Market picking up steadily since last quarterly review in May 2009

The stable

Diamond Trust ↑
Kenya Airways ↑
KCB ↑
Safaricom ↑
Scangroup ↑
Stanbic (Uganda) ↑

Review:
– Best performer: Safaricom up 34% this quarter
– Worst performer KCB up 5%
– In: none
– Out: none
– Increase none
– Decrease none
– Unexpected gains/losses: KQ record loss, safaricom profit drop

Events & Outlook:
– Performance: The Portfolio is up 12% in the last three months while the NSE Index is up 14%. I’d like to think I’m doing better, but Safaricom has lifted the index to a greater extent than my portfolio (8% weight). Safaricom largest weight on the NSE, is also probably now the country’s largest tax payer, largest retail ISP, seller of mobile phones, mover of retail money etc.
– got dividends from all the banks, which are experiencing a slowdown in growth in 2009. Dividend included Stanbic Uganda but will have to increase shares there to minimize impact of clearing foreign cheques so that it does not eat ¼ of
– Looking forward to dividends from Safaricom (but no SWAG ) from Safaricom and another from Kenya Airways (despite their making a massive fuel hedge loss)
– Privatization The Kenya Government has lined up several companies that may be availed later in 2009, however these may not be listed until the market picks up sufficiently. Will look at Family Bank and KWAL (Kenya Wine Agencies)
– New media: The Nairobi Stock Exchangem – @NSEKenya is now on Twitter, while the CDSC launched a new web site to enable investors to better track their portfolios.
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