Mixed Reactions at Nairobi Bourse on Wednesday

The bourse, as tracked by market indicators, recorded patchy performance on Wednesday’s trading session.

The NSE All share index rallied 4.11 percent to close at 137.03 points whereas the benchmark NSE 20 share index recorded a narrow 0.16 percent gain to close at 3,247.11 points. The NSE 25 Share index shed off 3.15 points from its previous close to end at 3,627.43 points.

Equity turnover declined by 13.59 percent to 550.34 million shillings whereas market capitalization expanded 4.12 percent to close at 1,985 trillion shillings.

The advancing stocks outpaced the decliners in the session resulting in an A/D ratio of 1.36x. Listed electricity generating firm KenGen (NSE: KEGN) is contesting a court order issued in July directing it to pay 650 million shillings to Hyundai Engineering Company.

The crux of the matter lies in a legal tussle between the South Korean firm and H Young & Company East Africa which had been subcontracted to execute a portion of the Olkaria I and Olkaria IV geothermal plant project. H Young, which lays claims to the 650 million shillings, has pointed out that Hyundai is shutting down its Kenyan operations and intends to evade payment. On its part, KenGen has argued that the project financiers, French Development Agency (AFD), be enjoined in the suit to facilitate the pay order.

Most traded in shares

Kenya Commercial Bank Ltd (NSE: KCB) was the most actively traded stock today accounting for 31.85 percent of the total market value traded activity. Bamburi Cement Ltd (NSE: BAMB) was the second most actively traded counter, accounting for 17.57 percent of the total market turnover.

Gaining stocks

TPS Eastern Africa Ltd (NSE: TPSE) took the summit of the gainers chart with a 10.00 percent gain to close the day at 19.80 shillings. East Africa Portland Cement Co. Ltd (NSE: PORT) followed remotely posting a 9.68 advance to close at 25.50 shillings.

Losing stocks

The Limuru Tea Co. Ltd (NSE: LIMT) emerged as the top lagging stock of the day erasing 8.94 percent to close at 540.00 shillings. Trans-Century Ltd (NSE: TCL) shed off 7.82 percent from its previous closing price to end at 8.25 shillings.

Foreign investors participation at the NSE

The foreign investors accounted for 66.00 percent of total turnover against 34.00 percent of local participation. Accumulative activities took center-stage, resulting in net inflows worth 34.78 million shillings relative to net outflows worth 45.49 million shillings on Tuesday.

Kenya Commercial Bank Limited (NSE: KCB) which recorded a turnover of 124.49 million shillings representing 22.62 percent of total activity and 34.48 percent of foreign investor activity, was the day’s heavily traded stock by foreigners, followed by Safaricom Limited (NSE: SCOM) recording a turnover of 57.69 million shillings to account for 10.48 percent of total market activity and 15.98 percent of foreign investor activity. Kenya Commercial Bank Limited (NSE: KCB) posted the day’s highest net inflows worth 30.95 million shillings and the day’s highest net outflows, worth 48.16 million shillings, were posted by Bamburi Cement Limited (NSE: BAMB).

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