Monthly Bulletin May 2010
Monthly Bulletin May 2010 CONTENT Page MARKET HIGHLIGHTS‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐1 MARKET PERFORMANCE‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐2 EQUITY MARKET‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐3 Equity trading returns‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐4 Foreign Investors Board‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐6 Foreign Investors Returns‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐7 Foreign Investors Net Inflows‐‐‐‐‐‐‐‐‐‐8 Market capitalization‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐9 3‐Year equity turnover‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐11 BOND MARKET‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐13 Bond turnover‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐14 3‐year bond turnover‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐16
NOTE Kindly forward your comments on this bulletin and its contents via contacts below. Market & Product Development Department NAIROBI STOCK EXCHANGE Nation Centre 1st Floor P.O. BOX 43633‐00100, NAIROBI Tel. +254‐20‐2831253/2831292 FAX +254‐20‐2224200 Email: [email protected]
Table 1: Key market indicators‐ monthly comparisons Market Indicator Apr.2010 May2010 %Change NSE 20 Share Index 4,233.24 4,241.81 0.20 NSE All Share Index (NASI) 90.13 92.33 2.44 Market P/E Ratio 15.78 12.08 ‐23.45 Market Capitalization( Kshs.Bn) 1,062 1,073 1.04 No. of issued shares (Billion) 62.42 63.78 2.18 No. of Shares Traded (Mn) 398.53 933.53 134.24 No. of equity transactions 42,918 47,320 10.26 Equity Turnover (Kshs.Bn)‐ET 6.75 10.34 53.19 Foreign turnover ( FT)‐Kshs. Bn 2.99 4.00 33.78 (FT/ET)% 44.30 ‐12.75 38.65 Bond Turnover (Kshs. Bn) 23.24 37.20 60.07 Bond deals 340 563 65.59 Kshs/US Dollar currency exchange 77.27 79.74 3.20 No. of trading days 20 21 5.00 Table 2: Performance for selected African markets as at Jan‐ May 31 2010 Market/Index Kenya‐NSE 20 Share Index Nigeria‐ All Share Zimbabwe‐Industrial Mauritius‐Semdex Zambia‐All Share Egypt‐EGX 30 South Africa‐All Share BRVM‐Composite Uganda ‐All Share Tanzania ‐All Share
April 30 2010 4,241 26,232.6
129 1,651 2,836 6,438 27,309.1
150 1,031 1,173
%YTD ( Jan‐May.2010 31 26 ‐9 ‐0.6 1.5 4 ‐1.3 14 41 ‐1.6
Source: Respective markets
1
Monthly Bulletin May 2010 MARKET PERFORMANCE HIGHLIGHT Compared to April 2010, equity market turnover for
Graph1: NSE 20 Share Index
May 2010 increased to Kshs 10 billion, an increase of 53%. Safaricom Ltd was the key driver of equity turnover, trading 738 million shares valued at Kshs 4.14 billion. Local investors dominated the equity market, representing 61.35% of the total equity market turnover. The increase in equity turnover for May 2010 could be attributable to a shift in investor’s appetite, from falling returns on the
Graph 2: Trend of the NASI
government paper, to good returns at the NSE’s equity market. In Africa market, the NSE is continued to be ranked second, based on price index performance, behind Uganda.
DISCLAIMER: Care has been taken in the preparation of this bulletin. However no representation, warranty or undertaking is given by the Nairobi Stock Exchange as to the accuracy of the information contained therein and accepts no responsibility or liability whatsoever.
2
Monthly Bulletin May 2010 EQUITIES MARKET
Graph 3: Equity turnover trend (Kshs.Bn)
As a result of the shift in investor’s appetite, from falling returns on the government paper, to good returns at the NSE’s equity market, equity turnover increased to Kshs 10 billion in the month of May 2010. The Commercial and Services Sector continued to be the best performing sector in terms of volume traded. The sector traded 754 million shares valued at Kshs 4.7 billion. Safaricom ltd was the key mover, trading 738 million shares worth Kshs 4.1 billion. The Finance and Investment Sector followed, trading 115 million shares valued Kshs 3.0 billion. Equity Bank and Kenya Commercial bank actively traded. The Industrial and Allied Sector came in third, trading 60 million shares worth Kshs 2.6 billion. Mumias Sugar Company and KenGen were heavily traded. The Agricultural Sector traded 3.8 million shares worth Kshs.62 million. Sasini Ltd was the active counter. The Alternative Investment Market Segment (AIMS) traded 238 thousand shares worth Kshs 24.8 million. Williamson Tea Kenya and Express Kenya counters were actively traded.
Table 3: Top 5 most active companies by number of shares traded‐ May 31 2010
1. 2. 3. 4. 5.
Company Safaricom limited Ltd Equity Bank Ltd Mumias Sugar Co. Ltd. The Co‐operative Bank of Kenya Kenya Commercial Bank
Volume(mn) 738 46 31 23 16
Table 4: Top 5 most active companies by value traded‐ April 30 2010 Turnover Company (Kshs.mn) 1. Safaricom limited Ltd 4,137 2. Equity Bank Ltd 972 3. East Africa Breweries 813 4. Diamond Trust Bank 550 5. Mumias Sugar Co. Ltd. 406
3
Monthly Bulletin May 2010 Table 5: Equity trading return‐May 2010 Company
Volume
Deals Low
Price (Kshs) High Average
Turnover (Kshs)
Agricultural Sector Kakuzi Ltd. Rea Vipingo Ltd. Sasini Ltd Sub‐total % of Grand Total
93,900 149,000 3,486,900 3,729,800 0.40
74 95 707 876 1.85
68.00 15.80 12.80
82.00 19.85 15.80
76.56 18.33 14.96
7,189,300 2,730,710 52,157,190 62,077,200 0.60
Commercial and Services Sector AccessKenya Group Ltd Car & General CMC Holdings Ltd.
6,682,900 15,900 2,799,900
1,479 23 450
16.00 38.00 13.00
20.00 58.50 14.80
17.39 51.78 13.83
116,193,170 823,300 38,734,965
46,900 3,456,400 592,800 738,507,300 1,589,300 55,100 686,200
42 1,295 348 11,694 726 66 301
16.50 50.00 130.00 5.10 26.75 40.00 60.00
19.00 60.00 147.00 6.05 35.00 42.00 66.50
17.36 55.54 139.87 5.60 31.67 40.67 63.31
814,170 191,961,850 82,915,700 4,137,470,960 50,330,400 2,240,925 43,446,000
754,432,700 80.82
16,424 34.71
4,580,800 1,291,600 3,131,700 6,190,500 46,379,300 2,105,000 96,500 16,109,000 5,616,500 2,300,000 2,980,300 178,400 90,100 497,300
1,228 501 947 144 5,079 766 79 2,351 1,496 389 578 123 30 396
Hutchings Biemer Ltd Ord 5.00 Marshalls Kenya Airways Ltd Nation Media Group Ltd. Safaricom limited Ltd Scangroup Ltd Standard Group Ltd TPS Eastern Africa Ltd (Serena) Uchumi Supermarkets Ltd. (s) Sub‐total % of Grand Total Finance & Investment Sector Barclays Bank (K) Ltd. CFC Stanbic Holdings Centum Investment Co. Ltd. Diamond Trust Bank of Kenya Ltd. Equity Bank Ltd Housing Finance Jubilee Insurance Co. Ltd. Kenya Commercial Bank Kenya Re‐Insurance Corporation Ltd National Bank of Kenya Ltd. NIC Bank Ltd. Olympia Capital Holdings Pan Africa Insurance Holdings Standard Chartered Bank
4,664,931,440 45.10
56.00 48.00 17.15 81.00 18.00 20.25 169.00 19.00 11.70 39.50 34.00 8.00 56.00 195.00
64.00 80.00 20.00 89.00 25.25 23.50 181.00 23.25 13.55 44.25 40.00 10.80 67.00 228.00
59.18 58.78 18.76 88.87 20.95 22.21 175.53 20.70 12.68 42.49 38.18 9.82 60.33 216.74
271,093,450 75,914,350 58,750,025 550,137,600 971,803,110 46,750,500 16,938,500 333,485,600 71,219,450 97,729,025 113,782,175 1,752,110 5,435,400 107,785,800 4
Monthly Bulletin May 2010 Company
Volume
Deals Low 11.60
Price (Kshs) High Average 13.00 12.25
Turnover (Kshs)
The Co‐operative Bank of Kenya Sub‐total % of Grand Total
23,541,100 115,088,100 12.33
3,753 17,860 37.74
Industrial & Allied Sector Athi River Mining Ltd Bamburi Cement Ltd. BOC Kenya Ltd. British American Tobacco (K) Ltd. Carbacid Investments Ltd. Crown Berger Ltd. E.A. Portland Cement Ltd. E.A.Cables Ltd. East African Breweries Ltd. Eveready East Africa Ltd KenGen Ltd Sameer Africa Ltd Kenol/Kobil Kenya Power & Lighting Ltd. Mumias Sugar Co. Ltd. Total Kenya Ltd. Unga Group Ltd. Subtotal % of Grand Total
764,300 1,744,400 38,600 658,600 70,400 110,000 51,700 701,700 4,672,700 998,800 13,162,400 1,384,500 2,375,300 1,293,500 30,685,400 833,800 492,600 60,038,700 6.43
243 361 66 100 98 119 49 399 504 849 2,176 515 964 467 4,578 285 206 11,979 25.31
115.00 180.00 125.00 193.00 145.00 30.00 105.00 19.00 164.00 4.00 15.60 7.60 84.00 178.00 12.00 28.00 10.50
135.00 201.00 140.00 210.00 165.00 38.25 125.00 23.00 180.00 5.00 17.70 9.75 110.00 205.00 13.80 31.75 12.80
127.56 193.83 131.04 196.75 151.72 34.25 116.48 21.12 174.02 4.57 17.03 9.05 100.37 188.73 13.25 29.77 12.08
97,490,700 338,125,300 5,058,000 129,578,600 10,681,000 3,767,350 6,022,200 14,817,650 813,152,600 4,560,495 224,157,900 12,535,095 238,417,100 244,123,500 406,517,480 24,818,825 5,951,740 2,579,775,535 24.94
48,100 79,300
16 61.00
45.00 8.15
50.00 10.90
45.33 10.04
2,180,300 796,315.00
7,000 7,500 600 95,700 238,200 0.03 933,527,500
15 22 4 63 181 0.38 47,320
138.00 300.00 120.00 180.00
145.00 325.00 120.00 205.00
140.54 300.33 120.00 193.39
983,800 2,252,500 72,000 18,507,300 24,792,215 0.24 10,342,437,455
Alternative Investment Market Segment (AIMS) A. Baumann & Co. Ltd. Eaagads Ltd Express Kenya Ltd. Kenya Orchards Kapchorua Tea Co. Limuru Tea City Trust Williamson Tea Kenya Ltd Subtotal % of Grand Total GRAND TOTAL
288,283,970 3,010,861,065 29.11
5
Monthly Bulletin May 2010
Graph 5: Foreign Investors participation trend: purchase vs. sales
FOREIGN INVESTORS’ BOARD
Foreign investors’ turnover increased to Kshs 4.00 billion in May 2010 from Kshs 2.99 billion recorded in April 2010, representing an increase of 33.78%. This foreign turnover represented 38.65% of total equity market turnover. Actively traded counters were
Safaricom,
equity
Bank
and
Kenya
Commercial bank. Graph 4: Percentage of Foreign Participation (FP) to total
Graph 6: Foreign Investors participation trend
market(TM) ‐May 2010
6
Monthly Bulletin May 2010 Table 6: Foreign Investors’ return‐ May 2010
Company Access Kenya Group Athi River Mining Company Bamburi Cement Carbacid Investment Co. CFC Stanbic Holdings BAT Kenya Barclays Bank of Kenya CMC Holdings Co‐operative Bank of Kenya Diamond Trust Bank of Kenya East Africa Breweries Ltd East Africa Cables Equity Bank Eveready East Africa Sameer Africa Housing Finance Centum Investment Company Marshal (E.A) Jubilee Holdings Kenya Commercial Bank KenGen Kenol/Kobil Kenya Re‐insurance Corporation KPLC Kenya Airways Kakuzi Limuru Tea Mumias Sugar Company National Bank of Kenya Ltd NIC Bank Nation Media Group Olympia Capital Holdings Pan Africa Insurance Holdings Sasini Ltd Scangroup Standard Chartered Bank Safaricom
Number of deals
Number of shares traded
Turnover (Kshs)
111 28 53 4 16 19 70 14 216 9 116 15 555 6 3 15 12 4 5 226 86 176 32 24 70
2,461,525 285,100 486,442 1,033 83,800 556,150 297,250 152,775 1,877,350 10,550 1,973,374 32,128 14,680,434 9,250 7,500 87,850 39,360 9,100 5,750 2,730,961 642,801 697,330 218,590 73,823 463,175
41,511,165 36,669,800 92,130,300 157,405 4,411,563 109,356,950 17,491,875 2,093,468 22,772,015 891,475 343,955,099 662,584 323,911,556 41,723 63,100 1,933,488 719,455 158,550 981,500 57,806,473 10,889,901 71,154,050 2,868,787 14,358,604 25,381,675
1 1
19 100
1,311 30,000
84 3 12 10 2 3 25 46 10 2,587
1,935,056 2,000 44,393 26,500 4,150 15,550 487,650 469,700 15,675 492,403,653
25,781,729 79,900 1,638,805 3,710,450 42,435 933,000 7,280,500 14,975,600 3,456,935 2,755,479,941 7
Monthly Bulletin May 2010 Company Total Kenya TPS Eastern Africa‐Serena Unga Group Williamson Tea Kenya Express Kenya
Number of deals
Number of shares traded
4 11 1 2 1 4,688
Total
Turnover (Kshs)
7,050 11,200 1,900 2,250 47 523,310,294
Table 7: Foreign Investor net inflows (Kshs.mn)‐ May 2009 to May 2010 Total Total net foreign market Total local In‐flow turnover turnover turnover Month Purchases Sales (Kshs.) (TF) (TM) (TL)
211,175 717,525 23,700 424,500 465 3,997,160,532
FT/TM
TL/TM
May.09
1,175
678
496
1,853
3,088
1,235
60.01%
39.99%
Jun.09
1,630
746
884
2,376
4,127
1,751
57.58%
42.42%
July.09
1,382
591
791
1,972
3,262
1,289
60.48%
39.52%
Aug.09
1,673
812
861
2,485
3,149
665
78.90%
21.10%
Sep.09
1,663
725
937
2,388
3,548
1,159
67.32%
32.68%
Oct.09
3,135
710
2,425
3,845
4,521
676
85.04%
14.96%
Nov.09
2,397
869
1,528
3,266
4,647
1,381
70.28%
29.72%
Dec.09
287 1,034
300
875
2,591
1,716
33.76%
66.24%
Jan.10
587 3,550
2,517
4,584
6,358
1,774
72.10%
27.90%
Feb.10
1,309
820
489
2,129
4,215
2,086
50.50%
49.50%
Mar.10
2,382
384
1,998
2,766
8,326
5,559
33.23%
66.77%
Apr.10
1,572
1,421
151
2,993
6,755
3,762
44.30%
55.70%
May.10
1,836
2,161
‐325
3,997
10,342
6,345
38.65%
61.35%
8
Monthly Bulletin May 2010 MARKET CAPITALIZATION Table 8: Top 5 most active companies by market capitalization‐ May 31 2010 1. 2. 3. 4. 5.
Company Safaricom Ltd Ord.0.05 East African Breweries Ltd Ord 2.00 Equity Bank Ltd Ord 0.5 Barclays Bank Ltd Ord 10.00 Bamburi Cement Ltd Ord 5.00
Market capitalization (kshs.bn) 222 140 84 80 72
Table 9: Market capitalization – May 31 2010 Share price(Kshs)
Market capitalization (Kshs)
19,599,999 60,000,000 228,055,500 307,655,499 0.48
70.00 15.50 13.50
1,371,999,930 930,000,000 3,078,749,250 5,380,749,180 0.50
Commercial and Services Accesskenya Ltd Ord. 1.00 Car & General (K) Ltd Ord 5.00 CMC Holdings Ltd Ord 5.00 Hutchings Biemer Ltd Ord 5.00 Kenya Airways Ltd Ord 5.00 Marshalls (E.A.) Ltd Ord 5.00 Nation Media Group Ord. 5.00 Safaricom Ltd Ord.0.05 ScanGroup Ord. 1.00 Standard Group Ltd Ord 5.00 TPS Eastern Africa (Serena) Ltd Ord 1.00 Uchumi Supermarket Ltd Ord 5.00 Total % Grand Total
206,331,223 22,279,616 582,709,440 360,000 461,615,484 14,393,106 142,610,520 40,000,000,000 220,689,655 73,275,029 105,864,742 180,000,000 42,010,128,815 65.87
17.55 48.00 13.00 20.25 56.50 16.50 140.00 5.55 32.50 40.50 61.50 14.50
3,621,112,964 1,069,421,568 7,575,222,720 7,290,000 26,081,274,846 237,486,249 19,965,472,800 222,000,000,000 7,172,413,788 2,967,638,675 6,510,681,633 2,610,000,000 299,818,015,242 27.88
Finance and Investment Barclays Bank Ltd Ord 10.00 Centum Investment Co. Ltd Ord 5.00 CFC Stanbic Holdings Ltd ord.5.00 Diamond Trust Bank Kenya Ltd Ord 4.00 Equity Bank Ltd Ord 0.5 Housing Finance Co Ltd Ord 5.00
1,357,884,000 549,951,880 273,684,211 163,037,108 3,702,777,020 230,000,000
59.00 18.95 67.50 87.50 22.75 20.25
80,115,156,000 10,421,588,126 18,473,684,243 14,265,746,950 84,238,177,205 4,657,500,000
Company Agricultural Sector Kakuzi Ord.5.00 Rea Vipingo Plantations Ltd Ord 5.00 Sasini Ltd Ord 5.00 Total % Grand Total
Total number of issued shares
9
Monthly Bulletin May 2010
Company Jubilee Holdings Ltd Ord 5.00 Kenya Commercial Bank Ltd Ord 10.00 Kenya Re‐Insurance Corporation Ltd Ord 2.50 National Bank of Kenya Ltd Ord 5.00 NIC Bank Ltd 0rd 5.00 Olympia Capital Holdings ltd Ord 5.00 Pan Africa Insurance Holdings Ltd 0rd 5.00 Standard Chartered Bank Ltd Ord 5.00 The Co‐operative Bank of Kenya Ord. 1.00 Total % Grand Total Industrial and Allied Athi River Mining Ord 5.00 B.O.C Kenya Ltd Ord 5.00 Bamburi Cement Ltd Ord 5.00 British American Tobacco Kenya Ltd Ord 10.00 Carbacid Investments Ltd Ord 5.00 Crown Berger Ltd 0rd 5.00 E.A.Cables Ltd Ord 5.00 E.A.Portland Cement Ltd Ord 5.00 East African Breweries Ltd Ord 2.00 Eveready East Africa Ltd Ord.1.00 KenGen Ltd. Ord. 2.50 Kenya Oil Co Ltd Ord 0.50 Kenya Power & Lighting Ltd Ord 20.00 Mumias Sugar Co. Ltd Ord 2.00 Sameer Africa Ltd Ord 5.00 Total Kenya Ltd Ord 5.00 Unga Group Ltd Ord 5.00 Total % Grand Total Alternative Investment Market Segment (AIMS) A.Baumann & Co.Ltd Ord 5.00 City Trust Ltd Ord 5.00 Eaagads Ltd Ord 1.25 Express Ltd Ord 5.00 Williamson Tea Kenya Ltd Ord 5.00
Total number of issued shares 45,000,000 2,217,777,777 600,000,000 280,000,000 358,997,784 40,000,000 48,000,000 271,967,810 3,492,369,900 13,631,447,490 21.37
Share price(Kshs) 173.00 20.25 11.95 39.25 37.00 9.00 60.00 211.00 12.70
Market capitalization (Kshs) 7,785,000,000 44,909,999,984 7,170,000,000 10,990,000,000 13,282,918,008 360,000,000 2,880,000,000 57,385,207,910 44,353,097,730 401,288,076,156 37.32
99,055,000 19,525,446 362,959,275 100,000,000 33,980,265 23,727,000 202,500,000 90,000,000 790,774,356 210,000,000 2,198,361,456 1,471,761,200 79,128,000 1,530,000,000 278,342,393 175,028,706 75,708,873 7,740,851,970 12.14
125.00 135.00 199.00 202.00 155.00 33.25 19.85 115.00 177.00 4.15 16.95 10.00 199.00 12.80 8.25 29.50 11.90
12,381,875,000 2,635,935,210 72,228,895,725 20,200,000,000 5,266,941,075 788,922,750 4,019,625,000 10,350,000,000 139,967,061,012 871,500,000 37,262,226,679 14,717,612,000 15,746,472,000 19,584,000,000 2,296,324,742 5,163,346,827 900,935,589 364,381,673,609 33.88
3,840,066 5,728,314 16,078,500 35,403,790 8,756,320
11.10 120.00 46.00 8.50 203.00
42,624,733 687,397,656 739,611,000 300,932,215 1,777,532,960 10
Monthly Bulletin May 2010
Company Kapchorua Tea Co. Ltd Ord Ord 5.00 Kenya Orchards Ltd Ord 5.00 Limuru Tea Co. Ltd Ord 20.00 Total % Grand Total
Total number of issued shares 3,912,000 12,868,124 1,200,000 87,787,114 0.14
Share price(Kshs) 138.00 3.00 307.00
Market capitalization (Kshs) 539,856,000 38,604,372 368,400,000 4,494,958,936 0.42
1,800,000
8.00
14,400,000
350,000 2,150,000 0.00 63,780,020,888
5.50
1,925,000 16,325,000 0.00 1,075,379,798,122
Preference shares Kenya Power & Lighting Ltd 4% Pref 20.00 Kenya Power & Lighting Ltd 7% Pref 20.00 Total % Grand Total Grand Total
Table 10: 3‐year’s historical equity market statistics market 2008 Volume No. of Deals Turnover(Kshs) January 197,138,368 69,754 7,046,137,849 February 198,833,329 74,615 8,011,259,686 March 180,643,703 69,038 7,320,546,787 April 141,766,425 57,526 5,635,569,728 May 168,033,932 71,959 6,836,651,633 June 2,154,897,342 143,942 22,130,017,686 July 983,746,839 132,507 14,282,189,069 August 490,810,425 83,372 7,490,223,050 September 485,283,030 66,060 6,787,824,261 October 393,530,199 44,190 3,642,409,622 November 290,952,988 48,277 3,723,721,054 December 170,903,933 29,302 4,617,142,732 Annual Total 5,856,540,513 890,542 97,523,693,157
2009 Volume
177,553,320 150,639,921 207,389,552 215,558,636 307,999,937 377,559,589 296,191,966 280,892,340 231,691,793 303,297,307 396,360,128 214,896,903 3,160,031,392
No. of Deals
37,310 30,977 35,328 37,732 32,343 41,679 41,929 31,697 29,690 26,430.00 28,866.00 28,188 402,169
Turnover(Kshs) 2,624,390,626 1,645,278,050 2,414,120,554 2,549,121,667 3,087,669,756 4,126,871,673 3,261,625,016 3,149,211,894 3,547,591,207 4,520,965,854.00 4,646,566,084.25 2,591,188,971 38,164,601,352
2010 Volume January February March April May
Annual Total
603,905,016 369,757,668 627,000,012 398,532,800 933,527,500 2,932,722,996
No. of Deals
38,544 36,776 48,784 42,918 47,320 214,342
Turnover(Kshs) 6,358,023,993 4,214,875,504 8,325,598,475 6,754,886,475 10,342,437,455 35,995,821,902
11
Monthly Bulletin May 2010 BOND MARKET Though return on government paper continued to fall in the primary market, secondary bond market continued to record impressive performance, trading bonds worth Kshs 37 billion in May 2010 compared to Kshs 23 billion of April 2010. The government bond FXD 1/2009/5Yr (Re‐opened), coupon 9.50% was the most active, trading Kshs 5.8 billion on a high and low yield of 9.4% and 6.3% respectively. Graph 7: Bond turnover (Kshs.bn)
Graph 8: Bond yield
12
Monthly Bulletin May 2010 Table 11: Bond Turnover (Kshs) – May 2010
GOVERNMENT OF KENYA FIXED RATE TREASURY BONDS
Issued value (Kshs.mn)
Coupon (%)
This Month Highest Lowest yield yield (%) (%)
Issue date
Maturity date
Total Value (Kshs)
FXD4/2008/2Yr
29‐Dec‐08
27‐Dec‐10
3,090.57
8.75
5.200
5.200
850,000
FXD1/2009/2Yr
23‐Mar‐09
21‐Mar‐11
8,496.08
8.75
6.0000
6.0000
150,000
FXD2/2009/2Yr(Re‐opened)
25‐May‐09
23‐May‐11
9,251.31
8.75
6.2000
5.9400
30,000,000
FXD3/2009/2Yr
21‐Sep‐09
19‐Sep‐11
7,770.34
8.75
5.0000
5.0000
200,000,000
FXD1/2010/2Yr
21‐Sep‐09
19‐Sep‐11
7,770.34
8.75
5.9500
5.8000
500,000,000
FXD2/2006/5Yr
31‐Jul‐06
25‐Jul‐11
2,640.99
11.25
7.0000
6.2000
27,400,000
FXD1/2007/5Yr
29‐Jan‐07
23‐Jan‐12
2,571.12
11.25
9.0000
6.4500
22,000,000
FXD2/2007/5Yr
27‐Aug‐07
20‐Aug‐12
4,575.55
9.50
7.7000
7.7000
22,450,000
FXD3/2007/5Yr
24‐Sep‐07
17‐Sep‐12
8,996.55
9.50
6.7500
5.9000
520,150,000
FXD1/2008/5Yr
28‐Jan‐08
21‐Jan‐13
5,261.59
9.50
8.0000
8.0000
1,500,000
FXD 2/2008/5Yr
28‐Apr‐08
22‐Apr‐13
3,828.33
9.50
7.0000
6.1000
188,800,000
FXD 3/2008/5Yr
25‐Aug‐08
19‐Aug‐13
14,809.15
9.50
7.1250
6.2000
1,854,000,000
FXD 4/2008/5Yr(Re‐opened)
27‐Oct‐08
21‐Oct‐13
9,408.44
9.50
7.2500
6.7000
1,456,050,000
FXD 1/2009/5Yr(Re‐opened)
21‐Sep‐09
15‐Sep‐14
3,244.28
9.50
9.4500
6.3000
5,873,150,000
FXD 1/2010/5Yr
24‐May‐10
18‐May‐15
1,803
11,998.76
6.7000
6.4000
1,100,000,000
FXD2/2004/6Yr
26‐Jul‐04
19‐Jul‐10
2,481.93
6.75
4.9500
4.9500
51,300,000
FXD1/2005/6Yr
26‐Dec‐05
19‐Dec‐11
7,307.51
13.00
7.0200
7.0000
12,000,000
FXD1/2007/6Yr
30‐Apr‐07
22‐Apr‐13
6,001.26
11.50
6.4500
6.4500
132,550,000
FXD2/2003/7Yr
27‐Oct‐03
18‐Oct‐10
6.50
5.7000
5.7000
10,050,000
FXD1/2004/7Yr
26‐Jan‐04
17‐Jan‐11
6.75
6.7500
5.4000
10,050,000
FXD1/2006/7Yr
30‐Jan‐06
21‐Jan‐13
3,177.01
13.25
8.1750
7.0000
4,600,000
FXD2/2006/7Yr
25‐Dec‐06
16‐Dec‐13
2,261.63
12.00
8.0000
8.0000
2,600,000
FXD1/2007/7Yr
30‐Jul‐07
21‐Jul‐14
7,999.98
9.75
7.9500
6.7250
722,100,000
FXD2/2003/8Yr
29‐Sep‐03
19‐Sep‐11
5,088.21
7.00
6.6000
6.0000
2,450,000
FXD1/2007/8Yr
26‐Feb‐07
16‐Feb‐15
2,630.10
12.75
7.5000
7.2500
93,250,000
28‐Jul‐03
16‐Jul‐12
8,162.19
9.50
7.5000
7.5000
1,000,000
TWO YEAR BONDS
FIVE YEAR BONDS
SIX YEAR BONDS
SEVEN YEAR BONDS 3,094.88 2,562.58
EIGHT YEAR BONDS
NINE YEAR BONDS FXD2/2003/9Yr
13
Monthly Bulletin May 2010
Coupon (%)
This Month Highest Lowest yield yield (%) (%)
GOVERNMENT OF KENYA FIXED RATE TREASURY BONDS
Issue date
Maturity date
Issued value (Kshs.mn)
Total Value (Kshs)
FXD1/2006/9Yr
24‐Apr‐06
13‐Apr‐15
3,045.05
13.50
7.5500
6.8000
292,000,000
FXD2/2003/10Yr
25‐Aug‐03
12‐Aug‐13
6,352.87
8.50
6.8000
6.4000
50,450,000
FXD1/2006/10Yr
27‐Mar‐06
14‐Mar‐16
3,344.97
14.00
7.8000
7.5250
200,000,000
FXD2/2006/10Yr
29‐May‐06
16‐May‐16
5,088.33
14.00
8.2000
8.2000
3,000,000
FXD1/2007/10Yr
29‐Oct‐07
16‐Oct‐17
9,000.00
10.75
8.4000
8.1000
103,000,000
FXD1/2008/10Yr
29‐Oct‐07
16‐Oct‐17
2,901.99
10.75
9.2500
8.5000
190,100,000
FXD2/2008/10Yr(Re‐opened)
28‐Jul‐07
16‐Jul‐18
13,504.70
10.75
10.2000
8.2000
3,866,550,000
FXD3/2008/10Yr
29‐Sep‐08
28‐Sep‐18
3,910.96
10.75
8.4000
8.4000
50,100,000
FXD1/2009/10Yr
27‐Sep‐09
15‐Apr‐19
4,688.23
10.75
9.2000
8.3000
511,800,000
FXD1/2010/10Yr
26‐Apr‐10
13‐Apr‐20
12,182.89
8.79
8.8000
8.4000
4,708,000,000
FXD1/2006/12Yr
28‐Aug‐06
13‐Aug‐18
3,823.67
14.00
13.0000
8.3000
600,300,000
FXD1/2007/12Yr
28‐May‐07
13‐May‐19
4,999.04
13.00
8.7500
8.3500
510,500,000
TEN YEAR BONDS
TWELVE YEAR BONDS
FIFTEEN YEAR BONDS FXD1/2007/15Yr
26‐Mar‐07
07‐Mar‐22
3,568.80
14.50
9.0000
9.0000
15,000,000
FXD2/2007/15Yr
25‐Jun‐07
06‐Jun‐22
7,500.00
13.50
10.5000
9.1500
803,400,000
FXD3/2007/15Yr(Re‐opened)
26‐Nov‐07
07‐Nov‐22
16,982.02
12.50
9.6000
9.0600
2,459,100,000
FXD1/2008/15Yr
31‐Mar‐08
13‐Mar‐23
6,998.56
12.50
10.9000
10.9000
1,700,000
FXD1/2009/15Yr
26‐Oct‐09
07‐Oct‐24
8,704.44
12.50
9.8000
9.3200
2,159,000,000
FXD1/2010/15Yr TWENTY YEAR BONDS FXD1/2008/20Yr(Re‐opened) INFRASTRUCTURE BONDS IFB 1/2009/12Yr IFB 2/2009/12Yr
29‐Mar‐10
10‐Mar‐25
10,419.88
10.25
10.2000
9.3500
2,395,000,000
30‐Jun‐08
05‐Jun‐28
8,989.64
13.75
12.7500
10.5250
613,850,000
23‐Feb‐09 07‐Dec‐09
08‐Feb‐21 22‐Nov‐21
18,572.82 18,500.00
12.50 12.00
12.5000 8.5000
8.3500 7.8250
2,690,300,000 1,020,000,000
IFB 1/2010/8Yr CORPORATE BONDS KENGEN PUBLIC INFRASTRUCTURE BOND OFFER 2019
01‐Mar‐10
19‐Feb‐18
2,811
16,908,050
9.0000
7.7000
652,600,000
FXIB 1/2009/10Yr Total Turnover‐Government Bonds Total Turnover‐Corporate Bonds Total Market Bond Turnover
02‐Nov‐09
31‐Oct‐19
25,000,000,000
12.50%
12.5000
10.3000
470,250,000 36,734,200,000 470,250,000 37,204,450,000
Total Market number of transactions
563
14
Monthly Bulletin May 2010 Table12: 3‐years historical Bond market statistics market January February March April May June July August September October November December Annual Total
2008 5,937,900,000 3,212,550,000 14,281,750,000 2,343,700,000 3,037,200,000 4,912,035,382 2,397,930,000 18,490,356,350 22,611,941,683 4,344,113,732 6,319,712,659 7,473,441,011 95,362,630,817
2009 6,643,400,000 6,859,800,000 8,187,600,000 3,816,310,000 11,555,950,000 10,766,600,000 8,359,100,000 6,140,950,000 9,951,200,000 13,212,950,000 9,214,850,000 15,936,650,000 110,645,360,000
2010 26,746,900,000 41,638,700,000 50,411,000,000 23,241,000,000 37,204,450,000
179,242,050,000
15
NOTE Kindly forward your comments on this bulletin and its contents via contacts below. Market & Product Development Department NAIROBI STOCK EXCHANGE Nation Centre 1st Floor P.O. BOX 43633‐00100, NAIROBI Tel. +254‐20‐2831253/2831292 FAX +254‐20‐2224200 Email: [email protected]
Table 1: Key market indicators‐ monthly comparisons Market Indicator Apr.2010 May2010 %Change NSE 20 Share Index 4,233.24 4,241.81 0.20 NSE All Share Index (NASI) 90.13 92.33 2.44 Market P/E Ratio 15.78 12.08 ‐23.45 Market Capitalization( Kshs.Bn) 1,062 1,073 1.04 No. of issued shares (Billion) 62.42 63.78 2.18 No. of Shares Traded (Mn) 398.53 933.53 134.24 No. of equity transactions 42,918 47,320 10.26 Equity Turnover (Kshs.Bn)‐ET 6.75 10.34 53.19 Foreign turnover ( FT)‐Kshs. Bn 2.99 4.00 33.78 (FT/ET)% 44.30 ‐12.75 38.65 Bond Turnover (Kshs. Bn) 23.24 37.20 60.07 Bond deals 340 563 65.59 Kshs/US Dollar currency exchange 77.27 79.74 3.20 No. of trading days 20 21 5.00 Table 2: Performance for selected African markets as at Jan‐ May 31 2010 Market/Index Kenya‐NSE 20 Share Index Nigeria‐ All Share Zimbabwe‐Industrial Mauritius‐Semdex Zambia‐All Share Egypt‐EGX 30 South Africa‐All Share BRVM‐Composite Uganda ‐All Share Tanzania ‐All Share
April 30 2010 4,241 26,232.6
129 1,651 2,836 6,438 27,309.1
150 1,031 1,173
%YTD ( Jan‐May.2010 31 26 ‐9 ‐0.6 1.5 4 ‐1.3 14 41 ‐1.6
Source: Respective markets
1
Monthly Bulletin May 2010 MARKET PERFORMANCE HIGHLIGHT Compared to April 2010, equity market turnover for
Graph1: NSE 20 Share Index
May 2010 increased to Kshs 10 billion, an increase of 53%. Safaricom Ltd was the key driver of equity turnover, trading 738 million shares valued at Kshs 4.14 billion. Local investors dominated the equity market, representing 61.35% of the total equity market turnover. The increase in equity turnover for May 2010 could be attributable to a shift in investor’s appetite, from falling returns on the
Graph 2: Trend of the NASI
government paper, to good returns at the NSE’s equity market. In Africa market, the NSE is continued to be ranked second, based on price index performance, behind Uganda.
DISCLAIMER: Care has been taken in the preparation of this bulletin. However no representation, warranty or undertaking is given by the Nairobi Stock Exchange as to the accuracy of the information contained therein and accepts no responsibility or liability whatsoever.
2
Monthly Bulletin May 2010 EQUITIES MARKET
Graph 3: Equity turnover trend (Kshs.Bn)
As a result of the shift in investor’s appetite, from falling returns on the government paper, to good returns at the NSE’s equity market, equity turnover increased to Kshs 10 billion in the month of May 2010. The Commercial and Services Sector continued to be the best performing sector in terms of volume traded. The sector traded 754 million shares valued at Kshs 4.7 billion. Safaricom ltd was the key mover, trading 738 million shares worth Kshs 4.1 billion. The Finance and Investment Sector followed, trading 115 million shares valued Kshs 3.0 billion. Equity Bank and Kenya Commercial bank actively traded. The Industrial and Allied Sector came in third, trading 60 million shares worth Kshs 2.6 billion. Mumias Sugar Company and KenGen were heavily traded. The Agricultural Sector traded 3.8 million shares worth Kshs.62 million. Sasini Ltd was the active counter. The Alternative Investment Market Segment (AIMS) traded 238 thousand shares worth Kshs 24.8 million. Williamson Tea Kenya and Express Kenya counters were actively traded.
Table 3: Top 5 most active companies by number of shares traded‐ May 31 2010
1. 2. 3. 4. 5.
Company Safaricom limited Ltd Equity Bank Ltd Mumias Sugar Co. Ltd. The Co‐operative Bank of Kenya Kenya Commercial Bank
Volume(mn) 738 46 31 23 16
Table 4: Top 5 most active companies by value traded‐ April 30 2010 Turnover Company (Kshs.mn) 1. Safaricom limited Ltd 4,137 2. Equity Bank Ltd 972 3. East Africa Breweries 813 4. Diamond Trust Bank 550 5. Mumias Sugar Co. Ltd. 406
3
Monthly Bulletin May 2010 Table 5: Equity trading return‐May 2010 Company
Volume
Deals Low
Price (Kshs) High Average
Turnover (Kshs)
Agricultural Sector Kakuzi Ltd. Rea Vipingo Ltd. Sasini Ltd Sub‐total % of Grand Total
93,900 149,000 3,486,900 3,729,800 0.40
74 95 707 876 1.85
68.00 15.80 12.80
82.00 19.85 15.80
76.56 18.33 14.96
7,189,300 2,730,710 52,157,190 62,077,200 0.60
Commercial and Services Sector AccessKenya Group Ltd Car & General CMC Holdings Ltd.
6,682,900 15,900 2,799,900
1,479 23 450
16.00 38.00 13.00
20.00 58.50 14.80
17.39 51.78 13.83
116,193,170 823,300 38,734,965
46,900 3,456,400 592,800 738,507,300 1,589,300 55,100 686,200
42 1,295 348 11,694 726 66 301
16.50 50.00 130.00 5.10 26.75 40.00 60.00
19.00 60.00 147.00 6.05 35.00 42.00 66.50
17.36 55.54 139.87 5.60 31.67 40.67 63.31
814,170 191,961,850 82,915,700 4,137,470,960 50,330,400 2,240,925 43,446,000
754,432,700 80.82
16,424 34.71
4,580,800 1,291,600 3,131,700 6,190,500 46,379,300 2,105,000 96,500 16,109,000 5,616,500 2,300,000 2,980,300 178,400 90,100 497,300
1,228 501 947 144 5,079 766 79 2,351 1,496 389 578 123 30 396
Hutchings Biemer Ltd Ord 5.00 Marshalls Kenya Airways Ltd Nation Media Group Ltd. Safaricom limited Ltd Scangroup Ltd Standard Group Ltd TPS Eastern Africa Ltd (Serena) Uchumi Supermarkets Ltd. (s) Sub‐total % of Grand Total Finance & Investment Sector Barclays Bank (K) Ltd. CFC Stanbic Holdings Centum Investment Co. Ltd. Diamond Trust Bank of Kenya Ltd. Equity Bank Ltd Housing Finance Jubilee Insurance Co. Ltd. Kenya Commercial Bank Kenya Re‐Insurance Corporation Ltd National Bank of Kenya Ltd. NIC Bank Ltd. Olympia Capital Holdings Pan Africa Insurance Holdings Standard Chartered Bank
4,664,931,440 45.10
56.00 48.00 17.15 81.00 18.00 20.25 169.00 19.00 11.70 39.50 34.00 8.00 56.00 195.00
64.00 80.00 20.00 89.00 25.25 23.50 181.00 23.25 13.55 44.25 40.00 10.80 67.00 228.00
59.18 58.78 18.76 88.87 20.95 22.21 175.53 20.70 12.68 42.49 38.18 9.82 60.33 216.74
271,093,450 75,914,350 58,750,025 550,137,600 971,803,110 46,750,500 16,938,500 333,485,600 71,219,450 97,729,025 113,782,175 1,752,110 5,435,400 107,785,800 4
Monthly Bulletin May 2010 Company
Volume
Deals Low 11.60
Price (Kshs) High Average 13.00 12.25
Turnover (Kshs)
The Co‐operative Bank of Kenya Sub‐total % of Grand Total
23,541,100 115,088,100 12.33
3,753 17,860 37.74
Industrial & Allied Sector Athi River Mining Ltd Bamburi Cement Ltd. BOC Kenya Ltd. British American Tobacco (K) Ltd. Carbacid Investments Ltd. Crown Berger Ltd. E.A. Portland Cement Ltd. E.A.Cables Ltd. East African Breweries Ltd. Eveready East Africa Ltd KenGen Ltd Sameer Africa Ltd Kenol/Kobil Kenya Power & Lighting Ltd. Mumias Sugar Co. Ltd. Total Kenya Ltd. Unga Group Ltd. Subtotal % of Grand Total
764,300 1,744,400 38,600 658,600 70,400 110,000 51,700 701,700 4,672,700 998,800 13,162,400 1,384,500 2,375,300 1,293,500 30,685,400 833,800 492,600 60,038,700 6.43
243 361 66 100 98 119 49 399 504 849 2,176 515 964 467 4,578 285 206 11,979 25.31
115.00 180.00 125.00 193.00 145.00 30.00 105.00 19.00 164.00 4.00 15.60 7.60 84.00 178.00 12.00 28.00 10.50
135.00 201.00 140.00 210.00 165.00 38.25 125.00 23.00 180.00 5.00 17.70 9.75 110.00 205.00 13.80 31.75 12.80
127.56 193.83 131.04 196.75 151.72 34.25 116.48 21.12 174.02 4.57 17.03 9.05 100.37 188.73 13.25 29.77 12.08
97,490,700 338,125,300 5,058,000 129,578,600 10,681,000 3,767,350 6,022,200 14,817,650 813,152,600 4,560,495 224,157,900 12,535,095 238,417,100 244,123,500 406,517,480 24,818,825 5,951,740 2,579,775,535 24.94
48,100 79,300
16 61.00
45.00 8.15
50.00 10.90
45.33 10.04
2,180,300 796,315.00
7,000 7,500 600 95,700 238,200 0.03 933,527,500
15 22 4 63 181 0.38 47,320
138.00 300.00 120.00 180.00
145.00 325.00 120.00 205.00
140.54 300.33 120.00 193.39
983,800 2,252,500 72,000 18,507,300 24,792,215 0.24 10,342,437,455
Alternative Investment Market Segment (AIMS) A. Baumann & Co. Ltd. Eaagads Ltd Express Kenya Ltd. Kenya Orchards Kapchorua Tea Co. Limuru Tea City Trust Williamson Tea Kenya Ltd Subtotal % of Grand Total GRAND TOTAL
288,283,970 3,010,861,065 29.11
5
Monthly Bulletin May 2010
Graph 5: Foreign Investors participation trend: purchase vs. sales
FOREIGN INVESTORS’ BOARD
Foreign investors’ turnover increased to Kshs 4.00 billion in May 2010 from Kshs 2.99 billion recorded in April 2010, representing an increase of 33.78%. This foreign turnover represented 38.65% of total equity market turnover. Actively traded counters were
Safaricom,
equity
Bank
and
Kenya
Commercial bank. Graph 4: Percentage of Foreign Participation (FP) to total
Graph 6: Foreign Investors participation trend
market(TM) ‐May 2010
6
Monthly Bulletin May 2010 Table 6: Foreign Investors’ return‐ May 2010
Company Access Kenya Group Athi River Mining Company Bamburi Cement Carbacid Investment Co. CFC Stanbic Holdings BAT Kenya Barclays Bank of Kenya CMC Holdings Co‐operative Bank of Kenya Diamond Trust Bank of Kenya East Africa Breweries Ltd East Africa Cables Equity Bank Eveready East Africa Sameer Africa Housing Finance Centum Investment Company Marshal (E.A) Jubilee Holdings Kenya Commercial Bank KenGen Kenol/Kobil Kenya Re‐insurance Corporation KPLC Kenya Airways Kakuzi Limuru Tea Mumias Sugar Company National Bank of Kenya Ltd NIC Bank Nation Media Group Olympia Capital Holdings Pan Africa Insurance Holdings Sasini Ltd Scangroup Standard Chartered Bank Safaricom
Number of deals
Number of shares traded
Turnover (Kshs)
111 28 53 4 16 19 70 14 216 9 116 15 555 6 3 15 12 4 5 226 86 176 32 24 70
2,461,525 285,100 486,442 1,033 83,800 556,150 297,250 152,775 1,877,350 10,550 1,973,374 32,128 14,680,434 9,250 7,500 87,850 39,360 9,100 5,750 2,730,961 642,801 697,330 218,590 73,823 463,175
41,511,165 36,669,800 92,130,300 157,405 4,411,563 109,356,950 17,491,875 2,093,468 22,772,015 891,475 343,955,099 662,584 323,911,556 41,723 63,100 1,933,488 719,455 158,550 981,500 57,806,473 10,889,901 71,154,050 2,868,787 14,358,604 25,381,675
1 1
19 100
1,311 30,000
84 3 12 10 2 3 25 46 10 2,587
1,935,056 2,000 44,393 26,500 4,150 15,550 487,650 469,700 15,675 492,403,653
25,781,729 79,900 1,638,805 3,710,450 42,435 933,000 7,280,500 14,975,600 3,456,935 2,755,479,941 7
Monthly Bulletin May 2010 Company Total Kenya TPS Eastern Africa‐Serena Unga Group Williamson Tea Kenya Express Kenya
Number of deals
Number of shares traded
4 11 1 2 1 4,688
Total
Turnover (Kshs)
7,050 11,200 1,900 2,250 47 523,310,294
Table 7: Foreign Investor net inflows (Kshs.mn)‐ May 2009 to May 2010 Total Total net foreign market Total local In‐flow turnover turnover turnover Month Purchases Sales (Kshs.) (TF) (TM) (TL)
211,175 717,525 23,700 424,500 465 3,997,160,532
FT/TM
TL/TM
May.09
1,175
678
496
1,853
3,088
1,235
60.01%
39.99%
Jun.09
1,630
746
884
2,376
4,127
1,751
57.58%
42.42%
July.09
1,382
591
791
1,972
3,262
1,289
60.48%
39.52%
Aug.09
1,673
812
861
2,485
3,149
665
78.90%
21.10%
Sep.09
1,663
725
937
2,388
3,548
1,159
67.32%
32.68%
Oct.09
3,135
710
2,425
3,845
4,521
676
85.04%
14.96%
Nov.09
2,397
869
1,528
3,266
4,647
1,381
70.28%
29.72%
Dec.09
287 1,034
300
875
2,591
1,716
33.76%
66.24%
Jan.10
587 3,550
2,517
4,584
6,358
1,774
72.10%
27.90%
Feb.10
1,309
820
489
2,129
4,215
2,086
50.50%
49.50%
Mar.10
2,382
384
1,998
2,766
8,326
5,559
33.23%
66.77%
Apr.10
1,572
1,421
151
2,993
6,755
3,762
44.30%
55.70%
May.10
1,836
2,161
‐325
3,997
10,342
6,345
38.65%
61.35%
8
Monthly Bulletin May 2010 MARKET CAPITALIZATION Table 8: Top 5 most active companies by market capitalization‐ May 31 2010 1. 2. 3. 4. 5.
Company Safaricom Ltd Ord.0.05 East African Breweries Ltd Ord 2.00 Equity Bank Ltd Ord 0.5 Barclays Bank Ltd Ord 10.00 Bamburi Cement Ltd Ord 5.00
Market capitalization (kshs.bn) 222 140 84 80 72
Table 9: Market capitalization – May 31 2010 Share price(Kshs)
Market capitalization (Kshs)
19,599,999 60,000,000 228,055,500 307,655,499 0.48
70.00 15.50 13.50
1,371,999,930 930,000,000 3,078,749,250 5,380,749,180 0.50
Commercial and Services Accesskenya Ltd Ord. 1.00 Car & General (K) Ltd Ord 5.00 CMC Holdings Ltd Ord 5.00 Hutchings Biemer Ltd Ord 5.00 Kenya Airways Ltd Ord 5.00 Marshalls (E.A.) Ltd Ord 5.00 Nation Media Group Ord. 5.00 Safaricom Ltd Ord.0.05 ScanGroup Ord. 1.00 Standard Group Ltd Ord 5.00 TPS Eastern Africa (Serena) Ltd Ord 1.00 Uchumi Supermarket Ltd Ord 5.00 Total % Grand Total
206,331,223 22,279,616 582,709,440 360,000 461,615,484 14,393,106 142,610,520 40,000,000,000 220,689,655 73,275,029 105,864,742 180,000,000 42,010,128,815 65.87
17.55 48.00 13.00 20.25 56.50 16.50 140.00 5.55 32.50 40.50 61.50 14.50
3,621,112,964 1,069,421,568 7,575,222,720 7,290,000 26,081,274,846 237,486,249 19,965,472,800 222,000,000,000 7,172,413,788 2,967,638,675 6,510,681,633 2,610,000,000 299,818,015,242 27.88
Finance and Investment Barclays Bank Ltd Ord 10.00 Centum Investment Co. Ltd Ord 5.00 CFC Stanbic Holdings Ltd ord.5.00 Diamond Trust Bank Kenya Ltd Ord 4.00 Equity Bank Ltd Ord 0.5 Housing Finance Co Ltd Ord 5.00
1,357,884,000 549,951,880 273,684,211 163,037,108 3,702,777,020 230,000,000
59.00 18.95 67.50 87.50 22.75 20.25
80,115,156,000 10,421,588,126 18,473,684,243 14,265,746,950 84,238,177,205 4,657,500,000
Company Agricultural Sector Kakuzi Ord.5.00 Rea Vipingo Plantations Ltd Ord 5.00 Sasini Ltd Ord 5.00 Total % Grand Total
Total number of issued shares
9
Monthly Bulletin May 2010
Company Jubilee Holdings Ltd Ord 5.00 Kenya Commercial Bank Ltd Ord 10.00 Kenya Re‐Insurance Corporation Ltd Ord 2.50 National Bank of Kenya Ltd Ord 5.00 NIC Bank Ltd 0rd 5.00 Olympia Capital Holdings ltd Ord 5.00 Pan Africa Insurance Holdings Ltd 0rd 5.00 Standard Chartered Bank Ltd Ord 5.00 The Co‐operative Bank of Kenya Ord. 1.00 Total % Grand Total Industrial and Allied Athi River Mining Ord 5.00 B.O.C Kenya Ltd Ord 5.00 Bamburi Cement Ltd Ord 5.00 British American Tobacco Kenya Ltd Ord 10.00 Carbacid Investments Ltd Ord 5.00 Crown Berger Ltd 0rd 5.00 E.A.Cables Ltd Ord 5.00 E.A.Portland Cement Ltd Ord 5.00 East African Breweries Ltd Ord 2.00 Eveready East Africa Ltd Ord.1.00 KenGen Ltd. Ord. 2.50 Kenya Oil Co Ltd Ord 0.50 Kenya Power & Lighting Ltd Ord 20.00 Mumias Sugar Co. Ltd Ord 2.00 Sameer Africa Ltd Ord 5.00 Total Kenya Ltd Ord 5.00 Unga Group Ltd Ord 5.00 Total % Grand Total Alternative Investment Market Segment (AIMS) A.Baumann & Co.Ltd Ord 5.00 City Trust Ltd Ord 5.00 Eaagads Ltd Ord 1.25 Express Ltd Ord 5.00 Williamson Tea Kenya Ltd Ord 5.00
Total number of issued shares 45,000,000 2,217,777,777 600,000,000 280,000,000 358,997,784 40,000,000 48,000,000 271,967,810 3,492,369,900 13,631,447,490 21.37
Share price(Kshs) 173.00 20.25 11.95 39.25 37.00 9.00 60.00 211.00 12.70
Market capitalization (Kshs) 7,785,000,000 44,909,999,984 7,170,000,000 10,990,000,000 13,282,918,008 360,000,000 2,880,000,000 57,385,207,910 44,353,097,730 401,288,076,156 37.32
99,055,000 19,525,446 362,959,275 100,000,000 33,980,265 23,727,000 202,500,000 90,000,000 790,774,356 210,000,000 2,198,361,456 1,471,761,200 79,128,000 1,530,000,000 278,342,393 175,028,706 75,708,873 7,740,851,970 12.14
125.00 135.00 199.00 202.00 155.00 33.25 19.85 115.00 177.00 4.15 16.95 10.00 199.00 12.80 8.25 29.50 11.90
12,381,875,000 2,635,935,210 72,228,895,725 20,200,000,000 5,266,941,075 788,922,750 4,019,625,000 10,350,000,000 139,967,061,012 871,500,000 37,262,226,679 14,717,612,000 15,746,472,000 19,584,000,000 2,296,324,742 5,163,346,827 900,935,589 364,381,673,609 33.88
3,840,066 5,728,314 16,078,500 35,403,790 8,756,320
11.10 120.00 46.00 8.50 203.00
42,624,733 687,397,656 739,611,000 300,932,215 1,777,532,960 10
Monthly Bulletin May 2010
Company Kapchorua Tea Co. Ltd Ord Ord 5.00 Kenya Orchards Ltd Ord 5.00 Limuru Tea Co. Ltd Ord 20.00 Total % Grand Total
Total number of issued shares 3,912,000 12,868,124 1,200,000 87,787,114 0.14
Share price(Kshs) 138.00 3.00 307.00
Market capitalization (Kshs) 539,856,000 38,604,372 368,400,000 4,494,958,936 0.42
1,800,000
8.00
14,400,000
350,000 2,150,000 0.00 63,780,020,888
5.50
1,925,000 16,325,000 0.00 1,075,379,798,122
Preference shares Kenya Power & Lighting Ltd 4% Pref 20.00 Kenya Power & Lighting Ltd 7% Pref 20.00 Total % Grand Total Grand Total
Table 10: 3‐year’s historical equity market statistics market 2008 Volume No. of Deals Turnover(Kshs) January 197,138,368 69,754 7,046,137,849 February 198,833,329 74,615 8,011,259,686 March 180,643,703 69,038 7,320,546,787 April 141,766,425 57,526 5,635,569,728 May 168,033,932 71,959 6,836,651,633 June 2,154,897,342 143,942 22,130,017,686 July 983,746,839 132,507 14,282,189,069 August 490,810,425 83,372 7,490,223,050 September 485,283,030 66,060 6,787,824,261 October 393,530,199 44,190 3,642,409,622 November 290,952,988 48,277 3,723,721,054 December 170,903,933 29,302 4,617,142,732 Annual Total 5,856,540,513 890,542 97,523,693,157
2009 Volume
177,553,320 150,639,921 207,389,552 215,558,636 307,999,937 377,559,589 296,191,966 280,892,340 231,691,793 303,297,307 396,360,128 214,896,903 3,160,031,392
No. of Deals
37,310 30,977 35,328 37,732 32,343 41,679 41,929 31,697 29,690 26,430.00 28,866.00 28,188 402,169
Turnover(Kshs) 2,624,390,626 1,645,278,050 2,414,120,554 2,549,121,667 3,087,669,756 4,126,871,673 3,261,625,016 3,149,211,894 3,547,591,207 4,520,965,854.00 4,646,566,084.25 2,591,188,971 38,164,601,352
2010 Volume January February March April May
Annual Total
603,905,016 369,757,668 627,000,012 398,532,800 933,527,500 2,932,722,996
No. of Deals
38,544 36,776 48,784 42,918 47,320 214,342
Turnover(Kshs) 6,358,023,993 4,214,875,504 8,325,598,475 6,754,886,475 10,342,437,455 35,995,821,902
11
Monthly Bulletin May 2010 BOND MARKET Though return on government paper continued to fall in the primary market, secondary bond market continued to record impressive performance, trading bonds worth Kshs 37 billion in May 2010 compared to Kshs 23 billion of April 2010. The government bond FXD 1/2009/5Yr (Re‐opened), coupon 9.50% was the most active, trading Kshs 5.8 billion on a high and low yield of 9.4% and 6.3% respectively. Graph 7: Bond turnover (Kshs.bn)
Graph 8: Bond yield
12
Monthly Bulletin May 2010 Table 11: Bond Turnover (Kshs) – May 2010
GOVERNMENT OF KENYA FIXED RATE TREASURY BONDS
Issued value (Kshs.mn)
Coupon (%)
This Month Highest Lowest yield yield (%) (%)
Issue date
Maturity date
Total Value (Kshs)
FXD4/2008/2Yr
29‐Dec‐08
27‐Dec‐10
3,090.57
8.75
5.200
5.200
850,000
FXD1/2009/2Yr
23‐Mar‐09
21‐Mar‐11
8,496.08
8.75
6.0000
6.0000
150,000
FXD2/2009/2Yr(Re‐opened)
25‐May‐09
23‐May‐11
9,251.31
8.75
6.2000
5.9400
30,000,000
FXD3/2009/2Yr
21‐Sep‐09
19‐Sep‐11
7,770.34
8.75
5.0000
5.0000
200,000,000
FXD1/2010/2Yr
21‐Sep‐09
19‐Sep‐11
7,770.34
8.75
5.9500
5.8000
500,000,000
FXD2/2006/5Yr
31‐Jul‐06
25‐Jul‐11
2,640.99
11.25
7.0000
6.2000
27,400,000
FXD1/2007/5Yr
29‐Jan‐07
23‐Jan‐12
2,571.12
11.25
9.0000
6.4500
22,000,000
FXD2/2007/5Yr
27‐Aug‐07
20‐Aug‐12
4,575.55
9.50
7.7000
7.7000
22,450,000
FXD3/2007/5Yr
24‐Sep‐07
17‐Sep‐12
8,996.55
9.50
6.7500
5.9000
520,150,000
FXD1/2008/5Yr
28‐Jan‐08
21‐Jan‐13
5,261.59
9.50
8.0000
8.0000
1,500,000
FXD 2/2008/5Yr
28‐Apr‐08
22‐Apr‐13
3,828.33
9.50
7.0000
6.1000
188,800,000
FXD 3/2008/5Yr
25‐Aug‐08
19‐Aug‐13
14,809.15
9.50
7.1250
6.2000
1,854,000,000
FXD 4/2008/5Yr(Re‐opened)
27‐Oct‐08
21‐Oct‐13
9,408.44
9.50
7.2500
6.7000
1,456,050,000
FXD 1/2009/5Yr(Re‐opened)
21‐Sep‐09
15‐Sep‐14
3,244.28
9.50
9.4500
6.3000
5,873,150,000
FXD 1/2010/5Yr
24‐May‐10
18‐May‐15
1,803
11,998.76
6.7000
6.4000
1,100,000,000
FXD2/2004/6Yr
26‐Jul‐04
19‐Jul‐10
2,481.93
6.75
4.9500
4.9500
51,300,000
FXD1/2005/6Yr
26‐Dec‐05
19‐Dec‐11
7,307.51
13.00
7.0200
7.0000
12,000,000
FXD1/2007/6Yr
30‐Apr‐07
22‐Apr‐13
6,001.26
11.50
6.4500
6.4500
132,550,000
FXD2/2003/7Yr
27‐Oct‐03
18‐Oct‐10
6.50
5.7000
5.7000
10,050,000
FXD1/2004/7Yr
26‐Jan‐04
17‐Jan‐11
6.75
6.7500
5.4000
10,050,000
FXD1/2006/7Yr
30‐Jan‐06
21‐Jan‐13
3,177.01
13.25
8.1750
7.0000
4,600,000
FXD2/2006/7Yr
25‐Dec‐06
16‐Dec‐13
2,261.63
12.00
8.0000
8.0000
2,600,000
FXD1/2007/7Yr
30‐Jul‐07
21‐Jul‐14
7,999.98
9.75
7.9500
6.7250
722,100,000
FXD2/2003/8Yr
29‐Sep‐03
19‐Sep‐11
5,088.21
7.00
6.6000
6.0000
2,450,000
FXD1/2007/8Yr
26‐Feb‐07
16‐Feb‐15
2,630.10
12.75
7.5000
7.2500
93,250,000
28‐Jul‐03
16‐Jul‐12
8,162.19
9.50
7.5000
7.5000
1,000,000
TWO YEAR BONDS
FIVE YEAR BONDS
SIX YEAR BONDS
SEVEN YEAR BONDS 3,094.88 2,562.58
EIGHT YEAR BONDS
NINE YEAR BONDS FXD2/2003/9Yr
13
Monthly Bulletin May 2010
Coupon (%)
This Month Highest Lowest yield yield (%) (%)
GOVERNMENT OF KENYA FIXED RATE TREASURY BONDS
Issue date
Maturity date
Issued value (Kshs.mn)
Total Value (Kshs)
FXD1/2006/9Yr
24‐Apr‐06
13‐Apr‐15
3,045.05
13.50
7.5500
6.8000
292,000,000
FXD2/2003/10Yr
25‐Aug‐03
12‐Aug‐13
6,352.87
8.50
6.8000
6.4000
50,450,000
FXD1/2006/10Yr
27‐Mar‐06
14‐Mar‐16
3,344.97
14.00
7.8000
7.5250
200,000,000
FXD2/2006/10Yr
29‐May‐06
16‐May‐16
5,088.33
14.00
8.2000
8.2000
3,000,000
FXD1/2007/10Yr
29‐Oct‐07
16‐Oct‐17
9,000.00
10.75
8.4000
8.1000
103,000,000
FXD1/2008/10Yr
29‐Oct‐07
16‐Oct‐17
2,901.99
10.75
9.2500
8.5000
190,100,000
FXD2/2008/10Yr(Re‐opened)
28‐Jul‐07
16‐Jul‐18
13,504.70
10.75
10.2000
8.2000
3,866,550,000
FXD3/2008/10Yr
29‐Sep‐08
28‐Sep‐18
3,910.96
10.75
8.4000
8.4000
50,100,000
FXD1/2009/10Yr
27‐Sep‐09
15‐Apr‐19
4,688.23
10.75
9.2000
8.3000
511,800,000
FXD1/2010/10Yr
26‐Apr‐10
13‐Apr‐20
12,182.89
8.79
8.8000
8.4000
4,708,000,000
FXD1/2006/12Yr
28‐Aug‐06
13‐Aug‐18
3,823.67
14.00
13.0000
8.3000
600,300,000
FXD1/2007/12Yr
28‐May‐07
13‐May‐19
4,999.04
13.00
8.7500
8.3500
510,500,000
TEN YEAR BONDS
TWELVE YEAR BONDS
FIFTEEN YEAR BONDS FXD1/2007/15Yr
26‐Mar‐07
07‐Mar‐22
3,568.80
14.50
9.0000
9.0000
15,000,000
FXD2/2007/15Yr
25‐Jun‐07
06‐Jun‐22
7,500.00
13.50
10.5000
9.1500
803,400,000
FXD3/2007/15Yr(Re‐opened)
26‐Nov‐07
07‐Nov‐22
16,982.02
12.50
9.6000
9.0600
2,459,100,000
FXD1/2008/15Yr
31‐Mar‐08
13‐Mar‐23
6,998.56
12.50
10.9000
10.9000
1,700,000
FXD1/2009/15Yr
26‐Oct‐09
07‐Oct‐24
8,704.44
12.50
9.8000
9.3200
2,159,000,000
FXD1/2010/15Yr TWENTY YEAR BONDS FXD1/2008/20Yr(Re‐opened) INFRASTRUCTURE BONDS IFB 1/2009/12Yr IFB 2/2009/12Yr
29‐Mar‐10
10‐Mar‐25
10,419.88
10.25
10.2000
9.3500
2,395,000,000
30‐Jun‐08
05‐Jun‐28
8,989.64
13.75
12.7500
10.5250
613,850,000
23‐Feb‐09 07‐Dec‐09
08‐Feb‐21 22‐Nov‐21
18,572.82 18,500.00
12.50 12.00
12.5000 8.5000
8.3500 7.8250
2,690,300,000 1,020,000,000
IFB 1/2010/8Yr CORPORATE BONDS KENGEN PUBLIC INFRASTRUCTURE BOND OFFER 2019
01‐Mar‐10
19‐Feb‐18
2,811
16,908,050
9.0000
7.7000
652,600,000
FXIB 1/2009/10Yr Total Turnover‐Government Bonds Total Turnover‐Corporate Bonds Total Market Bond Turnover
02‐Nov‐09
31‐Oct‐19
25,000,000,000
12.50%
12.5000
10.3000
470,250,000 36,734,200,000 470,250,000 37,204,450,000
Total Market number of transactions
563
14
Monthly Bulletin May 2010 Table12: 3‐years historical Bond market statistics market January February March April May June July August September October November December Annual Total
2008 5,937,900,000 3,212,550,000 14,281,750,000 2,343,700,000 3,037,200,000 4,912,035,382 2,397,930,000 18,490,356,350 22,611,941,683 4,344,113,732 6,319,712,659 7,473,441,011 95,362,630,817
2009 6,643,400,000 6,859,800,000 8,187,600,000 3,816,310,000 11,555,950,000 10,766,600,000 8,359,100,000 6,140,950,000 9,951,200,000 13,212,950,000 9,214,850,000 15,936,650,000 110,645,360,000
2010 26,746,900,000 41,638,700,000 50,411,000,000 23,241,000,000 37,204,450,000
179,242,050,000
15
