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KES slides to three year low

BY · April 14, 2015 01:04 pm

Last weeks’ downturn reversed in today’s trading session with the NSE 20-share index and NASI gaining 0.41% and 0.24% to 5136.20 points and 170.31 points respectively.

Market capitalization appreciated by 0.41% to KES 2.38Tn as equity turnover rescinded by 19.38% to KES 615.16Mn. Kenya Commercial Bank Ltd (NSE: KCB) & Centum Investments Ltd (NSE: ICDC) were the most active counters accounting for 59.99% of the day’s traded value.

Mumias Sugar Ltd (NSE: MSC) shaved off 6.52% of its value in today’s session to close at KES 2.15 as the extra-ordinary shareholders’ meeting that had been slated for 10th April 2015, got postponed to 8th May 2015. Shareholders were expected to endorse a rights issue that would see the troubled sugar miller raise capital to aid its turnaround, following the numerous chain of scandals.

This strategy would help the company meet its debt obligations to suppliers and financial institutions, which have been defaulted by the miller. The company boasts of one of the highest shareholder numbers hence the investors can only sit tight to make out, what fate the firm holds.

Foreign investor participation mellowed during Monday’s trading session with foreigner’s accounting for 32.91%. Investors were dominant on the demand side resulting in net inflows worth KES 137.80Mn compared to net inflows worth KES 30.62Mn on Friday.

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

Foreign investors accounted for 32.91% of the NSE turnover as compared to 59.47% on Friday. Investors engaged in accumulative activities recording net inflows worth KES 137.80Mn relative to net inflows worth KES 30.62Mn on Friday.

Kenya Commercial Bank Limited (NSE: KCB) was the day’s highest traded stock, recording a turnover of KES 102.88Mn to account for 16.72% of total market activity and 50.81% of foreign activity. Equity Holdings Limited (NSE: EQTY) followed with a turnover of KES 19.13Mn representing 10.33% of total market activity and 31.40% of foreign activity.

Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest inflows of KES 96.73Mn, whilst Equity Holdings Limited (NSE: EQTY) posted the day’s highest outflows worth KES 19.13Mn. The total index shed 0.45% with four segments advancing and seven segments declining whilst one segment remained unchanged.

The Growth Enterprise Market Segment (GEMS) took pole position up 0.77% as Flame Tree Group Holdings Ltd (NSE: FTGH) garnered 8.05% to a Vwap of KES 9.40.

The Automobiles & Accessories segment was the worst performer contracting by 3.18% with Car & General (K) Ltd (NSE: C&G) shedding 9.55% to a Vwap of KES 45.00.
Currency

Performance: The Kenyan Shilling slipped to a three year low to settle at 93.20 against the US Dollar (USD) at 12:30pm GMT. The local unit’s weakness against the dollar has mainly been attributed to a constrained supply side and a rallying dollar which surged to an 11 year high the previous week spurred by increased likelihood that the Federal Reserve will raise interest rates this year.

The KES also weakened against the Sterling Pound (GBP) slipping by 0.43% whilst recording marginal gains of 0.03% against the Euro (EUR). On the regional front the local unit held relatively steady posting the largest gain worth 0.77% against the South African Rand (ZAR). The South Africa’s weakened tracking other commodity currencies which fell after China, a major importer of their products, released weak trade data.

Large-Cap Index

  • The Large Cap index dipped 0.10% with market capitalization advancing 0.61% to KES2.00Bn. Volume of traded shares however retreated 68.99% to 11.01Mn.
  • Centum Investments Ltd (NSE: ICDC) gained 2.56% to KES 6o.00 on the back of active trading on the counter making it the top gainer in the large cap segment.
  • Mumias Sugar Ltd (NSE: MSC) shed 6.52% to KES 2.15 as the firm postponed its extra-ordinary shareholders meeting to 8th May 2015.

Mid-Cap Index

  • The Mid Cap index rescinded slightly by 0.80% as market capitalization retreated by 0.65% to KES 266.13Bn with volume of trades declining 1.10% to 2.30Mn.
  • Jubilee Holdings Ltd (NSE: JUB) soared 3.85% to KES 540.00 making it the top gainer in the mid segment.
  • Liberty Kenya Holdings Ltd (NSE: CFCI) shed 7.07% to KES 23.00.

Small-Cap Index

  • The Small Cap Index depreciated by 1.16% as market capitalisation declined by 1.76% to KES 38.77Bn.
  • Flame Tree Holdings Group Ltd (NSE: FTGH) went up reversing previous days’ performance gaining 8.05% to KES9.04.
  • Car & General Ltd (NSE: C&G) shaved off 9.55% for the day to a Vwap of KES 45.00 on account of a thin but significant volume of 100 shares traded.

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