MediaCorp (c) Empowering Investors** *Global Overview* MediaCorp last week finalised an agreement setting ground for establishment of MediaCorp [UG] Ltd which will now be housed on Plot3, Pan Africa House along Kimathi Avenue in Kampala. This will help us serve our Uganda Clients better and also provide Kenyan investors with better intelligence on the Uganda financial market. MediaCorp [TZ] and MediaCorp Dubai Offices will also be operational by December 2008. Dubai is increasingly becoming the *financial hub closest to Nairobi *and quickly overtaking Johannesburg's relevance more so, due to easier requirements for visa processing and larger capital base supporting the emerging new economy in East Africa. MediaCorp in collaboration with our partner in Dubai will soon be releasing new indices to gauge investment coming from Asia/Middle East into East Africa. As Africa continues to privatise national assets in line with *structural policies of the Bretton Woods institutions*, the mortgage crisis in America which has hit banks severely *prompts new thinking on how effective this strategy really is*. In an election year, the U.S. Congress approved a massive housing market rescue bill on Saturday, offering emergency financing to mortgage titans Fannie Mae and Freddie Mac, and setting up a USD 300-billion fund to help hundreds of thousands of troubled homeowners. Though this eases but not ends the crisis, it does prove how critical Government involvement is in sensitive facets of the economy. Private finance in mortgages has simply been withdrawn, and *the bill seeks to empower Treasury/Government to buy shares into these companies should they run into trouble*. In other words, Nationalisation has gripped America through the back door and serves as a lesson to African Governments in a hurry to release national assets to private companies who will quickly fold in when signs of economic distress become visible. Fannie Mae and Freddie Mac problems can easily be compared to Rift Valley Railways which is clearly on its deathbed should the Government fail to intervene. Running the port and railway as one unit could be the solution East Africa should be pursuing. Globally, stocks behaved badly. The Dow Jones industrial average .DJI fell 1.1 percent and the Standard & Poor's 500 Index .SPX slipped 0.2 percent. In contrast, the Nasdaq Composite Index gained 1.2 percent. Britain's blue-chip FTSE index ended 0.2 percent lower on Friday, as banking and insurance stocks fell on a gloomy economic outlook, outweighing gains in commodities and retail sector shares. In Hong Kong and Tokyo, stocks fell by 2% though both markets reported the best weekly gains in 3 months. *Local Highlights* Nothing much to write home about in the local market. Turnover this week declined to Kshs.2.3bn from the previous week's Kshs.5.6bn. The number of shares traded stood at 228M against 231M posted the previous week. The NSE 20-share index was down 1.24% during the week to close at 4963.46 points. The NSE All share index shaved-off a total of 0.23 points during the week to stand at 105.71. *Dividends Update* BAT • 1st & Final Dividend: 4.50/= • Payment: 5-Sep-08 Olympia • Dividend: 0.20/= • Payment: 11-Aug-08 • Books closed: 23-Jul-08 Centum • 1st & Final Dividend: 0.45/= • Books close: 7-Aug-08 • Payment: 16-Oct-08 Kapchorua • 1st & Final Dividend: 0.50/= • Books close: 25-Jul-08 Williamson Tea • 1st & Final Dividend: 0.50/= • Books close: 25-Jul-08 Kenya Airways • 1st & Final Dividend: 1.75/= • Payment: 24-Oct-08 Agriculture sector traded 187,000 shares, which accounted for 0.08% of the week's traded volume. Sasini was the most heavily traded counter in this sector, with 142,000 shares changing hands at between shs.12.80 and shs.14.00. Rea-vipingo unchanged at shs.18.70 moved 41,000 shares. Commercials had 209M shares traded, which accounted for 91.95% of the week's traded volume. Safaricom Ltd was the week's biggest mover with 204M shares dealt at between shs.6.20 and shs.6.95. CMC Holdings eased fifteen cents to close the week at shs.19.85 on a volume of 2.8M shares. Financials had 9.8M shares traded and represented 4.29% of the week's volume. Equity Bank down 0.32% to shs.307.00 moved 879,000 shares despite Kshs 3 Billion in profit for H1. KCB actively moved 3.5M shares at between shs.29.50 and shs.31.00. Centum Investment down 4.81% to shs.24.75 moved 1.6M shares. Industrial sector had 8.1M shares, which accounted for 3.59% of the week's volume. KenGen moved 3M shares during the week and closed at shs.24.50. Mumias Sugar moved 3M shares at between shs.11.00 and shs.12.00. Alternative Investment Segment moved 209,000 shares, which accounted for less than 1% of the week's traded volume. Express Ltd down 0.51% to shs.19.40 sold 200,000 shares. *NSE Highlights* * * * * *18th July* *21st July* *22nd July* *23rd July* *24th July* *25th July* *Price Change * *Price Change * *Shares Traded Last Week* *Total Shares Issued* *Agricultural* *Code* *Unilever Tea* *UNLV* 45.00 45.00 45.00 0.00 0.00% - 48,875,000 *Kakuzi* *KAKZ* 34.50 40.00 39.75 35.00 35.00 0.50 1.45% 3,800 19,599,999 *Rea Vipingo* *RVPL* 18.70 19.80 19.40 18.75 18.75 18.70 0.00 0.00% 41,764 60,000,000 *Sasini* *STCL* 13.55 13.75 13.00 13.05 13.15 13.45 -0.10 -0.74% 142,150 228,055,500 * * * * *Commercial & Services* * * *Access Kenya Group* *AKGL* 34.25 35.50 35.50 32.50 34.75 33.00 -1.25 -3.65% 1,531,783 199,885,578 *Car & Gen* *CAGR* 52.50 50.00 51.00 50.50 51.00 -1.50 -2.86% 3,622 22,279,616 *CMC* *CMCH* 20.00 21.00 20.50 19.95 20.50 19.85 -0.15 -0.75% 2,854,852 582,709,440 *Hutchings Biemer* *HUBM* 20.25 20.25 0.00 0.00% - 360,000 *Kenya Airways Ltd* *KAIR* 48.50 49.00 48.50 47.75 48.75 47.50 -1.00 -2.06% 295,409 461,615,484 *Marshalls*** *MSHL* 30.00 30.00 30.00 30.00 30.00 0.00 0.00% 1,000 14,393,106 *Nation Media Group.* *NATN* 333.00 345.00 346.00 338.00 344.00 339.00 6.00 1.80% 64,589 71,305,260 *Safaricom* *SCOM* 6.20 6.30 6.90 6.45 6.95 6.35 0.15 2.42% 204,880,376 40,000,000,000 *Scangroup Ltd* *SCGP* 31.00 32.00 32.25 30.75 32.00 30.50 -0.50 -1.61% 301,324 160,000,000 *Standard Group Ltd * *STDG* 57.50 59.00 59.50 60.50 56.50 -1.00 -1.74% 12,961 73,275,029 *TPS Eastern Africa (Serena) Ltd* *TPEA* 69.00 69.00 68.50 67.50 69.50 68.50 -0.50 -0.72% 30,486 105,864,742 *Uchumi Supermarkets* *UCHM* 14.50 14.50 0.00 0.00% - 180,000,000 * * * * *Financial* * * *Barclays Bank* *BARC* 68.50 69.00 68.50 68.50 68.00 67.00 -1.50 -2.19% 442,420 1,357,884,000 *CFC Bank* *CFCB* 109.00 115.00 115.00 110.00 111.00 108.00 -1.00 -0.92% 32,599 273,684,211 *Diamond Trust* *DTBK* 94.50 95.00 95.00 94.00 95.00 94.50 0.00 0.00% 99,084 163,037,108 *Equity Bank Ltd* *EQTY* 308.00 306.00 307.00 302.00 307.00 307.00 -1.00 -0.32% 879,717 362,209,905 *Housing Finance* *HFCK* 30.00 32.25 30.50 28.75 28.50 28.75 -1.25 -4.17% 1,274,218 115,000,000 *Centum Limited* *CENT* 26.00 26.50 26.75 25.00 26.00 24.75 -1.25 -4.81% 1,642,000 549,951,880 *Jubilee Holdings Ltd* *JBLH* 181.00 185.00 185.00 177.00 185.00 179.00 -2.00 -1.10% 26,250 45,000,000 *KCB* *KCBL* 30.50 30.25 30.00 30.00 31.00 30.00 -0.50 -1.64% 3,524,598 *Kenya** Re* *KERE* 15.95 16.25 16.00 15.70 16.00 15.75 -0.20 -1.25% 1,239,485 600,000,000 *National Bank* *NBKL* 65.00 61.00 60.50 63.00 61.50 63.50 -1.50 -2.31% 398,706 200,000,000 *National Industrial Credit* *NICB* 58.00 58.50 58.00 56.00 57.50 56.00 -2.00 -3.45% 188,523 296,692,383 *Pan Africa Insurance Holdings Ltd* *PAIH* 73.00 70.00 70.00 70.00 70.00 -3.00 -4.11% 6,200 48,000,000 *Standard Chartered Bank* *SCBL* 202.00 204.00 205.00 200.00 208.00 201.00 -1.00 -0.50% 46,204 271,967,810 * * * * *Industrial & Allied* * * *Athi River Mining Ltd* *ARML* 113.00 105.00 106.00 112.00 108.00 112.00 -1.00 -0.88% 62,801 94,000,000 *BOC (K)* *BOCK* 160.00 160.00 0.00 0.00% - 19,525,446 *Bamburi* *BMBR* 195.00 195.00 192.00 192.00 192.00 190.00 -5.00 -2.56% 5,570 362,959,275 *British American Tobacco* *BATK* 158.00 164.00 161.00 160.00 161.00 159.00 1.00 0.63% 15,087 100,000,000 *Carbacid* *CARB* 137.00 137.00 0.00 0.00% - 11,326,755 *Crown Berger * *CRBG* 38.75 40.00 39.25 38.00 38.75 38.00 -0.75 -1.94% 31,400 23,727,000 *E.A.Cables* *EACL* 38.75 40.25 40.00 38.25 39.50 37.00 -1.75 -4.52% 172,983 202,500,000 *E.A.Portland* *EAPC* 115.00 110.00 108.00 -7.00 -6.09% 400 90,000,000 *E.A.Breweries* *EABL* 194.00 191.00 192.00 194.00 197.00 194.00 0.00 0.00% 393,464 790,774,356 *Eveready East Africa Ltd* *EEAL* 5.10 5.50 5.75 5.10 5.50 5.40 0.30 5.88% 199,650 210,000,000 *Kenol* *KOCL* 90.00 92.50 90.50 89.50 92.50 91.00 1.00 1.11% 670,257 147,176,120 *K.Pow.& L.* *KPLC* 203.00 206.00 201.00 198.00 201.00 191.00 -12.00 -5.91% 142,410 79,128,000 *KenGen* *KEGN* 24.00 23.50 23.25 23.50 23.25 24.50 0.50 2.08% 3,013,895 2,198,361,456 *Mumias* *MSCL* 11.65 12.15 11.95 11.65 11.55 11.20 -0.45 -3.86% 3,004,576 1,530,000,000 *Olympia** Capital Holdings* *OCHL* 15.20 15.20 15.35 14.95 15.10 14.55 -0.65 -4.28% 71,780 40,000,000 *Sameer Africa Ltd* *SAMR* 9.00 9.60 9.50 8.95 9.50 9.10 0.10 1.11% 218,859 278,342,393 *Total* *TOTL* 32.50 30.25 30.00 32.00 29.75 31.75 -0.75 -2.31% 149,600 175,064,706 *Unga* *UNGA* 12.60 13.45 12.65 12.60 12.75 12.45 -0.15 -1.19% 45,354 63,090,728 * * * * *Alternative Investment Market Sector (AIMS)* *A.Baumann* *ABCL* 11.10 11.10 0.00 0.00% - 3,840,066 *City Trust * *CITL* 135.00 148.00 150.00 133.00 -2.00 -1.48% 2,200 5,207,558 *Eaagads* *EAGD* 37.00 35.00 -2.00 -5.41% 4,800 8,039,250 *Express * *EXPK* 19.50 19.55 19.05 19.40 19.40 19.40 -0.10 -0.51% 200,306 35,403,790 *Williamson Tea* *WTKL* 73.00 73.00 73.00 75.00 2.00 2.74% 2,000 8,756,320 *Kapchorua* *KTCL* 75.00 78.00 80.00 78.00 75.00 0.00 0.00% - 3,912,000 *K.Orchads* *KEOL* 3.00 3.00 0.00 0.00% - 12,868,124 *Limuru Tea* *LTCL* 338.00 338.00 0.00 0.00% - 600,000 * * Bildad Kagai MD - MediaCorp Limited Nairobi Stock Exchange Authorised Information Vendor Suite B2, Tetu Apartments, State House Avenue P. O. Box 20311 - 00200 Nairobi, Kenya Tel. 254 20 272 8332 Fax. Rendered Obsolete S - 1°17'13.8" E - 36°48'22.7" --- www.mediacorp.co.ke