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Satchu's Rich Wrap-Up
 
 
Tuesday 04th of April 2017
 
Afternoon
Africa

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Macro Thoughts

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South Africa Cut to Junk for the First Time Since 2000
Africa


South Africa lost its investment-grade credit rating from S&P Global
Ratings for the first time in 17 years in response to a cabinet purge
by President Jacob Zuma that’s sparked increasing calls for him to
resign. The rand weakened.

S&P cut the foreign-currency rating to BB+, the highest junk score, on
Monday and warned that a deterioration of the nation’s fiscal and
macroeconomic performance could lead to further reductions. The
local-currency rating was reduced to BBB-, still investment grade,
from BBB. The outlook on both ratings was kept at negative, signaling
that the next move could be downward. Moody’s Investors Service, which
rates the nation at two levels above junk with a negative outlook,
said the rating is under review for a downgrade.

The rand slumped to the weakest level since January, declining as much
as 2.5 percent, and was at 13.6719 per dollar at 4:55 p.m. in New
York. Yields on the country’s dollar bonds due October 2028 jumped 10
basis points to 5.12 percent, a three-month high, while rates on
benchmark government rand bonds due December 2026 rose 13 basis points
to 9.02 percent.

Zuma doesn’t understand how his actions can influence decisions by
rating companies, and his decisions showed a “recklessness” that
ruined South Africa’s credibility, Motlanthe said in an interview at
Bloomberg’s offices in Johannesburg.

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Demonstrator tried to perform a "citizen's arrest" against Maj. Gen. Ahmed al-Asseri as he tried to enter an office in London @haaretzcom
Law & Politics


Asseri is also the spokesman of the Saudi-led coalition engaged in
fighting against Iran-aligned Houthis in Yemen. Activists accuse Saudi
Arabia of committing war crimes against civilians in Yemen, a charge
Riyadh denies.

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Currency Markets at a Glance WSJ
World Currencies


Euro 1.0667
Dollar Index 100.46
Japan Yen 110.45
Swiss Franc 1.0015
Pound 1.2473
Aussie 0.7581
India Rupee 64.969
South Korea Won 1118.92
Brazil Real 3.1148
Egypt Pound 18.1385
South Africa Rand 13.7793

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When Beijing floods the economy with money, some of it washes up in Macau. PHOTO: JEROME FAVRE/EUROPEAN PRESSPHOTO AGENCY
Emerging Markets


Macau had its best growth in three years last month, with gross
gambling revenue up 18% from a year earlier. Analysts had expected the
recovery that began last August to continue, but not quite so
vigorously, forecasting growth at around 15%.

One reason results exceeded expectations: The high rollers seem to be
coming back. Credit Suisse , for example, estimates VIP revenue was up
24% in March, compared with a 15% rise in mass-market revenue.

Frontier Markets

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What's behind South African finance minister's sacking? @sapresident @AJInsideStory
Africa


What is behind Gordhan's sacking? Does it reveal a deep division in the country?

Presenter: Sami Zeidan
Guests:
Bongani Mbindwane - ANC supporter, businessman and newspaper columnist
Lawson Naidoo - executive director of the Council for the Advancement
of the South African Constitution
Aly-Khan Satchu - CEO of Rich Management

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JPMorgan Says S&P May Cut South Africa to Junk in 'Coming Days' @zerohedge
Africa


South Africa's new Finance Minister Malusi Gigaba said on Monday he
would pursue "tough and unpopular choices" to oversee economic growth
and a redistribution of wealth to the country's black majority and
help grow a flagging economy.

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South Africa All Share Bloomberg +3.56% 2017
Africa


Dollar versus Rand 3 Month Chart INO 13.7466

http://quotes.ino.com/charting/index.html?s=FOREX_USDZAR&v=d6&t=c&a=50&w=1

Egypt Pound versus The Dollar 3 Month Chart INO 18.1385

http://quotes.ino.com/charting/index.html?s=FOREX_USDEGP&v=d3&t=c&a=50&w=1

Nigeria All Share Bloomberg -5.96% 2017

http://www.bloomberg.com/quote/NGSEINDX:IND

Ghana Stock Exchange Composite Index Bloomberg +10.42% 2017

http://www.bloomberg.com/quote/GGSECI:IND

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2-NOV-2015 The Seychelles @TheStarKenya
Kenyan Economy


I am writing this article from Mahe, which is the one of 115 islands
that make up the Seychelles archipelago, which lies 1,500 Kilometres
off East Africa. Seychelles has a population of 90,024 and that is the
smallest population of any independent African state. The minister for
Finance, Trade and The Blue Economy Jean-Paul Adam informed me that
the Seychelles receives tourists three times its population every
year. If Kenya was to receive the same ratio of tourists, we would be
welcoming 120 million tourists a year. The minister described to me
how the Seychelles navigated the 2008 financial crisis [debt to GDP
soared close to 125 per cent] and the Republic defaulted, but now runs
an annual surplus of over five per cent. The debt-to-GDP ratio is in
the 40 per cent range [after some help from the Paris Club and the
IMF]. Let us hope Seychelles in 2008 is not a Harbinger for some
countries on the mainland continent.

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National Bank reports FY 16 EPS +113.731% Earnings here
Kenyan Economy


Par Value:                  5/-
Closing Price:           6.45
Total Shares Issued:          308000000.00
Market Capitalization:        1,986,600,000
EPS:             0.53
PE:              12.1698

FY Investment securities 34.782839b vs. 27.315111b +27.339%
FY Loans and advances to customers (net) 59.339225b vs. 67.803990b -12.484%
FY Total assets 115.292392b vs. 125.440316b -8.090%
FY Customer deposits 96.966522b vs. 110.622469b -12.345%
FY Total shareholders’ funds 11.150739b vs. 11.053549b +0.879%
FY Loans and advances interest income 9.020708b vs. 8.934150b +0.969%
FY Government securities interest income 3.256451b vs. 3.201903b +1.704%
FY Total interest income 12.327782b vs. 12.248203b +0.650%
FY Customer deposits expense [3.517980b] vs. [5.112772b] -31.192%
FY Total interest expense [4.308945b] vs. [5.850664b] -26.351%
FY Net interest income 8.018837b vs. 6.397539b +25.343%
FY Other fees a d commissions income 1.386308b vs. 1.744555b -20.535%
FY Other income 1.039938b vs. 0.464853b +123.713%
FY Total non interest income 3.015739b vs. 3.157554b -4.491%
FY Total operating income 11.034576b vs. 9.555093b +15.484%
FY Loan loss provision [2.697895b] vs. [3.719128b] -27.459%
FY Staff costs [3.642344b] vs. [3.620758b] +0.596%
FY Other operating expenses [3.264415b] vs. [2.853593b] +14.397%
FY Total operating expenses [10.851922b] vs. [11.193078b] -3.048%
FY Profit before tax and exceptional items 0.182654b vs. [1.637985b] +111.151%
FY Profit after tax and exceptional items 0.162190b vs. [1.153477b] +114.061%
EPS 0.53 vs. [3.86] +113.731%
Total NPL and advances 26.768991b vs. 9.963684b +168.666%
Liquidity ratio 29.7% vs. 30.7% -1.000%
No interim dividend
Total Non-performing Loans 29.987342b versus 11.762498b

Conclusions


Better results but look at NPL numbers

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Kenya Shilling versus The Dollar Live ForexPros 103.245
Kenyan Economy


Nairobi All Share Bloomberg -1.38% 2017

http://www.BLOOMBERG.COM/quote/NSEASI:IND

131.50 +0.99 +0.76%

Nairobi ^NSE20 Bloomberg -2.51% 2017

http://j.mp/ajuMHJ

3,106.21 -6.31 -0.20%

Every Listed Share can be interrogated here

http://www.rich.co.ke/rcdata/nsestocks.php

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by Aly Khan Satchu (www.rich.co.ke)
 
 
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April 2017
 
 
 
 
 
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