Safaricom’s Share Closes the day at Lowest in 14 Sessions

Safaricom Plc (NSE: SCOM) maintained dominance on the foreign desk for the 18th consecutive session exuding net buying interest in today’s session, similar to the previous session.

The counter has been on a downtrend in the past five sessions, closing at 26.00 shillings on Tuesday, the lowest price in fourteen sessions, logging the day’s highest net foreign inflows.

Equities’ persisted poor performance in the session despite a slight gain in the NSE 20 share index which was up 0.1 percent to close at 3696.3 points.

Turnover burgeoned in the session on the back of heavy trading on Safaricom Plc (NSE: SCOM) which accounted for 69.2 percent of total market turnover compared to 62.2 percent recorded previously.

Shareholders’ wealth further dwindled in the session, down by 6.37 billion shillings translating to a 0.5 percent decline from Monday’s trading.  All the top movers for the day were mainly traded by the foreign desk.

Foreign investor activity ticked slightly for the second consecutive session to account for 53.5 percent of total NSE activity from 50.5 percent recorded previously.

The desk persisted its selling activity on Uchumi Supermarket Ltd (NSE: UCHM) for the second day in a row as well as East African Breweries Ltd (NSE: EABL) while the latter recorded the day’s highest net foreign outflows amounting to 6.02 million shillings. The foreign desk logged net buying activity in today’s trading for the second session in a row.

The bond turnover levels retreated further to 0.90 billion shillings on trading 32 deals compared to 1.59 billion shillings traded on 46 deals in the previous session.