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Equities Market Dip As Large Cap Stocks Melt

BY Soko Directory Team · December 5, 2022 06:12 am

KEY POINTS

The equities market performance was driven by losses recorded by large-cap stocks such as Bamburi, Safaricom, and Equity Group of 6.0%, 3.0%, and 2.2%, respectively.

KEY TAKEAWAYS

HF Group and ABSA Bank released their Q3’2022 financial results and recorded an increase in core earnings per share of 110.8% and 30.1% respectively.

During the month of November, the equities market was on a downward trajectory, with NASI, NSE 20, and NSE 25 declining by 1.8%, 2.4%, and 1.1%, respectively.

The equities market performance was driven by losses recorded by large-cap stocks such as Bamburi, Safaricom, and Equity Group of 6.0%, 3.0%, and 2.2%, respectively.

The losses were however mitigated by gains recorded by banking stocks such as NCBA Group, Standard Chartered Bank of Kenya (SCBK), and ABSA of 5.4%, 4.3%, and 3.6%, respectively.

During the week, the equities market was on a downward trajectory, with NASI, NSE 20, and NSE 25 declining by 0.7%, 0.1%, and 0.8%, respectively, taking YTD performance to losses of 24.3%, 13.8%, and 17.9% for NASI, NSE 20 and NSE 25 respectively.

The equities market performance was mainly driven by losses recorded by stocks such as Bamburi, Co-operative Bank, Equity Group, and Safaricom of 5.7%, 3.2%, 2.0%, and 1.2% respectively.

The losses were however mitigated by gains recorded by stocks such as Standard Chartered Bank Kenya (SCBK), Diamond Trust Bank (DTB-K), BAT, and ABSA of 2.3%, 2.1%, 1.6%, and 1.3% respectively;

During the week, the Central Bank of Kenya (CBK) released the Quarterly Economic Review for the period ending 30th September 2022, highlighting that the banking sector remained stable and resilient during the period, on the back of strong liquidity and capital adequacy.

Additionally, Centum Investment Company PLC issued a share buyback notice to shareholders, proposing to buy back up to 10.0% (66.5 mn shares) of its issued and paid-up share capital in accordance with Part XVI, Section 447 of the Companies Act, 2015 of the Laws of Kenya.

Additionally, HF Group and ABSA Bank released their Q3’2022 financial results and recorded an increase in core earnings per share of 110.8% and 30.1% respectively.

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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