The Capital Markets Authority has waived the 10% rule today to correct Crown Berger’s distorted share price – and the share is up about 50% at Kshs. 38.6 to about where it was before the mystery trade.
Stolen Crown
What happened to the shares of Crown Berger last Friday was an anomaly that gives a bad impression of the NSE. The company announced an increase in pre-tax profits on Thursday only for their shares to nosedive from Kshs. 38 to Kshs. 8 on Friday, before settling at 19.75, about 48% lower – on a volume of just 10,000 shares.
Still as the running thread of NSE insiders shows, such one-day spike trades have usually on the upper side (Equity, Citi Trust, CFC, to name a few), and don’t merit many complaints, except from skeptics. But if I was a shareholder of Crown (used to be one two years ago), I’d be very upset that 50% of my portfolio in an otherwise sound company has been wiped out in one day. What Crown is going through is no different than any manufacturing company as this time of high oil prices; they have even had mostly good press – expanding regionally, attained Super Brand status recently etc.
There’s a supposed 10% rule on price moves following market information, which is selectively applied. This unusual trade was sloppy or sinister, should never have been allowed.
Kenya Bank Top 10s
half year to June 30 2008
Pre-Tax Profit: Barclays 4,295 million shillings [$64 million], KCB 3,394, Equity 2,997, Standard Chartered 2,321, Citibank 1,694, Cooperative 1,664, National Bank of Kenya 902, Commercial Bank of Africa 847, Investment & Mortgages 767, CFCStanbic 698 [$10.4 million]
12 month profit change : Ecobank 633% (to Kshs. 66m), Family 290%, Equity 189%,
Bank Africa 105%, Prime 98%, Giro 86%, Dubai 85%, KCB 77%, Guardian 76%, Citibank 75% then Consolidated, Cooperative, NBK, Credit, I&M
Deposits: Barclays 128,765 million shillings [$1.92 billion], KCB 93,372, Standard Chartered 73,512, Cooperative 59,072, CFCStanbic 57,040, Equity 42,116, Commercial Bank of Africa 35,135, National Bank of Kenya, 34,020, NIC 30, 165, Citibank Kenya 27,836 [$415 million]
12 month deposit growth: Equity 78%, Chase 58%, Prime 57%, Development Bank 41%, Diamond trust 38%, Fidelity 36%, CFCStanbic 33%, Oriental 32%, NIC 31%, Equatorial 29%, Transnational 23%, Barclays and Imperial 22% then KCB, Bank Africa, ABC.
Loans: Barclays 106,691 [$1.59 billion], KCB 60,165, Standard Chartered 45,351, Cooperative 43,411, CFCStanbic 38,746, Equity 34,273, NIC 25,727, Diamond Trust 22,320, Commercial Bank of Africa 21,803, Investment & Mortgages 20,703 [$309 million]
12 month loan growth: Equity 139%, Chase 88%, Prime 66%, Baroda 57%, Development Bank 54%, Commercial Bank of Africa 52%, Family Bank 51%, Co-op Bank 44%, Credit 44%, Fidelity 41%, then NIC, Bank of Africa, Diamond trust, I&M, CFCStanbic, Fina, Barclays.
Where to work: high employers – 6 month staff expenses; Barclays 3,287 million [$49 million], KCB 2,767, Cooperative 1,387, Standard Chartered 1,306, Equity 1,245, National Bank of Kenya 864, Commercial Bank of Africa 423, Citibank Kenya 416, CFCStanbic 389, Diamond Trust 330
directors; Standard Chartered 61 [$910,000], KCB 57, Cooperative 26, Commercial Bank of Africa 25, NIC 22, CFCStanbic 21, National Bank of Kenya 17, K-Rep 17, Southern Credit 14, Diamond Trust 12
Assets: 12 month asset growth: Equity 135%, Chase 76%, KCB 66%, Citibank 65%, Prime 59%, CFCStanbic 42%, Diamond trust 40%, Family bank 39%, I&M 33%, Bank of Africa 23%, Barclays 22%
Return on assets: Equity 4.28%, Citibank 2.85%, India 2.84%, Barclays 2.58%, Stanchart 2.45%, Coop Bank 2.31%
Non-performing assets: Cooperative Kshs. 8,841 million ($132m) , KCB 6,982, Barclays 5,986, Ecobank/EABS 3,492, CFCStanbic 3,435, National Bank of Kenya 2,559, Housing Finance 2,302, Standard Chartered 2,045, Equity 1,845, Commercial Bank of Africa 1,540
Sgare capital : Barclays Kshs. 19,233 ($287 million), Equity 19,005, Standard Chartered 9,615, KCB 9,591, Citibank Kenya 7,791, CFCStanbic 6,865, Cooperative 6,710, National Bank of Kenya 4,912, NIC 4,649, Diamond Trust 4,259
Kenya Bank Rankings
Kenya’s banks assets and profits at June 30 2008, for the first half of the year
1. Barclays; assets Kshs. 166,702 million [$2.48 billion], (pre-tax profit of Kshs. 4,295 million [$64 million])
2. KCB; 160,230 (profit: 3,394)
3. Standard Chartered; 94,570 (2,321)
4. CFCStanbic; 78,948 (698)
5. Cooperative; 72,018 (1,664)
6. Equity; 70,102 (2,997)
7. Citibank Kenya; 59,495 (1,694)
8. Commercial Bank of Africa 44,035 (847)
9. National Bank of Kenya 43,360 (902)
10. NIC; 37,590 (650)
11. Diamond Trust; 34,262 (618)
12. Investment & Mortgages (I&M); 32,775 (767)
13. Prime; 17,088 (283)
14. Baroda; 16,070 (302)
15. Housing Finance; 12,942 (51)
16. Imperial 12,851 (350)
17. Bank of India; 10,960 (311)
18. Ecobank (formerly EABS); 9,474 (66)
19. Family Bank (formerly Family Finance); 9,278 (273)
20. Bank of Africa; 9,036 (76)
21. Fina; 8,729 (65)
22. Chase 8,497 (109)
23. K-Rep; 7,197 (4)
24. ABC 6,126 (82)
25. Habib Zurich; 5,931 (111)
26. Guardian; 5,530 (60)
27. Giro; 5,379 (67)
28. Southern Credit; 5,338 (11)
29. Development Bank (DBK); 5,165 (90)
30. Equatorial; 4,820 (46)
31. Consolidated; 4,228 (8)
32. Victoria; 3,988 (78)
33. Credit; 3,637 (53)
34. Habib Bank; 3,611 (70)
35. Fidelity; 3,590 (29)
36. Transnational; 3,224 (53)
37. Middle East; 3,106 (35)
38. Paramount Universal; 2,584 (22)
39. Gulf African; 2,529 (-138) * #
40. Oriental; 1,809 (26)
41. Dubai; 1,518 (26)
42. City Finance; assets of 522 million [$7.8 million], (profit of 11 [$164,000])
43. First Community — (–) * #
* New bank
# Shariah bank
Same time last year had Barclays, KCB, StanChart as the top three, Co-op ahead of CFC, NBK wer 6th, CBA ahead of Citi, and Equity were 9th
Online Nairobi Stockbrokers
Continuing the popular Where to buy shares series, my long-time stockbroker CFC (actually CFCFS) have finally unveiled an online trading and account/portfolio platform. It’s quite good so far, quick registration, easy navigation, and hopefully a secure one. I hope they add share reports, and other useful tips which they can e-mail to users.
My portfolio is correctly displayed and I will make my next trades online (previously I used to e-mail my orders, and get confirmations and statements back by e-mail)
Other brokers with online features (can’t vouch for their quality) include Afrika Discount Drummond Dyer & Blair, Faida and Sterling
Questions
1. What are you online experiences like with your Kenyan stockbrokers?
2. Have any Kenyans in the Diaspora got their Safaricom IPO refunds, or been able to apply them to buy other shares? Have you seen your refund cheques, or know where they are?