Equity Turnover Ups 171%, Safaricom Sweeps The Counters

By Soko Directory Team / Published July 10, 2023 | 12:56 pm

KEY POINTS

Safaricom was still the most traded counter, accounting for 45.2 percent of trading activity, followed by Equity Group and KCB.

KEY TAKEAWAYS

Safaricom soared 8.0 percent w/w to close at 18.90 shillings, a 15-week high, on increased local investor demand. The technology company announced its AGM date and resolutions in the week, including future investments in startups.

All the benchmark indices closed in the green. The NASI and NSE 20 climbed 4.1 percent w/w and 2.7 percent w/w to a twelve-week high, thanks to the price upturn of some large caps. The NSE 25 rose 4.0 percent w/w to a ten-week high.

Equity turnover surged 171.0 percent w/w to USD 11.3m, on resumption to a five-day trading week and increased trading. Safaricom was still the most traded counter, accounting for 45.2 percent of trading activity, followed by Equity Group and KCB.

Following suit, Equity Group gained 4.6 percent w/w to close at an eight-week high of 40.00 shillings on increased demand.

KCB was the only top mover with a downturn, sliding 0.5 percent w/w lower to 29.15 shillings. The lender also witnessed increased demand and turned net buyer on Friday.

Nation Media Group (NMG) and Absa Bank gained 5.0 and 2.5 percent respectively. The media company’s activity is attributable to its second share buyback which opened on Monday following shareholder approval.

Olympia Capital was the leading gainer of the week, surging 30.4 percent w/w to a multi-year high of 5.10 shillings, albeit on thin volumes. Umeme was the leading laggard, plunging 24.4 percent w/w to 9.98 shillings amid ex-dividend trading.

Foreign investors were net buyers for the fourth consecutive week, recording net inflows of USD 0.3m. Absa Bank Kenya led the buying charge while Safaricom led the selling charge. Foreign participation stood at 52 percent, an increase from the previous week’s 46.7 percent.

This week, the U.S.-Africa Business Summit will be held in Botswana. The summit is expected to bring together U.S. and African private sector executives, international investors, senior government, and multilateral stakeholders.

Equity

About Soko Directory Team

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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