Friday, June 20, 2008

Safaricom @ NSE Day 10

Deals 5,216
Turnover 480.5 million shillings [$7.62 million],
Average 7.84, Closing 7.80, High 7.90, Low 7.70, Last 7.85
Shares volume 61.2 million shares

Commentary: Still beneath 8.00, the key pivot. On classic chart theory, the recent price is creating a triangle pattern, which normally indicates an upcoming break [either side actually]. It’s well supported at 7.80; volumes are slowing so I expect a break to the upside. [Data courtesy of Rich.Co.Ke - NSE data vendor]

That’s the final piece from Rich.Co.Ke, after a great two weeks of the new share on the Nairobi Stock Exchange, on to other things from next week. How have NSE shares fared since Safaricom was listed?

Price change since June 9

56% Safaricom
6% Athi Rive Mining
2% NMG, Access Kenya
1% Housing Finance, Equity, D-Trust, BAT, Kenol, Olympia
= Kenya Airways, Jubilee, City Trust
-1% Barclays, Kakuzi, CFC, Standard Chartered, Express
-2% KCB
- 3% CMC
-4% NIC, Kenya Re, Standard, TPSEA, Sasini
-5% Unga, NBK
-6% EA Cables, Total, Mumias, ICDCI, Scangroup, Rea Vipingo
- 7% KPLC, Crown
- 8% EABL
-9 % Kengen
-14% Sameer
- 16% Eveready

2 comments:

Maishinski said...

I monitored the "day 10" trade in real time. There were a few thousand shares traded between 8.00-8.50 but they could not appear in the day's "High" because the ATS system uses a volumes weighting to calculate the day's high. Majority of transactions (tens of millions) were in 7.85 range.

At no point did I see anybody selling at less than 7.80 - signallling that even International speculators know its a winner - but they wanna lock in the spectacular profits (quick buck).

So Safcom demand is already past 8bob - but the local QIIs don't want that to be official just yet - coz they are accumulating!

This will continue to happen when the "small-investors" get their hands on the refund cash - unless they all swarm in on Monday and generate sufficient volumes.

High net worth may have sufficient volumes to tip the scales - but their cheques dont clear till mid next week (I think).

Anyway, now that I know what's going on, I can comfortably focus on other things while waiting for the dust to settle.

Hey Banks, this might be a good time to run a survey Ranking brokers - based on safcom experiences.

Am looking for the most transparent, most efficient broker in Kenya who respects clients time and money (i.e. one who was virtually flawless during the IPO)... and yes - am hoping to find one in KENYA. Can you help?

Anonymous said...

Some good points on Capital Markets Reforms...

http://allafrica.com/stories/200804171163.html

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