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Table of Contents – in Word Weekly Equity Update 3rd March 2017 Market Overview Market Perfomance Previous Today %Change Shares traded 159,954,300 68,490,100 -57.18% NSE 20 Share Index lost 61.29 points to close at 2,961.78 points from 3,032.07 points last week. A total Equity Turnover (KES Bill) 2.97 1.29 -56.66% of 13 representative counters, led by NIC Bank (-16.39%) and Deacons (-13.04%), were in the red Market Cap (KES Bill) 1,834 1,765 -3.79% compared to 14 that gained. NSE 25 Share Index was 3.05% lower. NASI shed 3.79% to 121.73 points Market Cap (USD Mil) 17.7 17.2 -3.15% NSE-20 Share Index 3,023.1 2,961.8 -2.03% from 126.53 points while market capitalization lost KES 69.79Bn to settle the week at KES 1,764.56Bn. NSE All Share Index 126.5 121.7 -3.79% The decline in NASI and Market capitalization was caused by a general market drop with all large caps NSE 25 Share Index 3,298 3,197 -3.05% shedding. 91-day Treasury Bills 8.631 8.628 -0.03% The market saw all indices dropping by large margins. A total of 68.49Mn shares transacted compared 182-day Treasury Bills 10.524 10.525 0.01% 364-day Treasury Bills 10.939 10.895 -0.40% to 159.95Mn with turnover going down by 56.83% to KES 1.29Bn from KES 2.98Bn. The decline was caused by low foreign interest in telecommunication and banking sectors. Foreign activity stood at Top Gainers & Losers 69.11% likened to 77.03%. Telecommunication Sector saw the largest sector drop with Safaricom losing Week Close w-o-w % Shares Traded 6.63% in value from KES 18.10 to KES 16.90. The counter moved a total of 29.95Mn shares for a Gainers TPS Eastern Africa Ltd 23.00 9.5% 1,600 turnover of KES 506.10Mn. The telecom was affected by low foreign interest closing the week with a Williamson Tea Kenya Ltd 180.00 6.5% 1,200 net outflow of KES 53.31Mn. Eveready East Africa Ltd 2.50 6.4% 17,400 Centum Investment Co Ltd 36.75 4.3% 665,000 Stanbic Holdings Plc 69.00 3.0% 341,700 Banking sector moved 10.40Mn shares representing 15.19% of total marker volumes. Stanbic Holdings, Losers SCB, I&M and BBK gain 2.99%, 2.94%, 2.53% and 0.57% to close at KES 69.00, KES 210.00, KES 81.00and NIC Bank Ltd 25.5 -16.4% 27,400 Deacons (East Africa) Plc 4.0 -13.0% 1,162,900 KES 8.80 respectively. NIC and NBK shed 16.39% and 8.33% to KES 25.50 and KES 5.50. KCB and Equity Liberty Kenya Holdings Ltd 10.8 -12.9% 95,900 Bank were the top movers with 41.07Mn and 3.70Mn shares exchanging. The two lenders ended the Trans-Century Ltd 5.7 -10.3% 5,800 Car & General (K) Ltd 18.0 -10.0% 200 week 0.97% and 3.74% lower at KES 25.50 and 25.75. Actively Traded Safaricom Ltd 16.9 -6.6% 29,947,000 KenGen Co. Ltd 6.3 -3.1% 12,389,000 KCB Group Ltd 25.5 -1.0% 4,068,800 Equity Group Holdings Ltd 25.8 -3.7% 3,701,500 Mumias Sugar Co. Ltd 1.0 0.0% 2,766,600 1 Analyst call – Buy low sell high With most stocks trading at historic lows, equity specific investors should consider taking MARKET INDICES 4,000.00 134 advantage of the discount window and take positions now. Stock selection should consider: 3,500.00 132 130 3,000.00 (i) company earnings potential, (ii) impact of regulatory reforms on business environment, 128 2,500.00 126 (iii) buying relatively cheaper stocks and (iv) the stocks price relative to its book value. 2,000.00 124 1,500.00 122 Week in review 120 1,000.00 118 500.00 February inflation figures were released last week. Drought has pushed Kenya’s Inflation to hit 116 - 114 9.04 percent surpassing government’s target of 7.5 percent and a few points to the alarming double-digit number. The previous month inflation was at 12-month high of 6.99 percent. Food and nonalcoholic drinks went up by 3.28 percent in February mainly attributed to increases in NSE 20 NSE 25 NASI the prices of Sukuma Wiki, maize flour, milk, cabbages, Potatoes and maize grain. The year on year food inflation stood at 16.5 percent in February 2017. SECTOR TURNOVER REAL ESTATE AUTOMOBILES INVESTMENT & ACCESSORIESAGRICULTURE TRUST Corporate Actions 0% 0% 0% EABL Ltd announced an Interim dividend of Kes.2.00 on 27-Jan-2017; Books Closure 31-Mar- BANKING TELECOMMUNIC 35% ATION & 2017. Payment 21-April-2017. TECHNOLOGY 45% BAT Ltd announced a Final dividend of Kes.39.50 on 22-Feb-2017; Books Closure 22-Mar- COMMERCIAL 2017. Payment 27-April-2017. AND SERVICES 7% Barclays Bank of Kenya Ltd announced a Final dividend of Kes.0.80 on 22-Feb-2017; Books CONSTRUCTION & ALLIED Closure 30-Mar-2017. Payment 28-April-2017. MANUFACTURI INSURANCE NG & ALLIED 0% INVESTMENT 2% ENERGY & Stanbic Holdings Ltd announced a Final dividend of Kes.3.48 on 24-Feb-2017; Books Closure 7% SERVICES INVESTMENT PETROLEUM 1% 20-Mar-2017. Subject to Approval 0% 3% 2 Key Sector Performance BANKING SECTOR PRICE MOVEMENTS SAFARICOM PRICE MOVEMENT 30.00% 10% 20.00% 9% 10.00% 8% 0.00% 7% -10.00% 6% -20.00% 5% -30.00% 4% -40.00% 3% -50.00% 2% -60.00% 1% -70.00% 0% YTD Price∆(%ge) W/W M-T-D YTD Price∆(%ge) W/W M-T-D INSURANCE SECTOR PRICE MOVEMENTS INVESTMENT SECTOR PRICE MOVEMENT 20.00% 20.00% 10.00% 10.00% 0.00% 0.00% BRITAM Liberty CIC Jubilee Kenya Re Pan Africa Centum Olympia Trans- Home Kurwitu -10.00% -10.00% Kenya Insurance Holdings Insurance Capital Century Afrika Ventures -20.00% -20.00% -30.00% -30.00% -40.00% -40.00% -50.00% -50.00% -60.00% -60.00% YTD Price∆(%ge) W/W M-T-D YTD Price∆(%ge) W/W M-T-D Source: NSE,KCB ANALYSIS 3 Research Analyst Joshua Otiende- +254 (020) 327 0000 Ext 11732 Disclaimer This report has been prepared by KCB Capital Limited, a subsidiary of KCB Group. KCB Bank, its subsidiaries, branches and affiliates are referred to herein as KCB Group. This report is for distribution only under such circumstances as may be permitted by applicable law. Nothing in this report constitutes a representation that any investment strategy or recommendation contained herein is suitable or appropriate to a recipient’s individual circumstances or otherwise constitutes a personal recommendation. It is published solely for information purposes, it does not constitute an advertisement and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments in any jurisdiction. No representation or warranty, express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein, except with respect to information concerning KCB Group, its subsidiaries and affiliates, nor is it intended to be a complete statement or summary of the securities, markets or developments referred to in the report. KCB Group does not undertake that investors will obtain profits, nor will it share with investors any investment profits nor accept any liability for any investment losses. Investments involve risks and investors should exercise prudence in making their investment decisions. The report should not be regarded by recipients as a substitute for the exercise of their own judgment. Any opinions expressed in this report are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of KCB Group as a result of using different assumptions and criteria. Research will initiate, update and cease coverage solely at the discretion of KCB Group Research Management. The analysis contained herein is based on numerous assumptions. Different assumptions could result in materially different results. The analyst(s) responsible for the preparation of this report may interact with trading desk personnel, sales personnel and other constituencies for the purpose of gathering, synthesizing and interpreting market information. KCB Group is under no obligation to update or keep current the information contained herein. KCB Group relies on information barriers to control the flow of information contained in one or more areas within KCB Group, into other areas, units, groups or affiliates of KCB. The compensation of the analyst who prepared this report is determined exclusively by research management and senior management (not including investment banking). Analyst compensation is not based on investment banking revenues, however, compensation may relate to the revenues of KCB Group as a whole, of which investment banking, sales and trading are a part. The securities described herein may not be eligible for sale in all jurisdictions or to certain categories of investors. Past performance is not necessarily indicative of future results. Foreign currency rates of exchange may adversely affect the value, price or income of any security or related instrument mentioned in this report. For investment advice, trade execution or other enquiries, clients should contact their local sales representative. Neither KCB Group nor any of its affiliates, nor any of KCB' or any of its affiliates, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of this report.
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