Comparing performance to a year ago, this portfolio is down 50% mainly due to shares sales, while the while the NSE 20 share index is down 28% from February 2016.
The Stable
Atlas ↓
Bralirwa (Rwanda) ↓
Centum ↓
CIC Insurance ↓
Diamond Trust ↓
KCB ↓
Fahari REIT↓
Kenya Airways ↑
NIC ↓
NSE ↓
Stanbic (Uganda) ↓
TPSEA ↓
Unga ↓
- In: None
- Out: Barclays, Equity, Kenol.
- Increase: None
- Decrease: Diamond Trust.
- Best performer: Kenya Airways (up 12% from a year ago)
- Worst performer(s): NIC, CIC, Diamond Trust, NSE (all down ~45% from a year ago)
Summary:
- Another quarter when everything in the portfolio is down. Sold lots of shares after the banking law change.
- Unexpected Events: (1) The Nairobi Securities Exchange (NSE) was assessed as the worst- performing stock market so far in in 2017 so far according to Bloomberg – down 7% since January 1. While many believe it is due to the upcoming Kenya election, Bloomberg analysts trace the NSE portfolio decline to the devaluation of Egypt’s currency by 48% In November 2016, which resulted in some frontier market investors blocks switching over from Nairobi to Cairo.
- Still unable to sell portfolio shares in Rwanda (Bralirwa) and Uganda (Stanbic) – those markets are easy to enter, but harder to exit.
- Looking Forward to: (1) Bank results in February 2017 (2) launch of the long-promised and always-postponed M-Akiba bond – a mobile money treasury bond.