Market In Focus: How Companies Performed on Wednesday at the NSE

The local market closed on a bleak state, as the NSE 20-share index closed on a downturn plunging by 0.06 percent to 3221.87 points.

The NSE All Share Index went down by 0.18 percent to close at 131.34 points while the NSE 25 Share Index followed suit, declining by 0.24 percent to close at 3447.72 points. Market capitalization contracted by 0.18 percent to 1,891.22 billion shillings from 1,894.66 billion shillings.

Equity turnover however bucked the trend, surging up by 52.34 percent to KES 0.568 billion, attributable to a 77.6 percent increase in volumes traded. Market breadth, an unbiased measure of the market performance, indicated that the market conditions had improved; with the number of stocks that advanced, 21, outweighing the number of stocks that declined, 14.

Electricity distributor, Kenya Power Ltd (NSE:KPLC) is set to undertake a multibillion shilling project that will involve installation of underground power transmission lines aimed at providing alternative supply, expansion of the power grid at a lower cost whilst at the same time reducing vandalism associated with overhead infrastructure.

The project is estimated at a cost of 13.2 billion shillings and is set for completion in July 2017. This investment will improve system flexibility thereby reducing downtime in addition to scaling down system losses which has been a key challenge.

The long term strategy for the company is positive based on the company’s main areas of focus, which includes; loss reduction, infrastructure, network upgrades and connectivity levels. The share price was up 0.58 percent, closing at 8.70 shillings.

Most Traded in Shares

Equity Group Ltd (NSE: EQTY) Ltd was the most actively traded stock today accounting for 33.20 percent of the total market value traded activity. Safaricom Ltd (NSE: SCOM) also registered high levels of activity, accounting for 21.11 percent of the total market turnover.

Top Gainers

Stanlib Fahari I REIT (NSE: FAHR-I) capped the gainers chart, posting a 9.33 percent increase to close the day at KES 12.30. TransCentury Ltd (NSE: TCL) followed suit, registering an 8.78 percent gain to close at KES 11.15.

Top Losers

E.A Portland Ltd (NSE: PORT) emerged as the top laggard of the day, plunging by 20.75 percent to close at 20.75 shillings. Standard Group Ltd (NSE: SGL) similarly lost ground by 8.60 percent to close at 19.65 shillings.