Additional Power Injected into the Grid

Equities

On Tuesday’s trading session, the bourse was characterized by varied movements on the indices. The NSE All Share Index lost ground by 0.02% to close at 141.64 points. The NSE-20 Share Index advanced marginally by 0.24% to close at 3853.56 points while the NSE-25 Share Index dipped by 0.37% to close at 4081.60 points. Equity turnover surged significantly by 491.21% to close at KES 1.27Bn whilst the market capitalization contracted by 0.02% to KES 1.995Tn. Market breadth, showed a slight decline, with the number of shares that declined, 19, outweighing the number of shares that advanced, 16.

Geothermal power firm, Ormat Technologies, has injected 29 megawatts of geothermal power in Olkaria III, pushing the overall generating capacity to 139 megawatts. The firm has a 20-year power purchase agreement with Kenya Power and has already implemented a multi-phased development strategy in Olkaria III with the first phase of plant 1 having commenced operation in 2000 and the second phase in 2009. Ormat’s plant 2 started production in 2013 and plant 3 in 2014. With other power producers also striving to generate power, we expect that the government’s plan to generate 5,000MW by 2017 will be achieved.

Equity Market Highlights

East African Breweries Ltd (NSE: EABL) was the most actively traded stock today accounting for 45.07% of the total market value traded activity. Bamburi Cement Ltd (NSE: BAMB) closed in second, accounting for 16.95% of the total market turnover.

WPP Scangroup Ltd (NSE: SCAN) capped the gainers list surging by 4.81% to close at KES 27.25. CIC Insurance Group Ltd (NSE: CIC) emerged as the second gainer, appreciating by 3.45% to close the day at KES 6.00.

Liberty Group Ltd (NSE: CFCI) emerged as the top loser of the day, plummeting by 3.86% to close at KES 16.20. Express Kenya Ltd (NSE: XPRS) trailed behind, declining by 3.41% to close the day at KES 4.25.

By Genghis Research.