NIC share is the darling of local investors as foreign investors take long positions

Everyone is looking for that investment that will have good returns. Forget the likes of Public Likes. The NSE is the best place to invest at the moment. With equities being bullish and foreign investors taking long positions.

Equities continued their bullish sentiment, with the day’s activity supported by a 210% surge in turnover (KES 1.25Bn).

The major benchmarks have been advancing for the past 10 trading sessions. Activity spanned across Safaricom Ltd (NSE: SCOM), NIC Bank Ltd (NSE: NIC), East African Breweries Ltd (NSE: EABL), Diamond Trust Bank Ltd (NSE: DTK) and Equity Group Holdings Ltd (NSE: EQTY).

All the top traded counters closed higher during the session. The notable activity on NIC was from a cross trade by local investors, while the others were mostly traded by foreign investors.

Foreign investors controlled the market with 57% of market activity, lower from the previous 70%. Their activity leaned on buy after a long period of selling. Buying activity was on EQTY, EABL and Crown Paints Kenya Ltd (NSE: BERG).

BERG has been a favorite accumulative stock by foreigners for the past month. Notable sell-off was on DTK, for the third successive session.

Bond turnover closed 28.5% lower from the previous session at KES. 947Mn.