NSE saw a mild week with index slightly down on Monday's opening. I suspect we've seen the best of this rally and may even head south for a spell. There was also opportunity to shoot itself in the foot via usual funny price plays.
CFC Stanbic disappointed (down 8.5% in PAT and won't be the last time, even the old CFC used to frustrate because its universal banking model seems to be just a cover for a weak insurance associate). Universal banking has defeated even banking giants (UBS and Citi recorded the highest credit-crunch related writedowns) and the only successful that I know of today is Barclays Plc. The reason? Varley the CEO is an ultra-cautious accountant who can handle retail banking and insurance while Bob Diamond the head of Barcap is an alpha-ib type banker. This means both businesses perform well. Equity's supposed hire of Maina Mwangi of Rencap should be seen thru this lens.
Jubilee performed credibly 9up 3% on prior yr), especially compared with volatile listed counterparty, Pan Africa.
Following Kenol's results announcement, the 10% allowed what looks like a circular trade to be carried out leading to a 33% drop in price which nobody will sell at. CMA waited a couple of days then opened the 10% rule hoping to push guys upwards. This nonsense has gone on since the Stanley Hotel days and awaits the injection of new blood into the bourse.
More changes at TC where it seems all the guys who came in with Tony Wainaina have now moved on. Group possibly took hits from the RVR-debacle and the bear in the NSE, EA Cables its prime estate had a high of Ksh104 in October 2006, but closed Ksh24 today.
4 comments:
CDSC claims that Equity COLLECTED 1,000/- (each) from its clients ostensibly to 'freeze/pledge' the Safaricom shares @ CDSC.
If EB did collect the cash under that pretext, then it should be remitted. If not, then prove that they did not collect the 1,000/- OR not under the pretext/name of CDSC.
CFC Bank did ok. I am relatively certain the weakness is from stanbic. It is a lousy bank. CFC Bank was far better than the combined entity.
And except for the financial heft due to the SA parent, CFC Stanbic is an also-ran when compared to the big boys. As for CFC's mid-tier market, I would pick I&M Bank, Diamond Bank or NIC over CFC Stanbic.
CFC Bank did ok. I am relatively certain the weakness is from stanbic. It is a lousy bank. CFC Bank was far better than the combined entity.
And except for the financial heft due to the SA parent, CFC Stanbic is an also-ran when compared to the big boys. As for CFC's mid-tier market, I would pick I&M Bank, Diamond Bank or NIC over CFC Stanbic.
CDSC is fighting other peep's battles.
CFC-its been an average bank as a standalone entity. Stanbic does the high end so I'm not really sure anybody thought the merger thru in terms of the synergies (if any).
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