Safaricom Ltd Gains 2.47% Ahead of HY17 Results Announcement

Safaricom Ltd (NSE: SCOM) was among the top gainers for the day, advancing by 2.47 percent to close the day at 20.75 shillings.

The stock closed in a net outflow position, indicative that investors were engaged in profit taking activities even as the telecommunication company draws closer to the results announcement date which will be on 4^th November 2016. Safaricom is expected to report robust profitability for the half year ended September 2016.

In other stock news at the NSE, varied trends were observed across the market with the indices closing in the green, while turnover retracted.

The NSE 20 Share index appreciated by 0.30 percent to 3237.08 points from 3227.24 points, while the NASI advanced by 1.05 percent to close the day at 139.76 points. The NSE 25 Share index was similarly on an uptrend, gaining 0.90 percent to end the day at 3680.85 points from 3647.90 points recorded on Tuesday. Investors’ wealth expanded by 1.06 percent, to close at 2024.88 billion shillings.  Equity turnover was down 17.43 percent to 0.34 billion shillings from 0.41billion shillings on account of reduced volumes traded.

The Kenya National Chamber of Commerce and Industry (KNCCI) has entered into a partnership with Nairobi Securities Exchange (NSE) to facilitate the growth of small and medium enterprises (SMEs). The chief executive of the chamber said the MoU will help ensure SMEs scale up and be listed on the NSE.

CURRENCIES:

The Kenyan shilling was under pressure on all counts during Wednesday’s trading.  The shilling deteriorated against the USD by 0.05 percent, as demand for the dollar increased.  Overall, the shilling has been quite stable against the dollar but the market anticipates some slight volatility to set in, as the country draws closer to December and as the world awaits Fed’s decision on interest rates. Across the pond, the shilling weakened by 0.69 percent and 0.85 percent against the GBP and Euro to close at 124.22 and 112.00 respectively.