Weekly Market Monitor-Issue 33/2018
Weekly Wrap: Macroeconomics & Corporate News
- The ERC in its latest monthly review, increased the fuel pump price of Super Petrol by KES 1.53 while decreased prices of Diesel and Kerosene by KES 0.51 and KES 0.78, respectively. This with the upcoming impact of VAT to be imposed on petroleum products will not only elevate fuel inflation but drive upwards cost-push inflation.
- BBK announced +6.2% y/y 1H18 EPS to KES 0.69. NII grew 4.0% y/y and NIR grew 6.9% y/y. NPL ratio was at 7.7% in 1H18. Gross NPLs rose 13.7% q/q. Against our target price which is currently under review of KES 11.48, we maintain a HOLD recommendation on the counter.
- KCB announced an EPS of KES 7.90, +18.09% y/y boosted by +6.11% y/y growth in total interest income to KES 32.22Bn. NIR decreased 0.07% y/y. NPLs increased 13.17% y/y to KES 37.63Bn pushing the Gross NPL ratio to 8.93% from 8.17% in 1H17. Customer deposits edged up 8.72% y/y to KES 524.94Bn. We maintain our HOLD recommendation with a target price of KES 50.62 representing a 2.3% upside potential on the current price of KES 49.50.
- NASI up 1.98 % YTD to 174.59, up 1.01% in the week.
- NSE 20 Share Index down 10.13% YTD to 3336.06, up 0.64% in the week.
- Value traded at KES 2.71Bn (USD 26.79Mn) for the week.
- Currencies: KES edges up against UGX; BoU holds CBR at 9.00%...
- Commodities: OPEC dim demand outlook may suppress oil price…
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