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Thursday 16th 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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@zanu_pf @Twitter Africa |
Last night the first family was detained and are safe, both for the constitution and the sanity of the nation this was necessary. Neither Zimbabwe nor ZANU are owned by Mugabe and his wife. Today begins a fresh new era and comrade Mnangagwa will help us achieve a better Zimbabwe.
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Bitcoin Surges in Zimbabwe After Military Moves to Seize Power Law & Politics |
Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power.
The price of the cryptocurrency in the Southern African nation jumped as high as $13,499, almost double the rate at which it trades in international markets, according to prices cited on Golix’s website.
Demand for Bitcoin in Zimbabwe has surged amid a shortage of hard currency. Golix processed more than $1 million of transactions in the past 30 days, compared with turnover of $100,000 for the whole of 2016, according to data on the exchange’s website. Zimbabwe doesn’t have its own currency, with the government adopting the U.S. dollar and South African rand, among others, as legal tender in 2009 after hyperinflation rendered the local dollar worthless.
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Zimbabwe Equities Are Almost More Bitcoin Than Bitcoin @marcusashworth Bloomberg @Gadfly Law & Politics |
A jump of 390 percent year-to-date in the benchmark Zimbabwe Industrial Index, which has a market capitalization of $14.5 billion and excludes mining companies, looks fabulous news for frontier funds invested in what used to be called Africa's bread-basket. It's held on to those gains even as the military seizes power. It might be tempting to watch for a dip as a buying opportunity. The problem is getting your money out. After some serious hyperinflation, the country abandoned its own currency in favor of the U.S. dollar in 2009, and it has become increasingly more difficult to extract capital. Foreign investors have been trapped in their holdings for most of this year, unable to exit or cash in what look like huge profits. Stocks have become Zimbabwe's version of Bitcoin. Meanwhile, Bitcoin's version of Zimbabwe seems to be having a good day.
The 60% fall from 2013 to 2016 reflects concerns about the real economy, but the recent jump reflects a panic for liquid assets
It's a similar picture for the MSCI Zimbabwe index, which has jumped 420 percent this year. The index consists of just two companies; a drinks conglomerate called Delta Corporation Ltd. and Econet Wireless Zimbabwe Ltd.There is a serious scarcity of cash, and bank deposits, in Zimbabwe's broken economy. Equities are the only viable means of exchange, but this has pushed prices through the roof.The country's shares are trading at a 475 percent premium to cash, according to an Exotix analysis of Old Mutual data. That difference has to collapse for there to be any chance of Zimbabwe normalising.
Until Zimbabwe allows for the return of capital, only the very well-informed, or the very brave, should think about diving in.
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In Topsy-Turvy Zimbabwe, Stocks May Plunge If Confidence Returns @business Law & Politics |
If investors want a sign that confidence is returning to Zimbabwe following the armed forces’ seizure of power from President Robert Mugabe on Wednesday morning, they should look for stocks to fall.
In Zimbabwe’s dysfunctional market, the deeper the economy has sunk, the more equities have soared. The nation’s main gauge is up 322 percent in the past year in dollars, the best performance globally, even as a cash shortage choked businesses and forced people to sleep in streets near banks so they could make withdrawals in the mornings.
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Tencent Rises After Posting Fastest Revenue Growth in 7 Years World Currencies |
Tencent Holdings Ltd. rose in Hong Kong after posting accelerating sales growth and topping the most optimistic of analyst estimates.
The shares rose as much as 2.7 percent to HK$393.40 in early trading, on pace for a record close. The owner of WeChat, the social network that is nearly ubiquitous in China, reported a 61 percent rise in third-quarter sales on Wednesday. Fueled by advertising and hit game Honour of Kings, the growth was the fastest since 2010, when revenue was a mere one-fourteenth of its current level.
By getting WeChat onto almost a billion smartphones in China, Tencent has leveraged the instant message service into an entertainment and gaming platform that is driving advertising sales. Although the Shenzhen-based company remains largely absent overseas, it’s built a 12 percent stake in Snapchat-owner Snap Inc. and is exploring new sources of growth in the cloud, financial services, movies and music.
WeChat had 980 million monthly active users, up almost 16 percent from the previous year and now sending 38 billion messages daily. But the mobile version of QQ, Tencent’s other mainstay social network, had 2.5 percent fewer users at the end of the quarter.
The success of Honour of Kings helped expand smartphone gaming revenue by 84 percent in the period. While the game was recently dethroned from the top of China’s iOS store, Tencent has a full pipeline of titles for 2018 that includes several from South Korean developers that were held back amid political tensions with China.
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Angola's Dos Santos Family Under Pressure to Give Up Key Posts Africa |
The children of former Angolan President Jose Eduardo dos Santos are facing increasing pressure to step down from key posts, two months after the first leadership change in Africa’s second-biggest oil producer in almost four decades.
Since replacing Dos Santos at the helm of Angola in September, Joao Lourenco, 63, has fired the governor of the central bank, the head of diamond company Endiama and the boards of all three state-owned media companies. The string of dismissals has earned Lourenco the nickname “relentless remover.”
Now, the two most prominent children of the Dos Santos clan have come under fire for acting as barriers to reforms because of the huge sway they hold over sub-Saharan Africa’s third-biggest economy. Dos Santos’ eldest daughter, Isabel, 44, is Africa’s richest woman and chairwoman of state oil company Sonangol, in a country where crude accounts for more than 90 percent of exports. Her brother, Jose Filomeno, 39, is the head of Angola’s $5 billion sovereign wealth fund.
“They’re clearly under a lot of pressure to step down,” Gary van Staden, an analyst at NKC African Economics in Paarl, South Africa, said by phone. “Whether Lourenco aims to clean up the place or simply make it cosy for himself, the Dos Santos family is always going to be in the line of fire because of the key positions they hold in Angola.”
Yet, the 63-year-old former army general has signaled he is nobody’s marionette. In his state of the union speech on Oct. 16, Lourenco vowed to fight corruption and end monopolies in the cement sector. Isabel’s husband, Sindika Dokolo, is the chairman of one of the biggest cement factories in Angola.
Lourenco also appointed Carlos Saturnino, who was fired from Sonangol by Dos Santos last year, as his secretary of state for oil, putting him in charge of a 30-day review of the industry.
After expanding for 14 consecutive years, the economy posted zero growth last year in a country where more than a third of the population of 27 million lives on less than $2 a day, according to the World Bank.
“The country can’t wait for better days,” Lourenco said in a speech on Nov. 11. Recent changes at the central bank and other state-owned companies were designed to increase control of government bodies that may be “decisive during this difficult moment in the economy,” he said.
Apart from her job at Sonangol, Isabel dos Santos also controls Unitel, Angola’s largest mobile-phone company. She owns Candando, a supermarket chain, has stakes in Angolan lenders Banco BIC and BFA and several companies in Portugal. Her brother, Jose Filomeno, has also come under fire for the way he has managed Angola’s sovereign wealth fund.
Swiss newspaper Le Matin Dimanche reported on Nov. 5 that the wealth fund’s asset manager, Jean Claude Bastos de Morais, was a friend of Jose Filomeno and has been convicted in Switzerland for misappropriation of funds.
The report, based on the so-called Paradise Papers, also said most of the fund’s money was transferred to offshore accounts in Mauritius and some of it was used to pay companies controlled by Bastos de Morais for projects in Angola. The wealth fund, known as FSDEA, denied the allegations in an emailed statement and said all of its operations are legitimate.
The state-owned Jornal de Angola newspaper ran a story on the report and Radio Nacional de Angola, the government broadcaster, provided details about the article and the denial of any wrongdoing. Angola’s main opposition party on Nov. 10 called for a parliamentary inquiry into the management of the fund.
“In the past, a story like this would only appear in the social media,” said Precioso Domingos, a professor of economics at the Catholic University in the capital, Luanda. “But pressure to put an end to some of the interests of the Dos Santos family is so great that these stories are now being picked up by the state media.”
Conclusions
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.@KenyaAirways completes $2 bln debt restructuring @ReutersAfrica Kenyan Economy |
The airline’s top shareholder, the Kenyan government, and 11 local lenders converted the bulk of their debts into shares, helping to relieve cash flow pressure.
“This has been a $2 billion restructuring,” Mbuvi Ngunze, the former Kenya Airways CEO who has been advising on the transaction since June, told Reuters.
As part of its assistance to the company’s revival efforts, the government also offered contingent guarantees for $750 million of the airline’s debt for 10 years.
“We will pay less now to allow us a bit of time to reshape the business to pay a bit more on the tail end,” Ngunze said, referring to the debt restructuring.
Kenya Airways, which is part owned by Air France KLM, posted the country’s biggest ever annual corporate loss of 26 billion shillings ($251 million) in its 2016 financial year, hit by a slump in travel and high financing costs after buying new Boeing planes.
The losses pushed the company into negative equity of 45 billion shillings in its financial year to the end of March.
Ngunze said he expects that to move into positive territory next year after the restructuring.
The financial restructuring diluted all existing shareholders by 95 percent.
Kenya Airways is set to brief investors on the first half of its financial year on Friday.
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@StanChartKE Q3 2017 Earnings Release and FY Profits Warning +26.19% Total Return in 2017 Kenyan Economy |
Par Value: 5/- Closing Price: 227.00 Total Shares Issued: 343510571.00 Market Capitalization: 77,976,899,617 EPS: 25.85 PE: 8.781
Q3 Kenya Government securities 113.546868b vs. 88.839299b +27.812% Q3 Loans and advances to customers (net) 114.241248b vs. 120.761020b -5.399% Q3 Total assets 310.504845b vs. 264.258028b +17.501% Q3 Customer deposits 238.496384b vs. 199.634468b +19.467% Q3 Total shareholders’ equity 44.798150b vs. 43.932422b +1.971% Q3 Total interest income 19.413979b vs. 19.699031b -1.447% Q3 Total interest expenses [5.645158b] vs. [4.740451b] -19.085% Q3 Net interest income/ [Loss] 13.768821b vs. 14.958580b -7.954% Q3 FX Trading income 1.891805b vs. 2.237471b -15.449% Q3 Total non-interest income 6.413620b vs. 6.624879b -3.189% Q3 Total operating income 20.182441b vs. 21.583459b -6.491% Q3 Loan loss provision [3.725844b] vs. [1.822143b] -104.476% Q3 Staff costs [5.177384b] vs. [4.708008b] -9.970% Q3 Other operating expenses [3.251647b] vs. [2.740307b] -18.660% Q3 Total other operating expenses [13.317036b] vs. [10.473649b] -27.148% Q3 Profit before tax and exceptional items 6.865405b vs. 11.109810b -38.204% Q3 Profit/ [Loss] after tax and exceptional items 4.709355b vs. 7.730202b -39.079% Q3 Basic and diluted EPS 13.47 vs. 22.26 -39.488% Q3 Net NPL 4.371278b vs. 5.586941b -21.759% Liquidity ratio 69.91% vs. 61.51% +8.400%
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Diamond Trust Bank reports Q3 2017 EPS -5.583% Earnings here +64.06% in 2017. Kenyan Economy |
Par Value: 4/- Closing Price: 191.00 Total Shares Issued: 266321115.00 Market Capitalization: 50,867,332,965 EPS: 26.94 PE: 7.090
Diamond Trust Bank Kenya Limited Q3 2017 results through 30th September 2017 vs. 30th September 2016
Q3 Kenya Government securities – held to maturity 84.332855b vs. 74.147648b +13.736% Q3 Loans and advances to customers (net) 196.292862b vs. 181.552891b +8.119% Q3 Total assets 357.204092b vs. 313.768781b +13.843% Q3 Customer deposits 265.047790b vs. 227.422321b +16.544% Q3 Borrowed funds 18.069948b vs. 23.333447b -22.558% Q3 Total shareholders’ funds 46.744126b vs. 37.805650b +23.643% Q3 Total interest income 25.691629b vs. 25.499072b +0.755% Q3 Total interest expenses [11.210539b] vs. [10.812765b] -3.679% Q3 Net interest income 14.481090b vs. 14.686307b -1.397% Q3 FX Trading income 1.159700b vs. 1.283574b -9.651% Q3 Total non-interest income 3.885411b vs. 3.710763b +4.707% Q3 Total operating income 18.366501b vs. 18.397070b -0.166% Q3 Loan loss provision [2.893844b] vs. [3.601159b] +19.641% Q3 Staff costs [2.978724b] vs. [2.751081b] -8.275% Q3 Other operating expenses [3.292809b] vs. [2.823457b] -16.623% Q3 Total operating expenses [10.852159b] vs. [10.589662b] -2.479% Q3 Profit before tax and exceptional items 7.514342b vs. 7.807408b -3.754% Q3 PBT 7.525624b vs. 7.812124b -3.667% Q3 Profit after tax and exceptional items 5.128652b vs. 5.318935b -3.577% Q3 Basic and diluted EPS 17.42 vs. 18.45 -5.583% Q3 Total NPL and Advances 14.089865b vs. 6.376141b +120.978% Q3 Net NPL 7.474378b vs. 1.131605b Liquidity ratio 51.2% vs. 48.5% +2.700%
Conclusions
resilient.
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@UchumiKenya reports FY Loss Before Tax [1.68b] 2017 Earnings here Kenyan Economy |
Par Value: 5/- Closing Price: 3.35 Total Shares Issued: 364959616.00 Market Capitalization: 1,222,614,714 EPS: -4.61 PE:
One of the main Kenyan supermarket chains.
Uchumi Supermarkets FY 2017 results through 30th June 2017 vs. 30th June 2016
FY Net sales 2.587239b vs. 6.427143b -59.745% FY Cost of sales [2.138082b] vs. [5.450199b] -60.771% FY Gross profit 449.157m vs. 976.944m -54.024% FY Administration expenses, selling expenses and other expenses [2.112854b] vs. [3.648441b] -42.089% FY Loss before taxation [1.663697b] vs. [2.671497b] -37.724% FY Loss after taxation [1.680928b] vs. [2.836732b] -40.744% FY Total assets 4.327281b vs. 5.002216b -13.493% Cash and cash equivalents at the end of the year [518.292m] vs. [328.276m] -57.883%
Company Commentary
Improved cost management implementation resulted in significantly improved loss position for the year by 39% from 2.8b to 1.7b Company recorded improved margins Discussions are ongoing with a potential strategic investor and government shareholder loan is imminent with expected release of 700m. New Fund deployment plans are being established to re-stock stores, secure locations of all our 20 branches, ERP system enhancements, and management of the old supplier debt among other initiatives.
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@UchumiKenya Auditors Opinion Kenyan Economy |
The Auditors have given a qualified opinion due to the possible effect on the comparability of corresponding and current year figures for the consolidated and separate financial performance and cash flows as a result of the following matters
-> Loss of control of business in the Uganda and Tanzania subsidiaries in the financial year ended June 2016 -> Assets write off in the financial year ended 30th June 2016
Some of the key audit matters where significant judgement was exercised by Management include impairment loss on trade and other receivables, contingent liabilities in respect of claims and litigations, recognition of deferred tax asset, valuation of investment property and completeness and the existence of trade payables.
No Dividend
Conclusions
Market Cap is $12m. Nakumatt is a question of pronouncing the last rites This is a Bargain basement entry for someone who wants to tackle this Opportunity?
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N.S.E Today |
After 19 minutes of dueling, with four bidders on the telephone and one in the room, Leonardo da Vinci’s “Salvator Mundi” sold on Wednesday night for $450.3 million with fees, shattering the high for any work of art sold at auction. President Mugabe is in te departure Lounge but for now negotiating terms. Bitcoin climbed as much as 10 percent on Zimbabwe’s Golix exchange on Wednesday after the country’s armed forces seized power. The price of the cryptocurrency in the Southern African nation jumped as high as $13,499, almost double the rate at which it trades in international markets, according to prices cited on Golix’s website. Hunter S. Thompson famously said "The Edge...There is no honest way to explain it because the only people who really know where it is are the ones who have gone over" Zimbabwean Financial assets have gone over the Edge as evidenced in Bitcoin and the Stock Market. The Zimbabwe Industrial Index is +390% Year To Date and the MSCI Zimbabwe index has jumped 420 percent this year. In Zimbabwe’s dysfunctional market, the deeper the economy has sunk, the more equities have soared. The country's shares are trading at a 475 percent premium to cash, according to an Exotix analysis of Old Mutual data The Nairobi All Share firmed +0.86 points to close at 162.50. The Nairobi NSE20 rallied +14.94 points to close at 3743.10. Equity Turnover clocked 505.78m.
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N.S.E Equities - Commercial & Services |
Safaricom followed on yesterdays +2.04% gain with a further +1.00% to close at 25.25 and was trading at 25.50 +2.00% at the Finale. Safaricom traded 6.387m shares and Buyers outpaced Sellers by a Factor of 3 to 1. Safaricom is just 5.6% below a record closing high reached at the end of the August and we will see that record taken out ahead of year End.
Nation Media Group eased -1.72% to close at 114.00 and traded 257,200 shares. NMG is +36.02% on a Total Return basis in 2017. H1 Turnover slid -6.40% to 5.2742b. Standard Group closed unchanged at 37.50 and notwithstanding issuing a Full Year Profits Warnings is +127.2% in 2017.
Uchumi probed +1.45% better to close at 3.50 and was at 3.60 +4.35% at the finish.
LongHorn Kenya announced it will sell its entire controlling stake of Law Africa Publishing Limited which will cease being a subsidiary of the company. LongHorn ticked 10 cents easier to close at 5.85.
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N.S.E Equities - Industrial & Allied |
The Latent Buy Side Demand about which i spoke yesterday popped its head above the radar today and KenGen muscled +2.39% higher to close at 8.55 and traded 628,600 shares.
EABL closed unchanged at 240.00 and traded 237,600 shares. There is good two way action happening at this level.
Total Kenya was up-shifted +7.78% to close at 24.50 and match a 2017 closing high. Total Kenya is +50.35% in 2017.
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Africa |
It was a pleasure catching up with the KCB Chairman Ngeny Biwott who is a Nasa Scientist and a Futurist. KCB turned +0.62% higher to close at 40.75 and traded 2.24m shares. KCB has rallied +55.65% in 2017 on a Total Return Basis. COOP Bank eased -0.3% to close at 16.05 and traded 5.103m shares.
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