Equities Record Gains Amidst Christmas Festivities
During the week ended, the equities market was on an upward trajectory as compared to the previous week’s mixed performance.
NASI, NSE 20 and NSE 25 recorded gains of 0.9, 2.4 and 1.1 percent, respectively, taking their Year To Date (YTD) performance to gains/(losses) of 17.8, (6.6) and 14.4 percent, for the NASI, NSE 20 and NSE 25, respectively.
According to Cytonn Investments’ weekly report, the performance in NASI was driven by gains recorded by large-cap stocks in the banking sector such as Diamond Trust Bank Kenya, NCBA and Barclays, with gains of 9.9, 7.2, and 1.5 percent, respectively.
Equities turnover decreased by 84.9 percent during the week to USD 6.3 million, from USD 41.8 million recorded the previous week, taking the YTD turnover to USD 1,492.8 million.
Foreign investors remained net buyers for the week, with a net buying position of USD 0.3 million, a 96.0 percent drop from a net buying position of USD 6.7 million recorded the previous week.
The market is currently trading at a price to earnings ratio (P/E) of 12.4x, 6.5 percent below the historical average of 13.3x, and a dividend yield of 5.7 percent, 1.8 percent points above the historical average of 3.9 percent.
“With the market trading at valuations below the historical average, we believe there is value in the market” reads the Cytonn report.
The current P/E valuation of 12.4x is 27.8 percent above the most recent trough valuation of 9.7x experienced in the first week of February 2017, and 49.4 percent above the previous trough valuation of 8.3x experienced in December 2011.
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