Britam Holdings Plc (NSE: BRIT) topped the market as Safaricom Ltd. (NSE: SCOM) came in second at the bourse on Thursday.
Market may continue to see interest in SCOM as volumes increased while price remained the same.
Bond turnover closed at 1.65 billion shillings, 32.1 percent lower from the previous session, on 55 deals compared to 151 (previously).
Activity in equities cooled off 24.9 percent. The benchmarks ticked up once more, all closing higher for the third consecutive session. Local investors maintained their grip, though edged out slightly by foreign investors.
Activity returned to the usual large caps; Safaricom Ltd. (NSE: SCOM), Equity Group Holdings Ltd (NSE: EQTY), East African Breweries Ltd (NSE: EABL). Interest still remained on Britam Holdings Plc (NSE: BRIT) although to a lower extent today (9.0 percent of market activity vs 70 percent yesterday).
Foreign investors traded 52 percent of the market, accelerating their exit positions. Half of their net selling was on Deacons East Africa Plc (NSE: DCON), while their most active trading was Standard Group Ltd (NSE: SGL). Positions also departed from Eaagads Ltd (NSE: EGAD) and Eveready East Africa Ltd (NSE: EVRD).
Overall, foreigners persisted as net sellers today (-21.1 percent). Local investors came in strong, controlling 75 percent of the market.
With two remaining sessions in the week, there is increased supply on the short and medium term of the yield curve, pointing to upward pressure on these tenors. Turnover came off to 2.4 billion shillings and it is expected that volumes to taper off in the next few days, wrote Genghis.
The infrastructure bonds and long tenor bonds remain heavily bid but at slight premiums by bargain hunters as liquidity on the money market continues to tighten. The overnight rate is still elevated with expectations it will breach 6.50 percent by the end of the week.
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