Weekly Market Monitor-Issue 34/2018
- July Treasury data shows that tax income hit KES 98.97Bn, lower than pro-rated KES 140.86Bn. Recurrent expenditure hit KES 49.48Bn in the first month of the current fiscal year. Public debt repayments, under the Consolidated Fund Services, were at KES 68.24Bn in July. We view that efforts towards fiscal consolidation with austerity measures may hamper growth prospects that may offer headwinds for revenue mobilization.
- ARM Cement Plc (NSE: ARM) was placed under the administration of (PwC) following concerns of the ARM's ability to repay its creditors after allegedly defaulting on its June Bond interest payment. ARM shares were suspended from trading at the NSE for seven trading sessions effective from Monday 20th August 2018.
- NIC released 1H18 financial results reporting a 2.1% decline in Profit after Tax (PAT) to KES 1.99Bn. Net Interest Income decreased 4.9% y/y to KES 5.1Bn. Non-interest Revenue grew 7.0% y/y to KES 2.15Bn. We maintain our BUY recommendation on NIC Group Plc at a TP of KES 53.13.
- NASI up 1.04 % YTD to 172.98, down 0.98% in the week.
- NSE 20 Share Index down 11.20% YTD to 3296.26, down 1.19% in the week.
- Value traded at KES 1.74Bn (USD 17.18Mn) for the week.
- Currencies: Mixed performance for the KES…
- Commodities: Global oil price uplifted by supply concerns…
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