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21st of October 2018

Kenya News

Crypto currencies hit as holders go on a selling spree

It’s been a brutal bear market for crypto. Since peaking in early January, the entire space has lost around $640 billion. Every time there’s been a brief rally it’s been followed up by relentless selling. [Bloomberg]

According to OnChainFX, a site that tracks cryptocurrencies, only one coin has seen major gains over the last 30 days, and it happens to be the one that’s the biggest joke of all: Dogecoin.

The coin, which was introduced in 2013 as a play on the once popular Doge meme, has surged over 160 percent in about a month.

The price of oil continues to press higher with WTI Crude trading just beneath $70.00 a barrel.

Emerging and Frontier Markets have of course been getting creamed for a few weeks now.

There was considerable debate around a Standard Article which cited the Eurobond II Prospectus, where the following language is found

"Holders of the 2028 notes or the 2048 notes…who hold at least 25 per cent in aggregate principal amount may declare such notes to be immediately due and payable at their principal amount together with accrued interest if the issuer (Government of Kenya) ceases to be a member of the IMF or ceases to be eligible to use the general resources of the @IMFNews’’

The key point is that the $2b is not callable on the basis of Kenya not rolling over its current IMF facility.

I am of the view in this new less benign environment it is in fact imperative to keep the facility in place.

The Bear is clawing the Equity markets now.

The Nairobi All Share retreated -0.85 points to close at 159.95 a 10 month closing Low.

The Nairobi NSE20 [which is already in a bear market] retreated 25.41 points to close at 3019.94 a 17 month low.

Equity Turnover was a meagre 263.387m and sellers outpaced buyers across the Board.

Commercial and Services

Safaricom closed unchanged at 27.00 and traded 6.191m shares worth 167.347m. This is a Buy Zone now.

Nation Media shaved off -2.702% to close at 72.00 a free multi-year and more than a decade low.

ScanGroup was high-ticked +8.58% to close at 16.45 on volume of $14.50 and 100 shares.


COOP Bank closed unchanged at 16.15 and traded 1.333m shares.

KCB Group closed -1.19% lower at 41.50 and traded 432,100 shares with Sellers outpacing Buyers by a Ratio of 5 to 1.

Equity Group corrected -1.14% to close at 43.50 and traded 65,500 shares with Sellers outpacing Buyers by a Ratio of 5 to 1.

Centum closed -5.00% at 28.50 and traded 252,000 shares.

Industrial and Allied

Unga was high-ticked +5.96% to close at 40.00 on 100 shares.

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