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NASI, NSE 25 Equities Gain as NSE 20 Drops at Nairobi Securities Exchange

BY Soko Directory Team · March 25, 2019 06:03 am

Investors trading in equities at the Nairobi Securities Exchange (NSE) were hit with an inconsistent trend the past week where NASI and NSE 25 gained as NSE 20 dropped.

According to the stock market, NASI and NSE 25 gained by 1.2 percent and 1.0 percent, respectively. On the other hand, NSE 20 declined by 0.3 percent.

The trend pushed their YTD performance to gains of 13.9, 1.9, and 12.0 percent, for NASI, NSE 20 and NSE 25, respectively.

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In its weekly report, Cytonn Investments noted that the performance in NASI was driven by gains in large-cap stocks such as Standard Chartered Bank Kenya, Co-operative Bank of Kenya, EABL and Safaricom, which gained by 10.0, 4.0, 2.9, and 1.4 percent, respectively.

The proportion of the companies’ sales to their stockholders’ equity rose by 12.2 percent during the week to 34.3 million US dollars. This was a significant improvement from the equity turnover registered the previous week that stood at 30.7 million US dollars.

As a result of the improvement, equities turnover elevated the YTD turnover to 415.6 million US dollars.

Nonetheless, foreign investors remained net buyers for the week, with a net buying position of 2.7 million dollars, an 18.2 percent decline from last week’s net buying position of 3.3 million dollars.

Currently, the market is trading at a price to earnings ratio (P/E) of 13.2x, 1.2 percent below the historical average of 13.4x, and a dividend yield of 4.6 percent, above the historical average of 3.8 percent.

Cytonn Investments believes that with the market trading at valuations below the historical average, there is value in the market.

The current P/E valuation of 13.2x is 36.2 percent above the most recent trough valuation of 9.7x experienced in the first week of February 2017, and 59.2 percent above the previous trough valuation of 8.3x experienced in December 2011.

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Visit https://cytonn.com/money-market/soko

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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