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Blooming Equity Bank in the regional front as KES drops against USD for 5th consecutive day

BY · April 10, 2015 10:04 pm

The downtrend persisted with the main indices shedding further in today’s trading session. The NSE 20 retreated marginally by 0.08% to 5,123.97 points while the NASI dipped 0.50% to 169.61 points.

Market capitalization contracted by 0.50% to KES 2.37Tn as equity turnover expanded 12.30% to KES 763.01Mn. Safaricom Ltd (NSE: SCOM) & Equity Group Ltd (NSE: EQTY) were the most active counters accounting for 79.85% of the day’s traded value.

Equity Group Ltd (NSE: EQTY) recently held its AGM where shareholders approved the 411.42Mn increase in share capital to a value of KES 2.06Bn that would finance the firms’ planned expansions. Shareholders also ratified the cross listing on the Rwandan stock Exchange (RSE) and Dar-es-salaam stock exchange (DSE). The firm listed on the RSE in February 2015 leading to a doubling of the exchange (RSE) market capitalization from USD1.9Bn (KES 176.7Tn) to USD4.1Bn (KES 381.32Tn).This reflects that their well oiled expansion strategy is in receipt of positive sentiments from the regional market. The counter garnered 1.58% for the day to close at KES 48.25.

Foreign investor participation was robust during Friday’s trading session with foreigner’s accounting for 59.47%. Investors were active on the sell side resulting in net inflows worth KES 30.62Mn compared to net outflows worth KES 0.502Mn on Wednesday.

The highlights of the day’s trading activity are listed below:

Foreign investors accounted for 59.47% of the NSE turnover as compared to 55.52% on Thursday.

Investors engaged in distributive activities recording net outflows worth KES 138.11Mn relative to net inflows worth KES 30.62Mn on Thursday.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 288.57Mn to account for 37.82% of total market activity and 63.59% of foreign activity. Equity Holdings Limited (NSE: EQTY) followed with a turnover of KES 107.96Mn representing 14.15% of total market activity and 23.79% of foreign activity.

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest inflows of KES 6.02Mn, whilst Safaricom Limited (NSE: SCOM) posted the day’s highest outflows worth KES 121.29Mn.

Currency

Performance: The KES closed the day on a weaker note dampened by combined effects of high dollar demand and poor inflows from a drop in tourist arrivals following militant attacks the previous week. The USDKES exchange rate stood at a three year low after depreciating for the fifth consecutive day to 92.77 (12:30pm GMT).

On the other hand, the local unit strengthened against the Sterling Pound (GBP) and Euro (EUR) charting gains of 1.23% and 1.56%, respectively. Regionally, the KES fared modest gains reporting the largest gain of 1.66% against the South African Rand (ZAR), although the ZAR was largely unchanged against the dollar early on Friday as renewed hopes of a rate hike in the US prevented the local unit from threatening key resistance levels breached last week.

Large-Cap Index

  • The Large Cap index declined 0.13% with market capitalization retreating 0.50%. Volume of traded shares increased by 20.31% to 35.51Mn.
  • Kenya Commercial Bank Ltd (NSE: KCB) soared up 2.49% to KES 63.00 following active trades on the counter making it the top gainer in the large cap segment.
  • Safaricom Ltd (NSE: SCOM) shed 2.75% to KES 15.90 on the back of profit taking from investors who were cashing in the gains made in the previous month.

Mid-Cap Index

  • The Mid Cap index rescinded a further 0.42% as market capitalization retreated by 0.80% of its value to KES 267.87Bn in tandem with volume of trades that dipped 4.83% to 2.32Mn.
  • Sasini Ltd (NSE: SASN) retained its pole position in the mid cap segment gaining 3.33% marking the day at a Vwap of KES 17.05.
  • Home Afrika Ltd (NSE: HAFR) shed 5.71% to KES 3.30 following the firm’s announcement that they portend a 25% decline in profits for FY14 compared to the previous year’s results.

Small-Cap Index

  • The Small Cap Index advanced by 0.15% as market capitalisation marginally declined by 0.08% to KES 39.47Bn.
  • Eveready East Africa Ltd (NSE: EVRD) was up; 6.85% to mark the day at a Vwap of KES 3.90.
  • Flame Tree Group Ltd (NSE: FTGH) shaved off 6.95% for the day to a Vwap of KES 8.70.

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