Sh25.00 fresh record highs.
Barclays Bank reported Q3 2016 earnings where EPS decreased by -5.1 per cent. Total operating income increased by 12.5 per cent to Sh24.4 billion.
Non-operating income grew by 16.3 per cent to Sh7.6 billion, driven mainly by +38.5 per cent growth in foreign exchange income and 2.1 times increase in other income. Barclays closed unchanged at Sh8.85. The bank is -31.98 per cent on a total return basis, and the second worse performing bank share in 2016 ahead of only National bank which is -49.52 per cent over the same dates, after being high-ticked +9.65 per cent today to close at Sh7.95 on just 500 shares.
Stanchart rallied +2.717 per cent to close at Sh189.00 and traded 3,700 shares. StanChart is the banking outlier at the Securities Exchange having registered a +18.41 per cent total return in 2016.
Equity firmed +1.56 per cent to close at a 10-week high of Sh32.50 on good volume of 1.692 million shares.
KenGen followed on Tuesday’s +3.54 rally with a further +6.83 per cent surge to close at Sh6.25 a three week high. KenGen traded 2.364 million shares and remains egregiously if not absurdly priced at these levels.
Centum reported half one 2016 earnings this morning before the opening bell. Centum closed unchanged at Sh41.00 on subdued trading of 33,400 shares. Centum is -9.67 per cent in 2016. Half one investment and other income clocked Sh8.49 billion +1.26 per cent, half one finance costs reduced by -24.99 per cent to (Sh945.6 million). Half one profit before tax surged +22.83 per cent to register Sh2.76 billion. They did not repeat the one-off AON extraordinary gain of Sh1.7billion and therefore this hard one performance is strong when you account for that fact. The group’s cash and cash equivalents decreased to Sh 5.4 billion (-47.2 per cent).The company has stated that the Two Rivers Mall is complete and expects it to be launched in quarter one of 2017.