Wind Power Production Adds Value to the National Grid

The Kenyan equities market was characterized by mixed trends on the market indices. The benchmark indicator, NSE-20 share index lost ground by 0.11% to close at 4207.27 points while the NSE All Share Index advanced marginally by 0.16% to perch at 147.52 points. Value traded closed on a dismal note of KES 0.273 billion, having edged down by 45.48% which was propagated by a decline in the volumes traded during today’s session. Market capitalization bucked the trend, increasing marginally by 0.16% to close at KES 2,068.99 billion. Market breadth, exhibited a slight decline as the number of stocks that advanced -13 were outweighed by the number of stocks that declined -25.

The Country is set to receive the first 90 megawatts from Lake Turkana Wind Power project from 2016 when the first production will be added onto the national grid. The projects is part of the Government’s plan to add 5000 megawatts onto the grid the next 3 years and also in efforts to reduce reliance on hydro. The wind power will run into full capacity in April 2017 transmitting a total of 310 megawatts and is expected to reduce power costs in the Country. Kenya Power & Lighting Company Ltd (NSE: KPLC) will pay a fixed tariff of KES 9 per kilowatt hour for a 20 year period.

Equity Market Highlights

Safaricom Ltd (NSE: SCOM) was the most traded stock accounting for 49.92% of the total value traded. Kenya Power & Lighting Ltd (NSE: KPLC) closed second accounting for 8.79% of the days traded value.

Atlas Development & Support Services Ltd (NSE: ADSS) was the top gainer of the day, gaining 3.75% to close the day at KES 4.15. Nation Media Group Ltd (NSE: NMG) surged by 3.45% to close the day as the second best gainer at KES 150.00.

Williamson Tea Kenya Ltd (NSE: WTK) led the losers pack, plunging by 8.45% to close at KES 336.00. Carbacid Investment Ltd (NSE: CARB) followed a close second as it retreated by 8.36% to KES 14.25 to close as the second biggest loser for the day.