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Uchumi Supermarkets Raises KES 895.8M From Just Concluded Rights Issue
by Old Mutual Securities

Listed retailer Uchumi Supermarkets raises KES 895.8M (USD9.89M), from just concluded rights issue that was oversubscribed by 84% after receiving bids worth KES 1.64B. 

 
Our view: The successful issue has given Uchumi a new life lease as it races to revamp its branch network within the region and also restructure its working capital as it has been heavily relying on short term loan facilities to run its operation. The renewed confidence especially by retail investors charters a new path as the company prepares to implement its strategy going forward. We believe effective deployment of the raised funds will Uchumi bridge the gap with its peers who have been on an expansion spree especially within the Kenyan market. 
 
Kenya's biggest power generator Kengen’s KES 30B (USD331.13M) rights issue set go ahead in the first quarter of next year after the government guaranteed to take up half the amount. 
 
Our view: This commitment by the government seals the path for Kengen to rollout

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Daily Market Report 16th December 2014
by Soko Directory Team

Kenyan Stock Market:

 
The NSE 20 Index cratered 15.37 points to close the first day of trading this week at 5,091.30. The NASI also edged down by 0.36 points to close the day at 162.37. Eaagads was the highest market gainer appreciating by 10.00 percent to close at KES 44.00. NIC Bank was the market’s top loser declining by 4.75 percent to close the day at KES 34.00.
 
The volume of shares traded closed at 93.82mn whereas total turnover edged up to close at KES 3.10bn. The highest market
mover was KCB Bank with a turnover of KES 1.34bn representing 43.23 percent of total market turnover.
 
Foreign buys fell from yesterday’s close of 71.74 percent of market turnover to close today’s trading session at 33.69 percent of turnover. Foreign sales followed suit closing at 26.14 percent of total turnover compared to 67.96 percent yesterday.
 
 
Upcoming Events
 
  • CBK to auction 91-day Treasury bill worth KES 3.0bn on 18th December 2014.
 
  • CBK to auction 182-day Treasury bill wort

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Kenya Posts Cheapest Fuel Prices in East Africa Region
by Old Mutual Securities

Kenya posts cheapest fuel prices in East Africa region. Kenya remains the East African market with the cheapest fuel after Sunday’s adjustments despite failure by the Energy Regulatory Commission (ERC) to match the drastic fall in global crude prices.


Our view: We believe the current trend in fuel prices will offer short term relief to consumers, as inflation in the country continues to stabilize. However in the long run this might not be good, as Kenya intends to be an oil producer in the coming few years. The government plans massive investments spending in the new sector but with the current global trend this might turn out to be not so viable.
 
Treasury picks team to advice on mega public-private deals. Roads, rail, ports, airports, health, water, education, counties and energy are the nine key areas of focus for the advisory team.
 
Our view: We believe that this is a viable way of financing big projects for the government going forward as this eases pressure on treasury t

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Weekly Market Wrap-up for the Week Ended 5th December 2014
by Soko Directory Team

Kenya faces steeper interest on foreign debts due to weaker shilling
 
 
The shilling has shed 4.4 percent in value against the dollar this year, currently exchanging at KES 90.30 to the US currency. This means that external debt and interest repayments, which have to be made in dollars, will become more expensive for the country in the shilling equivalent of the amounts.
 
 
Nairobi raises extra KES 67bn from global bond market
 
 
Kenya has raised an extra KES 67bn (USD 750mn) from the international bond market at an average interest rate of 5.5 percent, a price lower than that of the initial KES 180bn (USD 2bn). The subscription in the new deal reached KES 270bn (USD 3bn) even though they were seeking KES 67 bn only.
 
 
 
Treasury’s local debt cut signals rates fall
 
The government had reduced the cash to be borrowed through Treasury bills and bonds to as low as KES 120bn from KES 190bn. This follows the successful tapping of the sovereign bond which saw the Treasur

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Daily Market Report 15th December 2014
by Soko Directory Team

Kenyan Stock Market:

 
The NSE 20 Index cratered 18.14 points to close the first day of trading this week at 5,106.67. The NASI also edged down by 0.76 points to close the day at 162.76. Trans-century was the highest market gainer appreciating by 9.92 percent to close at KES 19.95.
 
Standard Group was the market’s top loser declining by 9.33 percent to close the day at KES 34.00.
 
 
The volume of shares traded closed at 31.25mn which was 3.15 percent lower than last week’s level. Total turnover also edged down by 3.15 percent, compared to last Friday, to close at KES 996.42mn. The highest market mover was E.A Breweries with a turnover of KES 310.00mn representing 31.11 percent of total market turnover.
 
Foreign buys closed the first day of trading this week at 71.74 percent of market turnover whereas foreign sales closed the first day of trading this week at 67.96 percent of total turnover.
 
 
Upcoming Events
 
  • CBK to auction 91-day Treasury bill worth KES 3.0bn on 18

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