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CBK monitors KES volatility closely

BY · April 16, 2015 08:04 am

The NASI sustained its ascension advancing 0.17% to 171.07 points while the NSE 20 share index contracted by a further 0.04% to 5126.02 points.

Market capitalization scaled up 0.62% to KES 2.39Tn as equity turnover diminished by 34.78% to KES 401.20Mn. Equity Group Holdings Ltd (NSE: EQTY) & Jubilee Holdings Limited (NSE: JUB) were the most active counters accounting for 35.74% of the day’s traded value.

The Energy Regulatory Commission revised oil pump prices with the price of super petrol falling by KES 0.11 to KES 89.35 per liter while diesel and Kerosene shored up by KES 1.28 to KES 77.48 per liter and KES 1.46 to KES 57.21 per liter respectively. The changes are attributable to the persistent depreciation of the Kenya shilling against the US Dollar. Previous months increase in prices had insignificant impact on trading at the bourse and this is expected to sustain. Following the price change the Energy and Petroleum sector cumulatively shed 0.20% as Total Kenya (NSE: TOTL) dropped 2.08% to KES23.50 with all other counters in the segment advancing.

Foreign investor participation contracted marginally during Wednesday’s trading session with foreigner’s accounting for 45.30% against 54.70% local participation. Investors remained dominant on the demand side, resulting in net inflows worth KES 4.31Mn compared to net inflows worth KES 137.80Mn on Tuesday.

The highlights of the day’s trading activity are listed below
Foreign investors accounted for 45.30% of the NSE turnover as compared to 58.33% on Monday.

Investors engaged in accumulative activities however at a slower pace compared to the start of the week; recording net inflows worth KES 4.31Mn relative to net inflows worth KES 31.81Mn on Tuesday.

Equity Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 55.56Mn to account for 13.85% of total market activity and 33.57% of foreign activity.
Jubilee Insurance Holdings Limited (NSE: JUB) followed with a turnover of KES 54.61Mn representing 13.61% of total market activity and 30.04% of foreign activity.

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest inflows of KES 9.35Mn, whilst Equity Holdings Limited (NSE: EQTY) posted the day’s highest outflows worth KES 16.08Mn.

The total index shed 0.05% as five segments advanced and six segments declined whilst one segment remained unchanged.

The Construction & Allied segment took pole position up 1.38% as E.A. Portland Cement Co. Ltd (NSE: EAPC) garnered 9.17% to a Vwap of KES 59.50.

The Growth Enterprise & Market segment was the worst performer contracting by 1.60% as Home Afrika
Ltd (NSE: HAFR) shed 3.23% to a Vwap of KES 3.00.

Currency

Performance: The Kenyan Shilling (KES) slid further during Wednesday’s trading session shedding 0.26% against the US Dollar (USD), 0.96% against the Sterling Pound (GBP) and 0.86% against the Euro (EUR). The weakening against all three currency pairs illustrates fundamental weakness in the KES. The Central Bank of Kenya (CBK) has not intervened in the money market since the USDKES exchange rate slipped below the 93 level late last week, but has conveyed that it will closely monitor the developments in the foreign exchange market and will use appropriate monetary policy instruments to minimize volatility of the KES exchange. On the regional front, the KES continued to strengthen against the Tanzanian Shilling (TZS) posting gains of 1.34%. The TZS faced pressure from growing dollar demand.

Large-Cap Index

  • The Large Cap index retained its downward trend retreating 0.12% with market capitalization gaining
    0.26% to KES2.01Bn. Volume of traded shares dropped by 39.36% to 8.75Mn.
  • British American Tobacco Ltd (NSE: BAT) reversed previous days performance soaring 4.50% to KES
    720.00.
  • Equity Group Holdings Ltd (NSE: EQTY) retreated by 3.66% to close at KES 46.00 as foreign investors
    continue to withdraw heavily from the counter.

Mid-Cap Index

  • The Mid Cap index shed 0.84% in tandem with market capitalization that dipped by 0.64% to KES 267.04Bn.Volume of trades went up by 3.34% to 2.45Mn.
  • Pan Africa Insurance Holdings Ltd (NSE: PAFR) gained 0.79% to KES 127.00 making it the top gainer in the
    mid cap segment.
  • Home Afrika Ltd (NSE: HAFR) dwindled by 3.23% to KES 3.00.

Small-Cap Index

  • The Small Cap Index declined by 0.65% as market capitalisation rose by 50.99% to KES 38.49Bn.
  • E.A Portland Cement Ltd (NSE: PORT) went up 9.17% to KES 59.50 with 500 shares traded on the counter.
  • Flame Tree Group Holdings Ltd (NSE: FTGH) depreciated by 3.19% for the day to a Vwap of KES
    9.10.

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