Equities Gain on Monday in the wake of Supreme Court Ruling

Equities posted gains in Monday’s session with all major indices closing north albeit on a lower turnover at the Nairobi Security Exchange (NSE).

Equity Group Holdings Plc (NSE: EQTY) was the highest mover, accounting for 23.7 percent of the total market activity.

All the top movers closed higher at price except for East African Breweries Limited which remained unchanged in price. EQTY and Kenya Commercial Bank (KCB) continued to attract buying interest pushing their prices higher.

The top five movers for the day accounted for 78.3 percent of the session’s total trades. Economic analysts, Genghis Capital, expect equities to pick up following the Supreme Court’s ruling to uphold the October 26th presidential election results as the political dust begins to settle.

Foreign investors, on the other hand, dominated market activity accounting for 64.1 percent of total market activity, up 15.7 percent from the previous session.

East African Breweries Ltd (NSE: EABL) was the top foreign traded counter for the day as investors exited the counter.

Equity Group Holdings Plc (NSE: EQTY), Safaricom Plc (NSE: SCOM) and KCB Group Plc (NSE: KCB) followed suit exuding buying interest from the desk.

The top five foreign traded counters accounted for 69.95 percent of total foreign trades. Foreign investors were overall net buyers in the session for the third session in a row after 8 successive sessions of net selling activity.

The bond turnover levels rescinded by 25.61 percent in the session to 0.85 billion shillings from 1.14 billion shillings on 16 deals previously.

On Monday, the Supreme Court of Kenya dismissed the petitions that had been filed to challenge the October 26^th reelection of President Uhuru Kenyatta. The move by the Supreme Court has been positively received by the markets which so a surge in sales as a result. Economic analysts are optimistic that the economy will be back to normal after the swearing in of President Uhuru Kenyatta.