The bourse closed on a bleak state occasioned by the slump on all the market indicators. The NSE-20 share index cut back a further 0.74% to close at 4041.35 points whilst the NSE-25 share index, retreated by 0.39% to close at 4175.19 points. The NSE All Share index dropped by 0.21% to close at 142.40 points.
Investor’s wealth similarly shrank by 0.21% to settle at KES 2,003.06 billion whilst equity turnover closed on the red, sliding significantly by 84.02% to close at KES 0.277 billion. Market breadth further exemplified the current market conditions, as the number that declined, 21, outweighed the number that advanced, 13.
British American Tobacco Ltd (NSE:BAT) has opened a KES 152 million warehouse dubbed cut rag Tobacco Store in efforts to expand its storage capacity for exports. The cigarette maker exports over 70% of their manufactured products to 16 foreign countries in East and Central Africa region. Recently, the tobacco company posted strong half year results attributed to the company benefiting from export sales.
In addition, the export business has aided the company in offsetting an increase in excise duty and value- added tax. The warehouse will be beneficial to the company in monitoring exports amidst potential further downturn of the Kenya shilling. We are thus positive that the overall export markets will grow tremendously boosting the overall performance of the company.
Equity Market Highlights
Safaricom Ltd (NSE: SCOM) was the most actively traded stock accounting for 16.53% of the total market activity on account of heightened foreign activity on the stock. East African Breweries Ltd (NSE: EABL) clocked in second, accounting for 14.92% of the days traded value.
Liberty Kenya Ltd (NSE: CFCI) capped the gainers list with a price appreciation of 10.00% to close the day at KES 22.00. Trans Century Ltd (NSE: TCL) edged up 9.85%, to close the day as the second best gainer at KES 14.50.
Bamburi Cement Ltd (NSE: BAMB) was the top laggard of the day, declining by 5.42% to KES 157.00. The Co-operative Bank of Kenya Ltd (NSE: COOP) depreciated by 2.77% to KES 17.55.