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Wednesday 08th of November 2017 |
Morning Africa |
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If you are tracking the NSE Do it via RICHLIVE and use Mozilla Firefox as your Browser. 0930-1500 KENYA TIME Normal Board - The Whole shebang Prompt Board Next day settlement Expert Board All you need re an Individual stock.
The Latest Daily PodCast can be found here on the Front Page of the site http://www.rich.co.ke |
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An Ostrich in the Foreground Elephants in the Background #Amboseli Africa |
“Of all African animals, the elephant is the most difficult for man to live with, yet its passing - if this must come - seems the most tragic of all. I can watch elephants (and elephants alone) for hours at a time, for sooner or later the elephant will do something very strange such as mow grass with its toenails or draw the tusks from the rotted carcass of another elephant and carry them off into the bush. There is mystery behind that masked gray visage, and ancient life force, delicate and mighty, awesome and enchanted, commanding the silence ordinarily reserved for mountain peaks, great fires, and the sea.” ― Peter Matthiessen, The Tree Where Man Was Born
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Saudi crown prince accuses Iran of 'direct aggression' FRANCE 24 Law & Politics |
Saudi Arabia's powerful crown prince accused Iran on Tuesday of "direct military aggression" through Yemen's Huthi rebels, ratcheting up regional tensions as the kingdom reels from a sweeping royal purge.
Sunni-ruled Saudi Arabia and predominantly Shiite Iran have been trading fierce accusations over their involvement in the conflict in Yemen, in which they back opposing sides.
In the latest flare-up, Saudi Arabia on Saturday intercepted and destroyed a ballistic missile near Riyadh international airport, reportedly fired from Yemen by Iran-backed Huthi rebels, provoking a bitter war of words.
Saudi Arabia accused Iran of supplying missiles to the rebels. Tehran vehemently denied the charge and in turn accused Riyadh of war crimes in Yemen.
"The involvement of Iran in supplying missiles to the Huthis is a direct military aggression by the Iranian regime," the Saudi Press Agency quoted Crown Prince Mohammed bin Salman as saying during a telephone conversation with British Foreign Secretary Boris Johnson.
This "could be considered an act of war," he said.
Conclusions
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Secret Leaked Israeli Cable Confirm Israeli-Saudi Coordination To Provoke War @MintPressNews Law & Politics |
The explosive classified Israeli cable reveals the following:
On Sunday, just after Lebanese PM Hariri’s shocking resignation, Israel sent a cable to all of its embassies with the request that its diplomats do everything possible to ramp up diplomatic pressure against Hezbollah and Iran. The cable urged support for Saudi Arabia’s war against Iran-backed Houthis in Yemen. The cable stressed that Iran was engaged in “regional subversion”. Israeli diplomats were urged to appeal to the “highest officials” within their host countries to attempt to expel Hezbollah from Lebanese government and politics.
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Saudi Arabia's unprecedented shake-up @TheEconomist Law & Politics |
EVEN by standards of recent palace intrigues, it was a dizzying Saturday in Saudi Arabia. On November 4th the kingdom announced that scores of people had been held in a massive anti-corruption sweep. The best-known figure was Prince Alwaleed bin Talal, a billionaire businessman and investor who owns big chunks of American firms such as Citigroup and News Corporation. But the detainees also include ten other princes; dozens of current and former ministers; the chairman of the Saudi Binladin Group, a construction conglomerate; and the owner of MBC, the largest satellite network in the Middle East. Some are reportedly being held in Riyadh’s opulent Ritz-Carlton, which told paying guests to leave and stopped accepting new bookings. Private jets were grounded in a bid to stop wealthy businessmen from leaving the kingdom.
Even more significant is the separate move to sack several ministers, notably Prince Mutaib bin Abdullah, the commander of the National Guard, consolidating the power of the young crown prince, Muhammad bin Salman (often known as MBS), the hugely ambitious son of King Salman.
Still, the arrests send a message to other would-be critics. MBS, more than any other leader in decades, has fashioned himself the sole face of Saudi policy. If his ambitious plans falter, Saudis will know whom to blame.
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The choice of that moment is the greatest riddle of history Ryszard Kapucinski Law & Politics |
It is authority that provokes revolution....This occurs when a feeling of impunity takes root among the elite: We are allowed anything, we can do anything. This is a delusion, but it rests on a certain rational foundation. For a while it does indeed look as if they can do whatever they want. Scandal after scandal and illegality after illegality go unpunished. The people remain silent...They are afraid and do not yet feel their own strength. At the same time, they keep a detailed account of the wrongs, which at one particular moment are to be added up. The choice of that moment is the greatest riddle of history. Shah of Shahs, Vintage International edition, p. 106
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18-SEP-2017 "A screaming comes across the sky" North Korea Law & Politics |
In particular, it features the quest undertaken by several characters to uncover the secret of a mysterious device named the “Schwarzgerät” (black device), slated to be installed in a rocket with the serial number “00000”. As the world watches PyongYang, I cannot help wondering if Kim Jong-Un has read Pynchon which speaks of “A screaming comes across the sky” and North Korea.
“But it is a curve each of them feels, unmistakably. It is the parabola. They must have guessed, once or twice -guessed and refused to believe -that everything, always, collectively, had been moving toward that purified shape latent in the sky, that shape of no surprise, no second chance, no return.’’
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Commodity Markets at a Glance WSJ Commodities |
Brent futures LCOc1, the international benchmark for oil prices, were at $63.61 per barrel at 0243 GMT, down 8 cents, or 0.1 percent, but still close to a near two-and-a-half year high of $64.65 a barrel reached earlier this week.
U.S. West Texas Intermediate (WTI) crude CLc1 was at $57.06 per barrel, down 14 cents, or 0.2 percent, from their last settlement, but also still not far off the $57.69 a barrel reached earlier this week, the highest since July 2015.
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The Paradise Papers show how Africa's elite avoid taxes abroad as they do at home Quartz Africa Africa |
Former president of the United Nations general assembly creates an offshore trust that gets a lucrative airport contract in Uganda, benefitting both him and his daughter. An opposition figure in Zambia is listed as director in an overseas company that has interests in mining and nickel exploration. And the brother of Ghana’s former president is the head of a company that does consulting for the west African nation’s oil and gas development. These are some of the revelations from Africa documented in the Paradise Papers, a global investigation into the offshore transactions of some of the world’s biggest corporations and wealthiest people. The cache of secret records was leaked from Appleby, a Bermuda-based law firm that provides legal advice to business elites. Together, the 13.4 million documents shed light on the top end of the world of offshore finance, and how the politically powerful take advantage of the system, deal in corruption and bribery, and avoid paying taxes. The leaked documents also show how multinationals, who are often accused of plundering national resources, continue to gain access in Africa. For instance, at the Democratic Republic of Congo, the Paradise Papers show that the mining multinational Glencore gave the Israeli billionaire Dan Gertler a $45 million loan if he secured a mining contract from the government. Gertler was previously mentioned in a UN report for giving money to the DRC government to buy weapons and finance its war in exchange for a monopoly on the country’s diamonds. In Burkina Faso, Glencore protested after officials sought $29 million in unpaid taxes and penalties, eventually paying only $1.5 million.
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Mugabe's Wife Grace Rises to Pinnacle of Power in Zimbabwe Bloomberg Africa |
Zimbabwean President Robert Mugabe fired a vice president who his wife Grace accused of plotting against her husband for the second time in three years, highlighting the first lady’s rise to the pinnacle of power in the southern African nation.
The dramatic dismissal of Emmerson Mnangagwa on Monday came a day after Grace Mugabe publicly accused the former spy chief of plotting against the president. In 2014, similar allegations led to the ouster of Mugabe’s then deputy, Joice Mujuru, who like Mnangagwa fought in the liberation war against the white-minority regime of Rhodesia.
“It’s clear that Grace Mugabe is calling the shots,” said Alex Magaisa, a Zimbabwean law lecturer who is based in the U.K. and helped design Zimbabwe’s 2013 constitution. “No other person has wielded as much public power as Grace has, apart from her husband. She is certainly the most powerful person in Zimbabwe at the moment after Mugabe.”
Mnangagwa, who enjoys support in the military and among war veterans, will have to decide whether to go quietly or seek to reverse his downfall, either by challenging Grace Mugabe in the party or forging links with the opposition.
“As things stand, the Zanu-PF old guard is gone and the Mugabe’s have opened another opposition front as they have to contend with the Mnangagwa’s supporters,” Rashweat Mukundu, an analyst with the Harare-based Zimbabwe Democracy Institute, said by phone. “Zimbabwe is in uncharted waters.”
Conclusions
This promotion of Grace will not last a moment longer than her husband's life.
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E.A. Portland Cement @EAPCC reports FY EPS Loss [16.35] Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 24.00 Total Shares Issued: 90000000.00 Market Capitalization: 2,160,000,000 EPS: -16.35 PE:
A key provider of Cement and Cement products in Kenya for over 70 years.
East African Portland Cement Company FY 2017 results through 30th June 2017 vs. 30th June 2016 FY Revenue 6.928307b vs. 8.871456b -21.903% FY Cost of sales [6.165496b] vs. [7.283948b] -15.355% FY Gross profit 762.811m vs. 1.587508b -51.949% FY Other operating income 21.527m vs. 78.768m -72.670% FY Provisions written back 183.277m vs. – FY Administration and selling expenses [2.283898b] vs. [3.250847b] -29.745% FY [Loss] from operating activities [1.316283b] vs. [1.584571b] -16.931% FY FX [Losses]/ gains 134.018m vs. [305.706m] +143.839% FY Fair value gain on investment properties 84.243m vs. 6.238797b -98.650% FY Finance costs [617.017m] vs. [618.125m] -0.179% FY [Loss]/ Profit before tax [1.712903b] vs. 3.734752b -145.864% FY [Loss]/ Profit after tax [1.471361b] vs. 4.145755b -135.491% EPS [16.35] vs. 46.06 -135.497% FY Total Assets 27.357388b vs. 27.842120b -1.741% FY Total Equity 16.890983b vs. 17.946760b -5.883% FY Cash and cash equivalents as at 30th June [1.879276b] vs. [1.440899b] -30.424% No dividend
Company Commentary
Sales Revenue for the year reduced by 22% driven by production challenges and downward pressure on retail prices due to excess supply. Cost of Sales reduced by 15% on account of volume reduction and curtailment of unwarranted rebates or discounts. drop in the gross profit margin to 11% compared to 18% last year Administrative expenses reduced by 30% as a result of a one-off inventory adjustment charge incurred in the prior year coupled with cost management initiatives current excess capacity which exceeds demand, downward pressure on cement prices is projected to prevail in the short to medium term. ''Shareholders have come together and are agreeable to a recapitalisation plan with one earmarked option being phased or instant cash injection from the sale of assets including idle and fully mined land which is subject to Government approval''
Conclusions
Poor results. Signalling further softness. However, NAV is considerably North of the share price.
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N.S.E Today |
Brent futures LCOc1, the international benchmark for oil prices, were last at $63.40 per barrel but still close to a near two-and-a-half year high of $64.65 a barrel reached earlier this week. The Oil Price has surged of late and could metasize from a situation where Cheap Oil was a material tailwind for East African Economies into one where the higher price becomes a Headwind. This promotion of Grace Mugabe will not last a moment longer than her husband's life. Zimbabwe's economy remains in disequilibrium with expectations of an imminent South Africa All Share is +18.81% in 2017 and at a record high. The Shilling was last trading at 103.55. The Nairobi All Share firmed +0.65 points to close at 161.99. The Nairobi NSE closed -20.46 points at 3768.38. Equity Turnover clocked 678.816m
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N.S.E Equities - Agricultural |
Sasini Tea and Coffee retreated -6.31% to close at 26.00 and traded a meaningful block of 1.022m shares. Sasini Tea is +35.41% in 2017 after todays price correction.
Kakuzi was up-shifted +6.48% to close at 345.00. The Shift to Avocados was a very prescient move.
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N.S.E Equities - Commercial & Services |
Safaricom rebounded +1.02% to close at 24.75 and traded 15.326m shares worth 381.718m. Safaricom corrected -3.92% since the NASA Resist boycott Strategy before bouncing today which about sums up the strategy. NASA even unleashed their hashtag Warriors yesterday whom quite properly the market discounted to zero. Safaricom is +34% on a Total Return basis in 2017.
Uchumi announced the Appointment of a Chief Operating Officer Andrew Dixon [who was previously at Tesco and Nakumatt] Uchumi ticked -1.41% easier to close at 3.50 and remains -11.39% in 2017.
Kenya Airways rebounded +2.61% to close at 5.90 and traded 373,600 shares. The imminent dilutive event risk is a Freight train that shareholders need to have front and centre.
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N.S.E Equities - Finance & Investment |
COOP Bank Kenya edged -0.3% lower to close at 16.35 and traded 4.053m shares ahead of the release of its Q3 2017 Earnings, which is expected as early as today. Equity Group traded +0.63% better to close at 40.25 and traded 1.269m shares. Equity Group as ramped +11.00% higher since releasing its Q3 2017 Earnings on the 31st of October. KCB Group firmed +0.61% to close at 41.00 and traded 807,900 shares. KCB released their Q3 2017 Earnings after the closing bell where Q3 PBT accelerated +3.1% to clock Sh.22.4 Billion.
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N.S.E Equities - Industrial & Allied |
KenolKobil eased -0.33% to close at 15.00 and traded 2.765m shares. KenolKobil trades on a Trailing PE of 9.146, accelerated H1 Profit before income tax +20.753% to 2.080448b and is a very well managed franchise. KenolKobil is +5.704% in 2017 and has headroom. Total Kenya traded just 8,900 shares all at an unchanged 24.25. Total Kenya trades on a Trailing PE of 6.831 and accelerated H1 Profit before tax +8.31% to 1.693750b. Total Kenya is +48.88% on a Total Return Basis in 2017.
BOC Kenya was high-ticked by the daily maximum of 10.00% to close at 110.00 on the grand total of 100 shares.
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