In­vestors turn fo­cus on polls in Ghana

The Star (Kenya) - - News Business Financial Market -

Af­ter the dis­junc­tive out­come in Gam­bia where Adama Bar­row ousted an in­cum­bent of 22 years, the idio­syn­cratic and ec­cen­tric Pres­i­dent Yahya Jam­meh, all eyes now turn to Ghana where a closely run elec­tion is an­tic­i­pated. Ghana was the fastest grow­ing econ­omy in Africa in 2011 when the GDP ex­panded a mouth-wa­ter­ing 14%. Gains were not banked and in fact frit­tered away, and the IMF is cur­rently pro­vid­ing sup­port. A pos­i­tive elec­tion in Ghana would cer­tainly give legs to some of the more hy­per­bolic post-Gam­bia com­ments

Jef­frey Smith, a found­ing di­rec­tor of Van­guard Africa, a US-based group which worked with the op­po­si­tion coali­tion, said that if Jam­meh “can be de­feated at the bal­lot box ... then any­one can”. “This is go­ing to have res­o­nance way be­yond the tiny bor­ders of Gam­bia,” he said, de­scrib­ing the re­sult as “a mo­men­tous oc­ca­sion for the region writ large”.

The Nairobi All Share closed -0.50 points at 134.67 a fresh nine-week clos­ing low. The Nairobi NSE20 re­treated -13.94 points to close at 3181.48 a 10week low. Vol­ume con­tin­ues to whim­per and clocked Sh267.10m.

Eaa­gads [which is the only cof­fee pure-play at the Se­cu­ri­ties Ex­change] was high ticked +9.3% to close at Sh19.40.

Sa­fari­com ticked -0.505% lower to close at Sh19.70 and traded 3.5m shares. Buy on re­verses which will be shal­low ahead of a very strong show­ing in Jan­uary as global in­vestors reach for Sa­fari­com’s out­stand­ing cash gen­er­a­tion in the new year.

I&M Bank was the most ac­tively traded bank stock and closed un­changed at Sh90.00 where 160,400 shares worth 14.436m were traded. I&M Bank is -6.5% in 2016 and the sec­ond best performer in the bank­ing seg­ment through 2016.

KCB Group ral­lied +1.78% to close at 28.50 and was trad­ing at Sh29.75, +6.25% and just shy of ses­sion highs at the fin­ish line. KCB traded 237,700 shares and had Buyers for 4x the vol­ume traded, sig­nalling the bias is higher. Ju­bilee In­sur­ance ral­lied +2.087% to close at an 18-week high go 489.00. Ju­bilee traded just 1,800 shares. Ju­bilee is +2.78% on a To­tal Re­turn Ba­sis in 2016 and has out­per­formed its peers by a wide mar­gin. Mu­mias Sugar closed un­changed at Sh1.30 but was trad­ing six-month in­tra days highs of Sh1.40, +7.69% at the close. Buyers out­paced sell­ers by four times and Mu­mias which is +18.181% over the last four weeks has fur­ther to run on this re­bound.

EABL was the most ac­tively traded share at the Ex­change to­day and closed -1.229% lower at Sh241.00 and traded 552,500 shares worth 133.677m. EABL has seen sell-side sup­ply pres­sure and is over­sold at -13.62% over 4 weeks.

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