NSE Market Weekly Review - Week 50, 2020

NSE Weekly Report

The Nairobi bourse closed the trading week at KES 2.259 Trillion market capitalization which was an improvement from the previous week. The NSE market indices, NSE All share index (NASI) moved up 1.15 (0.79%) points to close at 147.12, representing a 1 week loss of 0.68%, a 4-week gain of 2.22%, but an overall year-to-date loss of 11.59%.  

Activity level on the market improved by volumes and slightly declined in values exchanged. The turnover for the market stood at KES 2.68 Billion achieved on trades of  103.7 million shares. 

Safaricom was the most traded counter with over a third of the total shares traded for the week. The shares added a price appreciation of 4%, closing the week at KES 32.65

The market closed positive with the NSE closing the last trading day with 22 gainers against 15 losers. 

Outlook

The coming week will likely turn the market higher as investors welcome the FDA approval of Pfizer and BioNtech vaccine for emergency use as the world continues to deal with the Covid-19 pandemic. The vaccine will return confidence to both internal and external investors who are likely to flood the market to take up shares before the prices begin to skyrocket due to economic recovery. 

NSE today

Summary (11th December, 2020)

At the end of the last weekday of trading on the Nairobi Securities Exchange (NSE), A total of 23,218,900 shares in 792 deals, corresponding to a market value of KES 423,645,989 were traded. Compared with the previous NSE trading day (Thursday, December 10), today's data shows 36% decline in volume, 57% decline in turnover, and 8% decline in deals. The current NSE market capitalization is KES 2.259 trillion. 

In aggregate, 45 NSE listed equities participated in trading, ending with 22 gainers and 15 losers.

Top Gainers

Bank of Kigali Group led the gainers with 9.81% share price appreciation closing at KES 20.15 per share, followed by Umeme (+9.76%), Bamburi Cement (+9.58%) and Express Kenya (+9.52%). 

Top Losers

On the losing side, Home Afrika came out last with an end-of-day price depreciation of 7.32% at KES 0.38 per share, followed by Housing Finance Company (-6.67%), Scangroup (-4.92%) and Eaagads (-4.72%).

Top Movers

Carbacid Investments recorded the highest volume of 12.8 million traded shares, followed by Safaricom (4.21m), Equity Group Holdings (3.21m) and KPLC (1.67m)

Recommended share Purchase

I would recommend investors to buy Scangroup shares at the current price. 

Scangroup has;

Share price = KES 6.18

PE Ratio = 4.475

EPS = 1.37

Market Capitalization = 2,809,013,903 

NSE Surges close to 1 Billion Turnover

 Summary (10th December, 2020)

At the end of today's trading session on the Nairobi Securities Exchange (NSE), a total of 36,398,800 shares in 858 deals, corresponding to a market value of KES 994,785,709 were traded. Compared with the previous NSE trading day (Wednesday, December 9), today's data shows 103% improvement in volume, 93% improvement in turnover, and 24% improvement in deals. The current NSE market capitalization is KES 2.241 trillion 

In aggregate, 45 NSE listed equities participated in trading, ending with 26 gainers and 13 losers. 

Top Gainers

Bank of Kigali Group led the gainers with 8.26% share price appreciation closing at KES 18.35 per share, followed by Bamburi Cement (+7.9%), Housing Finance Company (+7.14) and Uchumi Supermarkets (+3.45%).

Top Losers

On the losing side, Olympia Capital Holdings came out last with an end of day price depreciation of 7.95% at KES 2.20 per share, followed by Jubilee Holdings (-5.26%), Sameer Africa (-4.76%) and Unga Group (-3.23%).

Top Movers

Safaricom recorded the highest volume of 23.6 million traded shares, followed by KPLC (6.48m), Equity Group Holdings (3.75m) and KCB Bank Kenya (1.19m).

Recommended Stock Purchase

I would recommend that investors buy Jubilee Holdings at the current price. 

Jubilee Holdings has; 

Price = KES 270

PE Ratio = 5.5

EPS = 49.07

Market Capitalization = 19,567,696,500

NSE Today

NSE Market Summary

(9th December, 2020)

At the end of today's trading session on the Nairobi Securities Exchange (NSE), a total of 17,893,800 shares in 691 deals corresponding to a market value of KES 516,769,289, were traded. Compared with the previous NSE trading day (Tuesday, December 8), today's data shows 16% decline in volume, 22% decline in turnover, and 24% decline in deals. The current NSE market capitalization is KES 2.251 trillion. 

In the aggregate, 44 listed securities participated in trading, ending with 18 gainers and 21 losers.

Top Gainers 

Sanlam Kenya led the gainers with 9.55% share price appreciation closing as KES 12.05 per share, followed by Bamburi Cement (+9.48%), Liberty Kenya Holdings (+8.45%) and Sameer Africa (+5%).

Top Losers

On the losing side, Eveready East Africa came out last with an end-of-day price depreciation of 8.13% at KES 1.13 per share, followed by Nairobi Business Ventures (-6.26%), Kenya Re-Insurance Corporations (-5.07%) and Stanbic Holdings (-4.46%). 

Top Movers

Safaricom recorded the highest volume of a 9 million traded shares, followed by Equity Group Holdings (4.92m), Kenya-ReInsurance Corporation (795,500) and KenGen (789,600)

Recommended Stock Purchase

I would recommend that investors buy Kenya Re-Insurance which has;

Price = KES 2.06

PE Ratio = 3.404

EPS = 0.6375

Market Capitalization = 6,075,557,910

The PE Ratio implies that the stock is undervalued and investors will earn good capital gains as the economy recovers from Covid-19

NSE Bourse Rebounds

 8th December, 2020

Stock Market Summary

At the end of today's trading session on the Nairobi Securities Exchange(NSE), a total of 21,212,600 shares in 961 deals, corresponding to a market value of KES 659, 739,287.00, were traded. Compared with the previous NSE trading day (Monday, December 7), today's data shows 555% improvement in volume, 659% improvement in turnover, and 43% improvement in deals. The current NSE market capitalization is KES 2.25 trillion.

In aggregate, 43 NSE listed securities participated in trading, ending with 15 gainers and 17 losers.

Top Gainers 

Longhorn Publishers led the gainers with 8.24% shar price appreciation closing at KES 4.86 per share, followed by Eveready East Africa(+6.96%), Express Kenya(+4.65%) and Trans-Century(+4.13%).

Top Losers 

On the losing side, BOC Kenya came out last with an end-of-day price depreciation of 9.06% at KES 57.75 per share, followed by Housing Finance Company(-8.79%), CIC Insurance Group(-4.19%) and I&M Holdings(-3.93%).

Top Movers

Equity Group Holdings recorded the highest volume of 9 million traded shares, followed by Safaricom(4.13m), Co-operative Bank of Kenya(2.18m) and KCB Bank Kenya (1.21m)  

NSE Turnover Plunges

 7th December, 2020

The NSE turnover plunged to 86.7 Million shillings after a huge recovery last week. Only 3,320,300 shares were traded today. The last time the turnover was this low it was attributed to a system glitch at the market. 

It is not clear why the turnover was quite low but this is expected as small investors free some cash for the Christmas festivities. It is also a great time for serious investors to invest as the prospects of the Covid-19 vaccine will return investor confidence as markets begin to recover world wide. 

  

Red Flag over Uchumi Supermarkets

 

Agha Khan Walk Branch

Uchumi supermarket which has been struggling for a turn around shut down one of its remaining branches and the only one in Nairobi CBD, the iconic Agha Khan walk branch. This comes after the new management promised investors a turn around barely a year ago where the management was given a restructuring leeway by commercial banks on its debt. The restructuring involved a write off following the lenders acceptance of the retailer's company voluntary agreement(CVA). 

Uchumi was owing creditors and suppliers Kshs 3.9 Billion which was way above its assets of Kshs 1.4 Billion as at June 2018. It is interesting that CMA and the NSE have not suspended the stock since trading in the stock might be as good as defrauding unsuspecting investors. 

We hope that CMA and the NSE will advise investors on Uchumi stocks because investors would expect the supermarket to remain open and take advantage of the festive seasons as part of its turn around strategy. In the meantime investors should be weary about Uchumi stocks as the supermarket does not give any glimmer of hope about its revival. 

NSE Market Plunge

 Market Summary

The total shares traded today were 5,090,000 which made a total of 79.8 Million equity turnover. One of the worst performance in recent past. The total number of deals made were 918 meaning that there was almost no activity at the market. 

Indices

NSE ALL SHARE INDEX	140.62
NSE 20 SHARE INDEX	1,879.44
NSE 25 SHARE INDEX	3,259.34
ETF In Units-Total Deals	0.00
ETF Turnover In KES	0.00
FTSE NSE Kenya 15 Index	175.15
FTSE NSE Kenya 25 Index	187.26
FTSE NSE Kenya Govt. Bond Index	97.53
FTSE ASEA Pan African Index

Every investor should know how to calculate the PE Ratio

Price-to-Earning Ratio

The price-to-Earnings ratio (P/E ratio) is the ratio for valuing a company that measures its current share price relative to its earnings per-share(EPS). P/E ratios are used by value investors and analysts to determine the relative value of a company's shares. 

A high P/E ratio could mean that a company's stock is over-valued, or else that investors are expecting high growth rates in the future. 

P/E Ratio Formula and Calculation

Analysts and investors review a company's P/E ratio when they determine if the share price accurately represents the projected earnings per share. The formula and calculation used for this process is;

P/E Ratio=Earnings per shareMarket value per share (stock price)​

To determine the P/E value, one simply must divide the current stock price by the earnings per share (EPS). 

P/E Ratio=Earnings per share (EPS)Market value per share (P)​

Example= Today's Price of Safaricom shares was Kshs 30.05

                  The Earnings per share for Safaricom was Kshs 1.84

Therefore the P/E ratio for Safaricom is currently at 16.332

Note: any P/E ratio below 20 signifies that the stock is still within good valuation and investors can still invest in the company. However, the P/E ratio should not be the only analysis that should enable you make a decision but it's a starting point.

 

Investing in Stocks

What is the least amount you can invest at the Stock Market?

When it comes to investing in stocks in Kenya, the minimum requirement is to purchase 100 shares from any company that is listed in the stock market. However, some stock brokers might require you to invest at-least Kshs 1,000 or more. This means that you can start investing with less than Kshs 100 since some shares cost less than one Kenya shilling.

Can I lose my money in the Stock Market?

The short answer is yes. Therefore, you need to be a wise investor. Investors lose money when the companies they have invested in no longer offer enough value to consumers to continue buying their products and services or due to mismanagement. A loss in value is demonstrated in losses that the companies make. When a company makes losses the shares lose value and the prices plunge. Example; If you bought stocks from company A for Kshs 20 and company A  makes losses in the next two years with no profits in sight then the stock price is likely to drop to Kshs 10 or less. That means as an investor you are not receiving dividend payments and if you sell the stocks you will lose Kshs 10 for every stock. 

Companies are also suspended from trading at the NSE because of malpractice or when they are facing liquidation. That means the investor will lose their investment if the company is liquidated. 

What are the gains for investing in the Stock Market?

There are several ways you can gain form the stock market;

i) Dividends: - A dividend is part of the profits made by a company that is paid to investors. Value investors focus on companies that pay good dividends. 

ii) Capital Gains: - Capital gains is the positive difference between the buying price and the selling price. Example; if you buy a stock for Kshs 5 and sell it for Kshs 15 then the capital gain is Kshs 10. This is the best way to make money in the stock market. 

There are other benefits like discount that is given to shareholders of some companies.

How secure is my money in the Stock Market?

For companies to get listed in the stock market there are stringent measures that they must meet to ensure investor confidence. In addition, there is a regulator in Kenya known as Capital Markets Authority (CMA) which is tasked to make sure that small investors are protected and that companies are doing business in the right way. In my view, investment is a risk but investors are cushioned from losing their investment by CMA. However, please note that companies still fail and investors lose their investments in rare cases.  

 

  

Scangroup Share Price

Special Dividend

On July 6th, 2020 WPP Scangroup declared a Kshs 8 dividend per share. The shares were to trade cum divided until 28th of July. During that period the share has been trading at around Kshs 20. What most investors don't know is that the Kshs 8 dividend that Scangroup is going to pay came from disposal of its Kantar Africa assets. The company also sold 100% of its Millward Brown East Africa Limited, Millward Brown Nigeria Limited an Millward Brown West Africa Limited. 

WPP Scangroup had also disposed all of its shareholding of the issued shares in Research and Marketing Group Investment Limited, a Mauritanian Holding Company for Kantar TNS business in Kenya, Nigeria, Ivory Coast, Senegal, Ghana, Cameroon and the UK to Kantar Square Two B.V. 

The Kshs 8 dividend is a special dividend which should be a great precaution for investors. Going forward the price of Scangroup shares will continue to lose value and I will buy the share at Kshs 2 soon enough. 

Currently the share price has plummeted by about 49% and is expected to plummet further. The special dividend will also distort and misrepresent the companies PE Ratio in the future.  

 

Safaricom Kshs 20 Smartphones

Safaricom set to benefit massively from the launch of their Kshs 20 a day credit smartphone purchase. The offer will tie many Kenyans to Safaricom as well as encourage them to use Safaricom services. 

The program will advance the growth of data sales which had received a beating from their competitors offering cheaper data rates. While this might seem a short term solution for Safaricom, only cheap data will win in the end. Safaricom data rates have been exorbitant in comparison with Airtel and Telkom. However, Safaricom has been offering quality data services as compared to other networks especially outside the main cities. 

Without a doubt, the offer to buy smartphones through airtime will change the game. 

Investment Apps in Kenya(G-Kuze)

G-Kuze

Genghis Capital is one of the leading stock broker firms in Kenya. The company has gone a step further to develop an app known as G-Kuze to help investors trade stocks through their mobile phones from anywhere in the world. 

Through G-Kuze you can deposit as little as Kshs 500 and start investing in a variety of investing in a variety of investment products. In addition they also offer some investment education and information. You can download the app from through their website; https://www.genghis-capital.com/g-kuze-app-the-new-way-to-invest/

Features of G-Kuze

• Account Opening

• Create a unit trust account or a CDS account using G-Kuze. No forms or a physical visit to an office required!
  Automatically upload your documents and our team will undertake verification for faster processing.

• Depositing & Withdrawing Funds

• Instantly make deposits to your Unit Trust or CDS account, from anywhere and at anytime.
  The auto-receipting feature means that the money reflects in your account in a matter of seconds!
  There are multiple ways to credit your account: Mobile money (Mpesa), Credit or Debit Card (Visa, MasterCard and Verve Card), or Bank deposit (via any of the 5 bank accounts provided).
  There is multi-currency acceptance, so invest from anywhere in the world.
  Make a request to withdraw funds directly to your Mpesa account, or bank account anytime.

• Securities Trading

• G-Kuze links you to the NSE giving you access to all the asset types listed on the exchange.
  Detailed information on each stock listing is available with a graphical representation of performance, and options to buy or sell

• Unit Trust

• Access a savings options with better returns than a conventional savings account.
  Through G-Kuze you can access the Genghis Capital unit trust product, Hela Imara, which allows you to trade in the money market.
  

• Portfolio View, News & Research

• View the entirety of your portfolio in equities (stocks) and unit trust in a single glance.
  No need to request for a statement to be emailed.
  Aggregated news from various sources relating to the economy, financial services, current headliners and general information is available within G-Kuze
  The Genghis Research department also shares weekly and periodic daily updates with market specific analysis and fundamentals.

• Live Chat

• Reach out via direct chat function for any assistance, clarification or feedback within the App.

Starting Capital for Stocks Investments

How much do you need?

Most people do not invest in the stock market because they imagine you need too much money to invest. But surprising enough you might not need that much money. 

The minimum stake of stocks that you can buy is 100 shares per counter. This means that to start investing you need 100 shares from any company that is listed in the stock exchange. 

Here are some of the cheap stocks and the amount you need to buy 100 shares. 

Company	Current Price	cost of 100 Shares	Brokerage fee (2%)	Total Cost
Uchumi Supermarkets	0.37	37	0.74	37.74
Home Afrika	0.44	44	0.74	44.74
Eveready East Africa	1.07	107	0.74	107.74
Kenya Power & Lighting	1.85	185	0.74	185.74
East African Cables	2	200	0.74	200.74
TransCentury	2.01	201	0.74	201.74
Olympia Capital Holdings	2.24	224	0.74	224.74
Kenya Re-Insurance Corporation	2.37	237	0.74	237.74
CIC Insurance Group	2.45	245	0.74	245.74

So as you can see some stocks are quite cheap. However, the more you invest the more the returns. 

Everyone should try and buy some shares from the stock markets. 

  

Investing Strategy During a Pandemic

Investing Strategy During Economic Recession

During the current recession which has been brought about by the pandemic, investors need to act cautiously but remain vigilant in monitoring the market landscape for opportunities to pick up high-quality assets at discounted prices. A recession is a difficult time but it also coincides with the best investment opportunities.

Investors who want to survive and thrive during a recession will invest in high-quality companies that have strong balance sheets, low debt, good cash-flow, and are in industries that historically do well during tough economic times.  

Some of the companies which I would recommend for a purchase at this time include all the companies in the agriculture sector and the following companies;

• East Africa Cables
• Nation Media Group
• Diamond Trust Bank Kenya
• NIC Group
• Centum Investment
• I & M Bank
• KCB Group

What is Cross Listing of Stocks?

Cross Listing

Cross-listing is the listing of a company's common shares on a different exchange than its primary and original stock exchange. In case you have noticed there are two stocks at the NSE that don't look like Kenyan stocks. These stocks include; 

1. Umeme Limited

2. BK Group (Bank of Kigali) 

Umeme Limited is the KPLC of Uganda and the leading and sole distributor of electricity in Uganda while BK Group is the biggest bank in Rwanda. 

There are immense benefits for cross listing and this include; 

1. Access to Capital

Companies list on stock markets to access capital and cross listing provides that opportunity to public companies to access more capital. 

2. Enhance a Company's Image

Cross listing bolsters a company's brand. If the company makes a good announcement, the announcement is likely to be carried by international media outlets. In addition, a company with an international brand tends to be seen as a major player in an industry. 

3. Help in Improving a Company's Structure of Corporate Governance

Cross-listings often require companies to establish a clear and well-defined set of rules that govern its corporate structure. This means that it must be open regarding its operations. 

4. Attract more and better Talent

Every company needs talent or front liners in order to perform well in the stock market and in serving its customers. With a cross border listing, the company gains exposure, increasing its chances of attracting top talent. 

Kenya has also cross listed the following companies to East Africa Exchanges. 

List of Cross-Listed Kenyan Companies
Company Name	Cross-Listing Countries
KCB Group	Uganda	Tanzania	Rwanda
Nation Media Group	Uganda	Tanzania	Rwanda
Uchumi	Uganda	Tanzania	Rwanda
EABL	Uganda	Tanzania
Jubilee Holdings	Uganda	Tanzania
Equity Bank	Uganda		Rwanda
Centum Investments	Uganda
Kenya Airways		Tanzania

Apparently, We have about 8 companies listed across East African Securities exchange. 

Shockingly, Burundi and South Sudan do not have a stock exchange while Rwanda still uses the Over the Counter (OTC) system of trading like shown in the picture below. 

Stocks Investments Opportunities

Uganda Telcos

There is looming IPO in Uganda for MTN Uganda shares as the government negotiated through Uganda Communications Commission (UCC) that all Telcos sell 20% of their shares to EAC community members. This means that anyone outside the EAC community will not be legible to buy the shares. The six members of the EAC are Burundi, Kenya, Rwanda, South Sudan, Tanzania and Uganda. 

MTN Group PE Ratio currently stands at 13.52 which indicates that the shares are undervalued and investors would still make a kill from buying the shares.  

The sale of a 20% equity stake in MTN Uganda, the East African nation’s biggest telecoms operator, will be restricted to citizens of the East African Community trading bloc.

The government of Uganda is forcing all its telecom operators, including MTN Uganda and the local unit of India’s Bharti Airtel,, to list a fifth of their shares on the local bourse to allow locals to benefit from the sector’s profits.

“The shares are restricted to Ugandans, and also citizens from the East African Community (EAC),” Ibrahim Bbosa, spokesman for the Uganda Communications Commission, the regulator, stated. 

In my opinion this is a great move that will help East Africans to share part of the benefits from this corporations which make a lot of money from us. 

Stay tuned to get more information about the IPO as the companies are supposed to hold an IPO within 2 years. 

 

How to begin investing in Stocks

1. Understand Listed Companies

Listed companies are those companies whose shares are bought or sold at the stock market. In Kenya, we have over 60 listed companies. The companies are divided into the following sectors;

• Agricultural 
• Automobiles & Accessories
• Banking 
• Commercial & Services
• Construction & Allied
• Energy & Petroleum
• Insurance
• Investment
• Investment Services
• Manufacturing & Allied
• Telecommunication

Note: A wise investor will always invest in two or more sectors so that they can diversify their investment risks. 

Every investor should have a deep understanding of those companies they are interested in investing because investing in companies that have been making losses may not be a wise investment decision. If the investor is not sure about the performance of a company they could always seek for investment advise from an expert.

2. Find a good Stock Broker

Brokers are mandated to trade stocks at the stock market because millions of people have stocks and therefore cannot be allowed to trade as it would make the market impossible to operate. Stock brokers send their dealers to the market to buy and sell shares on behalf of their customers. You can choose your stock broker from the list I have provided about stock brokers on an earlier post. I would however recommend stock brokers who have huge trading volumes and whose financial health is good because stock brokers are companies and some have closed shop with clients money. 

3. Open a CDS Account

A central Depository Account is an account where shares are deposited when you purchase them. It is equivalent to a bank account but rather than deposit money, the account is credited with shares when you purchase them. You can open a CDS account through your stock broker. Usually, when you buy or sell your shares, your stock broker will send you a monthly statement indicating the number of shares bought or sold and the balance of shares in your account. 

4. Deposit money with your Stock Broker

Once you have a CDS Account you are ready to invest and you can deposit money with your stock broker and issue them with a purchase order for specific stock(s). It is important to note that the minimum number of shares that you can buy is 100 shares from any company that is listed at our stock exchange. This means that if a stock costs Kshs 1 you only need Kshs 100 plus brokerage fee to start investing. Usually the brokerage fee is 1.8% of the amount you intent to invest and the fee is inclusive of other taxes and fees as well.

5. Build a Portfolio 

As an investor you should build a portfolio of more than two stocks. A serious investor will find analysis for stocks which should help them make the right decisions about which shares to buy. Some of the stock analysis that can help investors make a good investment decision include;

• Price to Earnings Ratio Analysis (P/E Ratio)
• Price to Book Ratio Analysis (P/B Ratio)
• Price to Sales Ratio Analysis (P/S Ratio) 

We will be looking at some of those analysis on this blog so that they can help us make the right investment decisions.

NSE List of Stock Brokers

List of Trading participants and Contact Addresses

Dyer & Blair Investment Bank Ltd Goodman Tower, 7th floor, P.O. Box 45396 00100 Tel: 0709930000. Fax: 2218633 Email: shares@dyerandblair.com Web: www.dyerandblair.com	Francis Drummond & Company Limited Hughes Building, 2nd floor, P.O. Box 45465 00100 Tel: 318690/318689 Fax: 2223061 Email: info@drummond.co.ke Web: www.drummond.co.ke	Ngenye Kariuki & Co. Ltd. ( Under Statutory Management) Corner House, 8th floor, P. O. Box 12185-00400 Tel: 224333/2220052/2220141 Fax: 2217199/241825 Email: ngenyekari@wananchi.com Web: www.ngenyestockbrokers.co.ke
Suntra Investment Bank Ltd Nation Centre,7th Floor, P.O. Box 74016-00200 Tel: 2870000/247530/2223330/2211846 Fax: 2224327 Email: info@suntra.co.ke Web: www.suntra.co.ke	Old Mutual Securities Ltd IPS Building, 6th Floor, P. O. Box 50338- 00200 Tel: 2241379, 2241408 Fax: 2241392 Email: info.oms@oldmutualkenya.com Web: www.oldmutual.co.ke	SBG Securities Ltd CfC Stanbic Centre, 58 Westlands Road, P. O. Box 47198 – 00100 Tel: 3638900 Fax: 3752950 Email: sbgs@stanbic.com Web: www.sbgsecurities.co.ke
Kingdom Securities Ltd Co-operative Bank House,5th Floor, P.O Box 48231 00100 Tel: 3276940/3276256/3276154 Fax: 3276156 Email: info@kingdomsecurities.co.ke	AIB CAPITAL LTD Finance House, 9th Floor, P.O. Box 11019-00100 Tel: 220178 / 2212206 Fax: 2210500 Email: info@aibcapital.com Web: www.aibcapital.com	ABC Capital Ltd IPS Building, 5th floor, P.O. Box 34137-00100 Tel: 2246036/2245971 Fax: 2245971 Email: headoffice@abccapital.co.ke
Sterling Capital Ltd Barclays Plaza, 11th Floor, Loita Street, P.O. Box 45080- 00100 Tel: 2213914/244077/ 0723153219/0734219146 Fax: 2218261 Email: info@sterlingib.com Web: www.sterlingib.com	ApexAfrica Capital Ltd The Promenade 5th Floor, General Mathenge Drive, Westlands , P.O. Box 43676- 00100 Tel: +254-020-7602525/020 2226440 Email: invest@apexafrica.com Web: www.apexafrica.com	Faida Investment Bank Ltd Crawford Business park, Ground Floor, State House Road, P. O. Box 45236-00100 Tel: +254-20-7606026-35 Fax: 2243814 Email: info@fib.co.ke Web: www.fib.co.ke
Standard Investment Bank Ltd ICEA Building, 16th floor, P. O. Box 13714- 00800 Tel: 2228963/2228967/2228969 Fax: 240297 Email: info@sib.co.ke	Kestrel Capital (EA) Limited 2nd Floor, Orbit Place, Westlands Road, P.O. Box 40005-00100 Tel: 251758/2251893,2251815 Fax: 2243264 Email: info@kestrelcapital.com Web: www.kestrelcapital.com	African Alliance Securities Transnational Plaza, 1st Floor, Wing B, P.O. Box 27639 - 00506 Tel: +254 20 276 2000/ +254 20 276 2600 Fax: +254 20 221 6070 Email: info@africanalliance.com Web: www.africanalliance.com
Renaissance Capital (Kenya) Ltd Purshottam Place ,6th Floor, Westland , Chiromo Road, P.O BOX 40560-00100 Tel: 3682000 Fax: 3632339 Email: infokenya@rencap.com Web: www.rencap.com	Genghis Capital Ltd 1st Floor, Purshottam Place Building, Westlands Road, P.O Box 9959-00100, Nairobi Kenya Tel: +254 730145000 / +254 709185000 Fax: 246334 Email: info@genghis-capital.com	NCBA Investment Bank Limited Ground Floor, NIC House, Masaba Road,, P.O. Box 44599 - 00100, Nairobi Tel: 2888444 /2888432 / Fax: 2888 513 Email: info@nic-capital.com Contact Persons I. Jude Anyiko II. Mr. Eldad Wairegi
Equity Investment Bank Limited Equity Centre, Hospital Road, Upper Hill, P.O Box 75104 – 00200 Tel: +254-20-2262477, +254-732-112477 Fax: +254 20 2711439 Web: www.equitybankgroup.com	KCB Capital Kencom House 2nd Floor, P.O Box 48400 – 00100 Tel: +254 711 012 000 / 734 108 200, +254 20 3270000 Email: investmentbanking@kcb.co.ke Web: kcb.co.ke	Absa Securities Limited Absa Headquarters, Waiyaki Way, PO Box 30120, 00100 Tel: +254(732)130120/+254(722)130120 Email: absa.kenya@absa.africa
Securities Africa Kenya Limited The Exchange Building, 2nd Floor,Westlands Road, P.O Box 19018-00100 Tel: +254-735 571530, +254-714 646406 Email: infoke@securitiesafrica.com Web: www.securitiesafrica.com	EFG Hermes Kenya Limited Orbit Place, 8th Floor, Westlands Road, P.O Box 349, 00623 Tel: +254 (020) 3743040 Email: kenyaoperations@EFG-HERMES.com Web: www.EFG-HERMES.com