Equities Disappoint on Tuesday as Major Indices Close in the Red

Equities’ performance disappointed in Tuesday’s session as all the major indicators closed in the red with turnover levels down 40.98 percent compared to the previous session.

Safaricom Plc (NSE: SCOM) still held as the top mover, accounting for 39.6 percent of total market activity compared to 56.8 percent recorded yesterday and closing lower in price (-0.91% to KES 27.25).

As expected, activity in the top two banks persisted in the session with KCB Group Ltd (NSE: KCB) on a gaining trend, up 0.61 percent while Equity Group Plc (NSE: EQTY) closed the session, 0.9 percent lower.

Local investors were the force behind the movement in KCB and Safaricom and were seen coming in to trade on Nairobi Securities Exchange Plc (NSE: NSE).

Foreign investors retreated in the session, accounting for 57.3 percent of total market activity compared to 81.6 percent recorded in the previous session.

Safaricom Plc (NSE: SCOM) was the most active counter for the 10th consecutive session exuding net buying interest while KCB Group Ltd (NSE: KCB) recorded the day’s highest net inflows.

Cooperative Bank of Kenya Ltd (NSE: COOP) logged the highest net outflows in the session with Equity Group Plc (NSE: EQTY) following suit on the net selling side.  Foreign investors were net buyers in the session after recording net selling activity in the previous session.

The bond turnover closed at 3.16 billion shillings in the session, 54.5 percent higher than the previous session on 43 deals compared to 2.05 billion shillings on 56 deals previously.