At 3.10 pm today when the Nairobi Securities Exchange (NSE) closed, KenolKobil Limited (KENO) was among the top gainers. The oil marketer rose 6.63% to KES 8.85 compared to Friday’s close of KES 8.30. While newly listed Flame Tree Group Holdings Limited (FTGH) was the top decliner, shedding 9.92% to KES 11.80 from KES 13.10 at the end of last week.
Read: Flame Tree Group Impresses On Its First Day At The NSE
Kenol Kobil is primarily operates within the downstream petroleum sector which entails sourcing and distribution of refined petroleum products, such as motor fuels, industrial oils, LPG, aviation fuels, lubricants and other specialist oils, for both consumer and commercial markets.
Kenol Kobil in 2012 declared an end of year after tax loss of KES 6.285 billion. At the end of 2013 while on the recovery path, the company announced a profit of KES 558.149 million. In the six months to 30th, June 2014 the company had a 260.44% increase in profit after tax to KES 531.168 million from KES 147.364 million in June 2013.
Nevertheless, Kenol Kobil’s market share in the six months to June 2014 has slid from 16.5% to 13.7%. Meaning, the company which was the market leader in 2011 has slid further behind Total Kenya Limited (TOTL) and Vivo Energy (the sellers of Shell branded products). In addition, South Africa-based rating agency GCR retained a negative outlook for KenolKobil despite its return to profitability.
GCR in its report in June stated. “While the sector inherently reflects thin margins, the group expects profitability to be enhanced by continued cost rigour and further streamlining. GCR would nonetheless expect to see consistent follow-through in terms of strategy execution before the negative outlook is lifted.”
Kenol’s share price performance since January given below:
The winners:
The other top gainers were: Olympia Capital Holdings Limited (OCH), BOC Kenya Limited (BOC), Eveready East Africa Limited (EVRD), and Unga Group Limited (UNGA). They closed at KES 6.50, 140.00, 3.70 and 42.00 respectively.
The losers:
The other counters that shed the most value were: Express Kenya Limited (XPRS), Eaagads Limited (EGAD), Sameer Africa Limited – formerly Firestone East Africa – (FIRE) and Bamburi Cement Company Limited (BAMB). They ended the day at KES 6.50, 36.75, 6.10 and 142.00 respectively.
Market snapshot
As at 3.10 pm today.
Most shares traded:
Safaricom Limited (SCOM), Mumias Sugar Company Limited (MSC), Liberty Kenya Holdings Limited (CFCI), Equity Bank Limited (EQTY), and Kenya Commercial Bank Limited (KCB). Over 9.21 million Safaricom shares changed hands today representing 54.7% of all shares traded.
