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Bloomberg: GNCP <GO> www.genghis-capital.com

Weekly Market Monitor - No. 42/2012

Weekly Market Monitor - No. 01

Genghis Capital Research: Equities, Fixed Income, Currency, Commodities

Genghis Capital Research: Equities, Fixed Income, Currency, Commodities Themes: Momentum Building, Yield Upturn, Transmission of Global Uncertainty & Risks... 

Equities: 4,000 Level Breached…

3

Fixed Income:Higher Opportunity Cost for Primary…

8

Currency:KES Stable Supported by Liquidity Mop Ups…

10

Commodities:Demand Concerns Troubles Oil Markets…

11


Weekly Market Monitor - No. 42

Executive Summary Themes: Momentum Building, Yield Upturn, Transmission of Global Uncertainty & Risks... 

Equities: 4,000 Level Breached… The NSE 20 Share index closed at 4,034.07 finally breaching the 4,000 level last touched on June 14th 2011. Improved accumulation activities pushed up the rest of the Indices with the NASI gaining 1.42 points while the FTSE 15 and 25 Indices closed +1.90% and +1.68% respectively. Equity turnover surged 60% to Kes.1.9Bn in the week as improved share prices boosted market capitalization to Kes.1.17Tn.

Fixed Income: Higher Opportunity Cost for Primary… The 182 Day T-bill was oversubscribed while the 91 Day TBill undersubscribed as banks preferred REPOS which had higher short term returns.

Currency: KES Stable Supported by Liquidity Mop ups… The KES was fairly stable in the week supported by liquidity mop ups. The national currency’s largest gain was in the INR/KES up 2.287% and KES/TZS pairs both up 0.57%. The largest slip was recorded in the KES/UGX pair -0.67% with the sentiment echoed in the USD/KES pair down 0.27%.

Commodities: Demand Concerns Trouble Oil Markets… Brent Crude fell USD 4.02 to settle at USD 110.6. Oil marketers have been balancing on expectations of weak global demand and increased risk of output disruption in the Middle East. Trades have been long on contracts indicating their perception that there will be a higher upside effect on oil prices but overall there is so much uncertainty surrounding the market.

2


Weekly Market Monitor - No. 42 Equities: 4,000 Level Breached… The NSE 20 Share index closed at 4,034.07 finally breaching the 4,000 level last touched on June 14th 2011. Improved accumulation activities pushed up the rest of the Indices with the NASI gaining 1.42 points while the FTSE 15 and 25 Indices closed +1.90% and +1.68% respectively. Equity turnover surged 60% to Kes.1.9Bn in the week as improved share prices boosted market capitalization to Kes.1.17Tn. "All intelligent investing is value investing -- acquiring more that you are paying for. You must value the business in order to value the stock." -Charlie Munger, Business Magnate, Vice Chair Berkshire Hathaway and Investor. This week’s trading highlights are summarized below: Table 1: NSE Performance

Table 2: NSE Index Performance, Turnover

NSE 20 Share Index, Equity Turnover 4,800

1,930,000,000

4,600

1,730,000,000

4,400

1,530,000,000

4,200

1,330,000,000

4,000

1,130,000,000

3,800 3,600

930,000,000

3,400

730,000,000

3,200

530,000,000

3,000

330,000,000

2,800 03-Jan-1103-Mar-11 03-May-1103-Jul-1103-Sep-1103-Nov-1103-Jan-1203-Mar-12 03-May-1203-Jul-1203-Sep-12

130,000,000

Equity Turnover

NSE 20 Share Index

Chart 2: Captures the trend of the Nairobi Stock Exchange – NSE 20 Share Index vs. Equity Turnover. NSE 20 continues creeping up towards 4,000 closing 5 points shy. Table 3: NSE Performance

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Weekly Market Monitor - No. 42 Week 41

Week 42

Market Cap. (Kes.Bn)

1,160.40

1,176.27

% Change 1.37%

Equity T/O: (Kes.Mn)

1,233.87

1,972.75

59.88%

Bond T/O: (Kes.Mn)

14,563.15

11,633.50

-20.12%

Source: NSE, Genghis Capital

Our weekly segmental analysis (Table 4) shows the improvement in market performance this week with eight sectors gaining value versus only two sectors losing. The market as a whole marginally gained 0.61% with these developments.

The Insurance segment was the best performing this week gaining 1.46%. This performance was largely up due to CFC Insurance Holdings Ltd (NSE: CFCI) gaining 6.43% to VWAP Kes.7.45.

The Agricultural segment was at the bottom declining by 1.01% pulled down by Eaagads Ltd (NSE: EGDS) which was down 10% to close at Kes.49.50.

NSE Segment Performance Table 4: Weekly Segmental Price Performance Analysis

Source: NSE & Genghis Capital

NSE P/E Analysis 4


Weekly Market Monitor - No. 42 

Only one sector was not in the value territory in the week. The Advance/Decline ratio was relatively even at 28/18. Table 5: NSE P/E Analysis

Sector

Constituents

Sector P/E Sector P/E Week 41

Week 42

% Change

Agricultural

7

3.73

3.97

6.43%

Automobiles & Accessories

4

NM

NM

NM

Banking

10

8.27

8.48

2.54%

Commercial & Services Construction & Allied Energy & Petroleum Insurance

9 5 4 6

8.74 12.60 7.20 10.92

9.03 12.27 7.27 10.99

3.32% -2.62% 0.97% 0.64%

Investment

4

9.90

9.98

0.81%

Manufacturing & Allied

9

15.18

15.41

1.52%

Telecommunication & Technology

2

12.78

13.08

2.35%

60

10.06

10.08

0.20%

Main Market P/E Source: NSE

Foreign Investor Activity 

Total foreign investor equity turnover as a percentage of the total NSE turnover soared to 53.66% this week compared to 35.76% at the close of the previous week.

Total net inflows at the end of the week stood at Kes.255.87Mn compared to Kes.212.1Mn last week.

Table 6: Weekly Foreign Equity Turnover Summary (Fig in KES) Day

Buy

Sell

Net Inflows (Outflows)

Total NSE Turnover

Foreign T/O (% of Total NSE (T/O)

Mon

84,560,742.50

39,741,820.00

44,818,922.50

222,865,251.00

55.77%

Tue

138,981,212.50

27,757,055.00

111,224,157.50

383,675,535.00

43.46%

Wed

104,914,692.50

63,589,375.00

41,325,317.50

390,231,804.00

43.18%

Thur

136,207,275.00

112,547,942.50

23,659,332.50

405,541,570.00

61.34%

Fri

193,569,692.50

158,724,447.50

34,845,245.00

574,303,832.00

61.34%

TOTAL

658,233,615.00

402,360,640.00

255,872,975.00

1,976,617,992.00

53.66%

Source: NSE & Genghis Capital Dealers

Foreign Turnover on the top 5 traded counters accounted for 45.4% of the total weekly foreign investor activity at the close of Week42 compared to 26% in Week 41.

The purchase activity on these counters accounted for 85.2% of the total foreign buying activity on the NSE this week. The most actively bought counter was East African BreweriesLtd (NSE: EABL).

Table 7: Top 5 Foreign Traded Counters - Week 41(Fig in KES)

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Weekly Market Monitor - No. 42 Buy

Sell

Net Inflows (Outflows)

Total Weekly Turnover

East African Breweries Ltd

250,357,050.00

107,324,000.00

143,033,050.00

357,681,050.00

Equity Bank Ltd

111,793,681.50

129,945,550.00

-18,151,868.50

241,739,237.50

British American Tobacco (K) Ltd

97,446,700.00

63,399,600.00

34,047,100.00

160,846,300.00

Kenya Commercial Bank Ltd

65,534,775.00

12,849,875.00

52,684,900.00

78,384,650.00

Safaricom Limited

35,621,095.00

23,032,757.00

12,588,338.00

58,653,852.50

560,753,301.50

336,551,782.00

224,201,519.50

897,305,090.00

Equity

TOTAL Source: NSE & Genghis Capital Dealers

Trading Ideas: The table below shows the performance of selected stocks that Genghis Capital recommended so far in the year 2012. Table 8: Equity Picks (Fig in KES)

Company

Price at 12 Month Recommendation Target Price

Current Price

Upside Potential

Return to Date

Recommendation

Centum Investments Ltd

14.55

19.55

12.25

37.34%

-15.81%

BUY

Equity Bank Limited

15.80

19.90

23.75

-19.35%

50.32%

KenolKobil Limited

9.80

16.90

14.20

15.98%

44.90%

NIC Bank Limited

26.50

45.50

34.50

24.18%

30.19%

EA Cables Ltd

11.80

14.55

11.00

24.40%

-6.78%

Athi River Mining Ltd

156.00

220.00

227.00

-3.18%

45.51%

Diamond Trust Bank Ltd

88.50

123.40

120.00

2.76%

35.59%

KCB Group Ltd

18.50

27.10

28.75

-6.09%

55.41%

Uchumi Supermarkets Ltd

7.20

17.25

18.80

-8.99%

161.11%

Kenya Power & Lighting Co.

15.85

22.00

18.55

15.68%

17.03%

153.00

197.70

219.00

-10.77%

43.14%

4.00

6.25

6.30

-0.80%

57.50%

SELL HOLD BUY BUY HOLD HOLD HOLD HOLD BUY HOLD HOLD BUY BUY BUY BUY HOLD BUY HOLD

Nation Media Group Ltd British American Investments Bamburi Cement Ltd

168.00

201.00

165.00

17.91%

-1.79%

Cooperative Bank Limited

11.55

18.50

12.60

31.89%

9.09%

Kenya Reinsurance Corp.

10.05

15.35

12.05

21.50%

19.90%

KenGen Ltd

8.30

16.25

8.65

46.77%

4.22%

Jubilee Holdings Ltd

163.00

186.00

165.00

11.29%

1.23%

Housing Finance Ltd

13.65

27.00

15.05

44.26%

10.26%

Scangroup Ltd

49.25

59.60

59.00

1.01%

19.80%

Portfolio Return Source: NSE & Genghis Capital

30.57%

Genghis Index: 6


Weekly Market Monitor - No. 42 Table 9: Genghis Index Performance Large-Cap Index 

The index closed 0.91% higher in terms of price performance with market capitalization following suit to Kes. 1,020.Bn.

The Co-operative Bank Ltd (NSE: COOP) was the segment’s best performing counter +5.88% - VWAP Kes.12.60.

NIC Bank Ltd (NSE: NIC) closed 4.17% lower at VWAP 34.50.

Mid-Cap Index 

Price performance shed 1.43% this week with market capitalization down to Kes.134Bn.

Uchumi Supermarkets Ltd (NSE: UCHM) was the segment’s best performer up 6.03% - VWAP Kes.19.35.

Carbacid Investments Ltd (NSE: CARB) was the sector’s worst performing stock shedding 9.76% to close with a VWAP of Kes.111.

Small-Cap Index 

Williamson Tea Kenya Ltd (NSE: WTK) was the segment’s best performer advancing 7.50% to VWAP Kes.215.

Longhorn Kenya Ltd (NSE: LKL) was the worst performing stock -10.09% VWAP Kes.10.25.

Table 10: Investors’ Diary

Date 23rd October 24th October 25th October

Firm/Body NIC CBK CBK

Description Listing & Commencement of trading in new shares 182-Day T-bill Auction 91-Day T-Bill Auction

26th October

EABL

Payment of Final Dividend 6.25

SS0urce: NSE & Genghis Capital

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Weekly Market Monitor - No. 42 Fixed Income: Higher Opportunity Cost for Primary… 

Money Markets: Data from the CBK indicated that the average interbank rate closed the week higher at 9.737% compared to 8.9161% at the close of the previous week.

Primary Markets: The results of the 91 and 182-Day T-Bill auctions for this week are shown below. The 182 Day T-bill was oversubscribed while the 91 Day T-Bill undersubscribed as banks preferred REPOS which had higher short term returns. The regulator intends to raise Kes.8Bn this week as it auctions the 91 and 182-Day T-Bills. Table 11: Week 41 Auction Results

Weighted Avg. Rate Tenor Last 91 Day 8.962% 182 Day 10.307%

Latest 9.437% 10.484%

Change (bps) 47.50 17.77

Subscription Rate 88%* 154%*

Source: CBK, Genghis Capital

*absolute terms

Secondary Markets: Bond Turnover closed 20% lower despite increased participation as 206 transactions occurred in the week compared to 143 last week. The 15-Yr bonds accounted for 37% of the total turnover at Kes.5.39Bn in 57 trades. Table 7: Short -Term Interest Rates, Treasury Notes & CD’s

Tenor

Kenya

Uganda

Tanzania

U.S

LIBOR (USD)

91 Day

9.44%

9.67%

12.45%

0.11%

0.35%

182 Day

10.48%

10.66%

13.01%

0.15%

0.62%

1 Year

10.57%

10.69%

13.76%

0.18%

0.95%

2 Year

11.11%

14.84%

13.81%

0.27%

--

5 Year

11.86%

13.91%

14.49%

0.67%

--

10 Year

12.71%

15.28%

14.99%

1.69%

--

Source: CBK, BOU, BOT, US Treasury, BBA, Genghis Capital

8


Weekly Market Monitor - No. 42 Table 13: Fixed Income Gross Cash-Flows for the Month of October:

Issue No. Govies

Cash Flow

Due Date*

Issued Amount

Coupon (%)

FXD 1/2006/9

C

15-Oct-2012

3,060.25

13.50%

206.57

FXD 1/2007/10

C

22-Oct-2012

9,308.80

10.75%

500.35

FXD 1/2009/10

C

22-Oct-2012

4,966.85

10.75%

266.97

FXD 1/2010/10

C

22-Oct-2012

5,895.64

10.75%

316.89

FXD 1/2009/15

C

22-Oct-2012

9,420.45

12.50%

588.78

FXD 1/2007/6

C

22-Oct-2012

5,948.00

11.50%

342.01

FXD 2/2008/5

C

22-Oct-2012

4,095.80

9.50%

194.55

FXD 2/2011/2

C

22-Oct-2012

6,695.71

7.439%

249.05

FXD 4/2008/5

C

22-Oct-2012

10,007.50

9.50%

475.36

FXD 1/2012/2

C

29-Oct-2012

6,468.62

13.826%

447.18

FXD 2/2010/10

C

29-Oct-2012

14,462.47

9.307%

673.01

Source: CBK, NSE, Genghis Capital Estimates

25

Gross - MM

C- Coupon, P – Principal

Evolution of the Yield Curve 13/01/2012 to 31/08/2012

20

15

10

5

0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 6-Jan-12

31-Aug-12

NSE Yield Curve – Emergence of a flat Yield Curve as yields on the Short Term Paper have taken a dip in recent auctions with long dated paper remaining stagnated.

9


Weekly Market Monitor - No. 42 Currency KES Stable Supported by Liquidity Mop Ups… 

Performance: The KES was fairly stable in the week supported by liquidity mop ups. There was increased demand for the greenback from NGO’s and energy importers. The national currency’s largest gain was in the INR/KES up 2.287% and KES/TZS pairs both up 0.57%. The largest slip was recorded in the KES/UGX pair -0.67% with the sentiment echoed in the USD/KES pair down 0.27%. The local currency is expected to weaken against the USD as end month dollar demand starts to rise. The EU has resolved to have a single Eurozone bank supervisor, by January 2013, which will have the power to intervene in any bank in the Eurozone. Once the legal framework is in place the European stability mechanism will be able to recapitalise struggling banks without adding to a country’s sovereign debt. This is seen as a step forward towards ending the Eurozone crisis. Table 14: Spot & Select Forward Ask Rates

Outright Forward Rates (Ask) USD/KES GBP/KES

Week 41 85.05 136.96

Week 42 85.28 136.66

Annualized Volatility* 2.69%

EUR/KES

110.53

ZAR/KES

Pair/Cross

4.54%

1M 86.03 137.65

2M 86.88 139.84

3M 87.78 140.47

6M 90.29 142.70

110.59

10.89%

111.44

112.86

113.83

115.79

9.90

9.89

19.21%

-

-

-

-

KES/UGX

30.53

30.32

-

-

-

KES/TZS

18.59

2.22% % 1.28%

-

18.48

-

-

-

-

INR/KES

1.61

1.57

17.65%

-

-

-

-

Source: CBK, Bloomberg, Genghis Capital Estimates

*5 Day Annualized

Technical Analysis and Outlook: The Ichimoku chart below outlines the 1-Yr performance of the EURKES currency pair. In majority of the period, the conversion line was below the Base line thus the huge pressure on the EUR. The conversion line recently broke the Base line from below indicating strengthening of the EUR against the KES.

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Weekly Market Monitor - No. 42

Commodities Demand Concerns Troubles Oil Marketsâ&#x20AC;Ś ď&#x201A;§

Oil/Fuel: Brent Crude fell USD 4.02 to settle at USD 110.6. Oil marketers have been balancing on expectations of weak global demand and increased risk of output disruption in the Middle East. Trades have been long on contracts indicating their perception that there will be a higher upside effect on oil prices but overall there is so much uncertainty surrounding the market.

11


Weekly Market Monitor - No. 42

GENGHIS LARGE CAP MARKET SEGMENT Safaricom Ltd Ord 0.05

Total Shares Outstanding

Mkt Cap. Kshs Mn.

Total Shares Traded

Price Change

EPS

DPS

P/E

Dividend Yield - %

40,000,000,000

168,000,000,000

18,289,700

2.44%

0.32

0.22

13.13

5.24%

790,774,356

188,995,071,084

2,102,800

1.70%

13.46

8.75

17.76

3.66%

Equity Bank Ltd Ord 0.50

3,702,777,020

87,940,954,225

13,483,800

2.15%

2.79

1.00

8.51

4.21%

Barclays Bank of Kenya Ltd Ord 0.50

5,431,536,000

78,757,272,000

6,670,200

3.20%

1.49

1.50

9.73

10.34%

Bamburi Cement Ltd Ord 5.00

362,959,275

59,888,280,375

168,000

-2.94%

14.44

10.00

11.43

6.06%

Standard Chartered Bank Kenya Ltd Ord 5.00

287,077,133

63,156,969,260

84,800

2.80%

19.75

11.00

11.14

5.00%

The Co-operative Bank of Kenya Ltd Ord 1.00

4,190,845,080

52,804,648,008

5,914,300

5.88%

1.53

0.40

8.24

3.17%

Kenya Commercial Bank Ltd Ord 1.00

2,970,249,681

85,394,678,329

4,873,700

2.68%

3.72

1.85

7.73

6.43%

KenGen Co. Ltd Ord. 2.50

2,198,361,456

19,015,826,594

1,053,700

0.58%

1.28

0.60

6.76

6.94%

British American Tobacco Kenya Ltd Ord 10.00

100,000,000

45,300,000,000

438,100

0.67%

30.98

30.50

14.62

6.73%

Nation Media Group Ltd Ord. 2.50

157,118,572

34,408,967,268

132,500

1.86%

12.70

8.00

17.24

3.65%

CFC Stanbic of Kenya Holdings Ltd ord.5.00

273,684,211

10,468,421,071

9,700

-0.65%

5.99

0.00

6.39

0.00%

Kenya Airways Ltd Ord 5.00

1,496,469,034

17,957,628,408

3,376,700

1.69%

3.58

0.25

3.35

2.08%

Mumias Sugar Co. Ltd Ord 2.00

1,530,000,000

9,333,000,000

8,176,600

0.00%

1.32

0.50

4.62

8.20%

Diamond Trust Bank Kenya Ltd Ord 4.00

220,100,096

26,412,011,520

151,400

0.00%

13.58

1.70

8.84

1.42%

Kenya Power & Lighting Co Ltd Ord 2.50

1,951,467,045

36,199,713,685

3,698,200

1.92%

2.16

0.45

8.59

2.43%

99,055,000

22,485,485,000

42,700

-3.40%

11.63

2.00

19.52

0.88%

394,897,562

13,623,965,889

175,700

-4.17%

6.72

0.50

5.13

1.45%

1,020,142,892,716

68,842,600

0.91%

10.15

4.33%

East African Breweries Ltd Ord 2.00

Athi River Mining Ord 5.00 NIC Bank Ltd Ord 5.00

GENGHIS MID CAP MARKET SEGMENT Centum Investment Co Ltd Ord 0.50

665,441,775

8,151,661,744

1,509,300

1.66%

1.79

0.00

6.84

0.00%

KenolKobil Ltd Ord 0.05

1,471,761,200

20,899,009,040

2,166,800

0.35%

2.21

1.00

6.43

7.04%

Scangroup Ltd Ord 1.00

284,789,128

16,802,558,552

526,700

5.36%

2.55

0.70

23.14

1.19%

National Bank of Kenya Ltd Ord 5.00

280,000,000

5,166,000,000

112,200

2.50%

3.19

0.40

5.78

2.17%

90,000,000

4,455,000,000

17,400

3.13%

6.24

0.50

7.93

1.01%

148,210,640

5,743,162,300

118,300

-1.90%

4.51

1.30

8.59

3.35%

59,895,000

9,882,675,000

25,100

0.00%

33.00

4.50

5.00

2.73%

CMC Holdings Ltd Ord 0.50

582,709,440

7,866,577,440

0

0.00%

-0.31

0.00

-43.55

0.00%

Kenya Re Insurance Corporation Ltd Ord 2.50

700,000,000

8,435,000,000

721,200

0.00%

3.19

0.35

3.78

2.90%

Housing Finance Co.Kenya Ltd Ord 5.00

235,750,000

3,548,037,500

438,000

-0.66%

2.70

1.20

5.57

7.97%

Total Kenya Ltd Ord 5.00

175,028,706

2,546,667,672

159,900

-2.68%

3.05

0.00

4.77

0.00%

Carbacid Investments Ltd Ord 5.00

33,980,265

4,111,612,065

300

9.01%

8.89

5.00

13.61

4.13%

Pan Africa Insurance Holdings Ltd Ord 5.00

96,000,000

3,648,000,000

118,600

4.83%

4.62

2.00

8.23

5.26%

E.A.Cables Ltd Ord 0.50

253,125,000

2,784,375,000

372,800

-1.35%

1.15

0.80

9.57

7.27%

AccessKenya Group Ltd Ord. 1.00

208,084,296

977,996,191

1,305,100

0.00%

0.53

0.00

8.87

0.00%

81,481,478

2,077,777,689

5,100

6.25%

2.96

0.00

8.61

0.00%

British-American Investments Co (Kenya) Ltd Ord 0.10

1,891,451,850

11,916,146,655

2,874,300

1.61%

-1.09

0.15

-5.78

2.38%

CIC Insurance Group Ltd ord.1.00

2,179,615,440

7,628,654,040

2,509,400

-4.11%

0.27

0.09

12.96

2.57%

Uchumi Supermarket Ltd Ord 5.00

265,426,614

4,990,020,343

5,048,400

-2.84%

1.03

0.30

18.25

1.60%

Trans-Century Ltd Ord 0.50 AIMS

273,950,284

0

1,117,200

2.50%

1.23

0.25

16.67

1.22%

Sasini Ltd Ord 1.00

228,055,500

2,542,818,825

49,400

-1.76%

1.72

1.00

6.48

8.97%

19,525,446

1,991,595,492

800

0.00%

7.71

6.80

13.23

6.67%

136,165,345,548

19,196,300

1.22%

6.59

3.11%

E.A.Portland Cement Co. Ltd Ord 5.00 TPS Eastern Africa Ltd Ord 1.00 Jubilee Holdings Ltd Ord 5.00

Standard Group Ltd Ord 5.00

B.O.C Kenya Ltd Ord 5.00

GENGHIS SMALL CAP MARKET SEGMENT 278,342,393

1,043,783,974

37,500

-3.85%

0.35

0.20

10.71

5.33%

Williamson Tea Kenya Ltd Ord 5.00 AIMS

Sameer Africa Ltd Ord 5.00

8,756,320

1,838,827,200

12,100

-2.33%

93.74

57.50

2.24

27.38%

Kakuzi Ltd Ord.5.00

19,599,999

1,411,199,928

93,100

-3.36%

28.06

3.75

2.57

5.21%

Rea Vipingo Plantations Ltd Ord 5.00

60,000,000

1,083,000,000

26,500

6.18%

7.79

1.10

2.32

6.09%

Car & General (K) Ltd Ord 5.00

33,419,424

835,485,600

22,200

0.00%

7.78

0.55

3.21

2.20%

Unga Group Ltd Ord 5.00

75,708,873

995,571,680

39,400

1.94%

2.81

0.75

4.68

5.70%

Crown Paints Kenya Ltd Ord 5.00

23,727,000

901,626,000

115,200

8.57%

5.44

1.25

6.99

3.29%

Eveready East Africa Ltd Ord.1.00

210,000,000

346,500,000

49,700

-2.94%

-0.59

-

-2.80

0.00%

Eaagads Ltd Ord 1.25 AIMS

32,157,000

1,591,771,500

900

-10.00%

1.36

1.25

36.40

2.53%

City Trust Ltd Ord 5.00 AIMS

5,728,314

1,976,268,330

0

0.00%

8.45

-

40.83

0.00%

Longhorn Kenya Ltd Ord 1.00 AIMS

58,500,000

599,625,000

7,400

-2.44%

2.33

1.50

4.29

15.00%

Kapchorua Tea Co. Ltd Ord Ord 5.00 AIMS

3,912,000

489,000,000

1,200

4.17%

19.93

7.50

6.27

6.00%

The Limuru Tea Co. Ltd Ord 20.00 AIMS

1,200,000

540,000,000

300

0.00%

33.70

7.50

13.35

1.67%

Express Kenya Ltd Ord 5.00 AIMS

35,403,790

141,615,160

10,800

-1.23%

-6.47

-

-0.62

0.00%

Olympia Capital Holdings Ltd Ord 5.00

40,000,000

144,000,000

8,700

0.00%

0.38

0.10

9.47

2.78%

Marshalls (E.A.) Ltd Ord 5.00

14,393,106

188,549,689

30,000

0.77%

-11.80

-

-1.11

0.00%

Kenya Orchards Ltd Ord 5.00 AIMS

12,868,124

38,604,372 14,165,428,432

0 455,000

0.00% -0.27%

0.04

-

75.00 12.58

0.00% 4.89%

12


Weekly Market Monitor - No. 42

Contacts Report By: Moses Waireri,Research Analyst | Tel:+254 20 2774781 | Email: mwaireri@genghis-capital.com Report By: Evelyne Wanjiku, Research Analyst | Tel:+254 20 2774781 | Email: ewanjiku@genghis-capital.com Anthony Kimani, Research Analyst | Tel:+254 20 2774781 | Email: akimani@genghis-capital.com Carol Matu, Head Dealer | Tel: +254 20 2774789 | Email: cmatu@genghis-capital.com Gachanja Weru, Fixed Income Dealer| Tel:+25420 2774756 | Email: gweru@genghis-capital.com George Guy,Fixed Income Dealer | Tel:+254 20 2774756| Mob: +254 727 142231 | Email: gguy@genghis-capital.com Nyawira Waithaka, Equity Dealer | Tel:+254 20 2774777 | Mob: +254 723 693481 | Email: nwaithaka@genghis-capital.com Andrew Maina, Senior Equity Dealer | Tel:+254 20 2774789 | Mob: +254 722 667936 | Email: amaina@genghis-capital.com Disclaimer: The content provided on this document is provided as general information and does not constitute advice or recommendation by Genghis Capital Ltd and should not be relied upon for investment decisions or any other matter and that this document does not constitute a distribution recommending the purchase or sale of any security or portfolio. Please note that past performance is no indication of future results. The ideas expressed in the document are solely the opinions of the author at the time of publication and are subject to change without notice. Although the author has made every effort to provide accurate information at the date of publication all information available in this report is provided without any express or implied warranty of any kind as to its correctness. You should consult your own independent financial adviser to obtain professional advice before exercising any decisions based on the information present in this document. Any action that you take as a result of this information, analysis, or advertisement is ultimately your responsibility.

Genghis Capital Ltd, Prudential Assurance Building, Wabera Street, Nairobi. Tel: +254 20 2774760Fax: +254 20 246334 13


Genghis Capital Weekly Market Monitor - Week 42 - 2012  

Executive Summary Equities: The NSE 20 Share index closed at 4,034.07 finally breaching the 4,000 level last touched on June 14th 2011. Im...

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