Bank-Kenya - Barclays falls sharply after on ex-dividend move, pulls down NSE. The NSE20 could not make it 4 winning days in a row [after a 9 session losing streak] and eased 8.99 points to close at 4017.80. The NSE20 index slumped 14.978% Jan 7th through Thursday last week and has recovered 2.26% Thursday through yesterday.The Nairobi All Share edged 0.18 of a point lower to close at 92.28. The indices would have broadly positive but for Barclays Bank which fell 10.44% to close at 60.00 after going ex-dividend [worth 4.70 final dividend] and ex bonus. PanAfric surged 23.899% and traded its highest levels since December 2007 after releasing FY results which were 400% ahead of the previous equivalent period. Nation set a fresh 52 week closing high today. Market Cap was 1.123972 trillion versus 1.126139 trillion.Equity Turnover was 445.36m versus 373.69m.

In Commercial and Services, Safaricom traded 4th and firmed 1.22% to close at 4.15. Safaricom has rallied 15.277% since 1st March when it closed at a 52 Week Low of 3.60. I think shareholders are beginning to take Bob Collymore at his word, when it comes to trimming fat [Expenses] off the bone.

CMC Holdings have accepted the resignation of Martin Foster the CEO after a 3 consecutive year profit slide. This might prove a precedent setting moment in the Kenyan capital markets. CMC Holdings was unchanged at 9.80.

Kenya Airways eased back 1.298% to close at 38.00 and has already pre-announced an intention to undergo a capital raising exercise. ScanGroup bounced 5% to close at 52.50 and traded 3,100 shares only.

Among Banks, Pan Africa Insurance Holdings Ltd. rallied the most in more than four years after saying full-year profit quadrupled. Net income increased to Sh589.3 million in the 12 months through December versus Sh138.9 million a year earlier. PanAfric rallied 23.899% to close at 98.50.

Barclays Bank fell 10.447% to close at 60.00 and traded 94,200 shares and went Ex Dividend today [dividend value is Sh4.70 a share] and ex Bonus. Barclays was responsible for the Index not making it a 4 session winning streak.

Equity Bank traded 2nd and Dr. James Mwangi was quoted on the wires as seeing a potential repeat of its 2010 performance in 2011. Equity Bank firmed 2.04% to close at 25.00.

Co-op Bank traded 6th at the bourse and improved 0.28% to close at 18.20. has a 2-1 supply versus demand dynamic for now and post the FY results.

Housing Finance traded 3rd but was unchanged at 27.00. It trades on a PE multiple of 13.259x 2010 earnings and sits 16.279% beneath its 52 week closing high of 32.25 from 18th October last year.

In the Industrial and Allied, EABL was the most actively traded counter at the bourse and firmed 2.29% to close at 179.00. EABL printed a 52 week intra day low of 152.00 on 19th March.

Mumias Sugar rallied 3.26% to close at 7.90 and has posted a -19.904% 1 year return, set a 52 Week intra day low of 7.00 11th March and trades on a 7.687 trailing PE. Sugar prices collapsed over 8% on Tuesday on the International Exchanges.

East African Cables traded 5th and closed at 19.50. It has rallied 24.2% from 15.70 levels 1st Feb. FY results were sharply behind the previous year but investors see a strong turnaround year in 2011.

Aly Khan Satchu

Nairobi Star/18/03/2011