Shilling gains against Pound on electoral inconclusiveness

By / Published May 5, 2015 | 7:19 am



Barclays Africa Expect the Shilling to Hit 106 Against USD by End of 2018

Both indices slipped in today’s trading session as the NSE-20 share index retreated 0.12% to 5085.40 points while the NASI withdrew a marginal 0.03% to 173.14 points.

Market capitalization trimmed down 0.03% to KES 2.42Tn as equity turnover escalated to KES 1.48Bn compared to KES 629.13Mn at the previous trading session.

Liberty Kenya Holdings Ltd (NSE: CFCI) & Kenya Commercial Bank Ltd (NSE: KCB) were the most active counters accounting for 60.12% of the day’s traded value. Crown Paints Kenya Ltd ( NSE: BERG) propped up 12.75% to KES 115.00 marking the day as a top gainer resulting from heightened accumulation activities on the counter following the release of its FY2014 earnings in which it announced a 2:1 bonus issue as well as maintaining a DPS of 1.75 yielding 1.72%.

These initiatives have been attractive to investors despite a downtrend in performance with a 90.78% dive in after tax profits to KES 19.28Mn. On the other hand, Standard Chartered Bank Kenya Ltd (NSE: SCBK) diminished by 6.69% to close at KES 321.00 as investors traded actively following its book closure for a final dividend of KES 12.50 last week Wednesday. The stock had been unmoved running up to the closure date; however, investors took to distribution activities thereafter.

Foreign investor participation edged down on Monday’s trading session with foreigner’s accounting for 36.40% of total turnover against 63.60% local participation. Investors remained dominant on the demand side, resulting in net inflows worth KES 83.17Mn compared to net inflows worth KES 84.93Mn on Friday

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

Foreign investors accounted for 36.40% of the NSE turnover as compared to 52.57% on Friday. Investors engaged in accumulative activities recording net inflows worth KES 83.17Mn relative to net inflows worth KES 84.93Mn on Friday.

Kenya Commercial Bank (NSE: KCB) was the day’s highest traded stock, recording a turnover of KES 173.90Mn to account for 11.72% of total market activity and 32.19% of foreign activity. Equity Group Holdings Limited (NSE: EQTY) followed with a turnover of KES 115.75Mn representing 7.80% of total market activity and 21.42% of foreign activity.

East Africa Breweries Limited (NSE: EABL) posted the day’s highest inflows of KES 33.58Mn as, whilst Umeme Ltd (NSE: UMME) posted the day’s highest outflows worth KES 16.99Mn.

Currency

Performance: The Kenyan Shilling (KES) shed a further 0.10% against the US Dollar (USD) to 94.77 as end month pressure faded with continued Central Bank of Kenya (CBK) mop ups amounting to KES 13 Bn in an effort to stem any gradual pressures from breaching the key 95 level.

On the other hand, the shilling gained 1.61% against the Sterling Pound (GBP) to 143.47 following fears of inconclusive results set for Thursday’s UK election with the possibility of a coalition formation remaining prevalent. Furthermore, the shilling shed 0.06% against the Euro (EUR) to 105.88.

Large-Cap Index

The Large Cap index went up 0.14% in tandem with market capitalization that was up 0.04% to KES2.04Bn. Volume of traded shares increased by a marginal 1.54% to 15,325 shares.

  • Athi River Mining Ltd (NSE: ARM) gained 4.61% to KES 79.50, marking the day as the top gainer in the large cap segment.
  • Standard Chartered Bank Ltd (NSE: SCB) rescinded 6.69% to KES 321.00.

Mid-Cap Index

The Mid Cap index dipped 0.60% with market capitalization rescinding 0.04% to KES 273.32Bn.Volume of trades escalated to 37.31Mn.

  • I&M Holdings Ltd (NSE: I&M) expanded 8.66% to KES 138.00.
  • Umeme Ltd (NSE: UMME) reversed previous trading day performance sliding 9.57% to a Vwap of KES 17.00.

Small-Cap Index

The Small Cap Index propped up 0.59% as market capitalisation rose 0.53% to KES 39.17Bn.

  • Crown Berger Ltd (NSE: BERG) extended 12.75% to close at a Vwap of KES 115.00 as shareholders accumulated stock ahead of its 2:1 bonus issue.
  • Unga Ltd (NSE: UNGA) dipped 6.63% to a Vwap of KES 45.75 as a slim 500 shares were traded on the counter.






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