Atlas Development Opens Industrial Division

Money Market

Bulls carried the day with all market indicators closing in the green territory, a phenomenon seen a while back. The NSE-20 share index registered a gain of 0.62% to close at 3971.30 points while the NSE All Share Index edged up by 0.62% to close at 146.31 points. The NSE 25 share index similarly went up by 1.02% from yesterday’s close to 4207.97 points. Market capitalization extended another 1.11% to KES 2.058 trillion whilst the equity turnover resurged by 28.09% to close at KES 0.695 billion. The advancers outweighed the decliners resulting in an A/D ratio of 1.37x, slightly higher than yesterday’s close.

Atlas Support and Development Services (NSE: ADSS) released a trading update, announcing that it is creating an industrial division with an initial focus on consumer based industrial projects to broaden its business offering. The company is strategically diversifying from dependence on oil companies especially at a time when operations in this core services division have remained very challenging. The industrial division will allow Atlas to take advantage of its access to highly prospective industrial projects in exciting growth markets. This initiative will enable the logistics company to diversify its cyclical services revenue streams as well as broaden its sector focus.

Equity Market Highlights

Safaricom Ltd (NSE: SCOM) was the most actively traded stock today accounting for 32.91% of the total market value traded activity. Kenya Commercial Bank Ltd (NSE: KCB) was the second most active stock, accounting for 20.83% of the days traded value.

WPP Scangroup Ltd (NSE: SCAN) capped the gainers chart, posting the highest gain of 4.95% to close the day at KES 26.50. Jubilee Holdings Ltd (NSE: JUB) shored up by 4.44%, to close at KES 470.00 on the back of only 700 shares traded, illustrative of an illiquidity premium.

Olympia Capital Holdings Ltd (NSE: OCH) was the top loser of the day, slumping by 6.25% to close at KES 4.50 on account of only 300 shares. Eaagads Ltd (NSE: EGAD) was second, losing 6.00% to close at KES 23.50.