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Review of Previous Recommendations - June 2011

In March and April we had given our stock picks I&M Bank (unlisted), Kenol Kobil (KENO) and Total Kenya (TOTL) - we revisit these stock picks in this newsletter.

2:27 pm Saturday June 25, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Kenya Market Outlook - June 2011

The Central Bank follows an accommodative monetary policy stance with the aim of stimulating economic activity. The monetary policy is successful in pushing market interest rates to record lows, as well as leading to a spurt in bank lending, and an increase in GDP growth. The low interest rates lead to a rush by investors to subscribe to long-term Treasury bonds in preference to Treasury bills, leading to a lengthening of the average maturity of Government debt.

1:57 pm Saturday June 25, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Safaricom Limited - June 2011 Stock Pick

Safaricom's results for the year ended in March 2011 covered the most traumatic period in the company's history. The company faced challenges from the regulatory regime, which were seen to be tilting the playing field in favour of competition. On the competitive front, the year saw the entry of the Indian telecommunication group Airtel

10:35 am Saturday June 25, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Kenya Market Outlook - April 2011

The yield on the 91-day Treasury Bill continued its upward trajectory, reaching a rate of 3.52% at the latest auction. The rise has been somewhat muted as a number of banks have opted to invest in 91-day Treasury bills and give other maturities a miss, until the market is seen to have stabilized. This has resulted in a sharper increase at the longer end of the yield curves.

3:22 pm Tuesday May 03, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Total Kenya - April 2011 Stock Pick

Total Kenya Limited is a Kenya-based company, which is principally engaged in the sale of petroleum products. Total Kenya Limited is part of the Total Group, the 4th largest oil and gas company in the world operating in over 100 countries throughout the world. The Company has four business channels: Network, General Trade, Aviation, and Export and Bulk.

1:47 pm Tuesday May 03, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Kenol Kobil - April 2011 Stock Pick

Kenol Kobil Limited is engaged in the importation of crude oil for refining, trading, storage and distribution of refined and other petroleum products. The Company offers fuel products (both white and black), lubricants, LPG, and non-fuel goods like mobile phone scratch cards, tyres and car batteries, among others. Kenol Kobil operates in Kenya, Tanzania, Uganda, Rwanda, Zambia and Ethiopia.

1:25 pm Tuesday May 03, 2011 – Cannon Asset Managers (Cannon Asset Managers)

I & M Bank Kenya

I & M Bank is a leading private sector bank in Kenya, and has its footprint in Mauritius and Tanzania. Bank One Ltd, a commercial bank in Mauritius where I & M Bank has a 50% stake and increased regional presence through acquisition of CF Union Bank Ltd, now called I & M Bank (T) in Tanzania.

2:22 pm Wednesday March 30, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Kenya Market Outlook - March 2011

In order to give effect to its changed monetary policy stance, the Central Bank also resumed Repo transactions as part of its Open Market Operations after a gap of almost two years. We expect the Central Bank to regularly carry out repo transactions as part of its Open Market Operations in the next few months.

12:17 pm Wednesday March 30, 2011 – Cannon Asset Managers (Cannon Asset Managers)

Kenya Interest Rates Outlook - February 2011

Kenyan interest rates have been on a declining pattern since December 2008, and reached a low during the month of July 2010. Since then rates there has been a mild upward correction in rates.

10:17 am Monday February 21, 2011 – Cannon Asset Managers (Cannon Asset Managers)
 

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