Market Activity Down 47.7% As Kenya Looks At Another Maandamano

Market activity declined 47.7 percent to USD 5.9m following last week’s three-week high turnover. Safaricom held the top mover position, accounting for 32.6 percent of total turnover, followed by Equity Group and KCB at 26.7 percent and 18.5 percent respectively.

Safaricom rose for the second consecutive week, up 1.6 percent w/w to KES 19.20 on foreign demand, having let off some steam towards the end of the week.

Following suit, Equity Group soared 7.6 percent w/w to KES 43.05 (still an eight-week high) on bullish foreign sentiments. KCB had a relief rally, recouping 3.4 percent w/w to close the week above KES 30 for the first time in five weeks, standing at KES 30.15 on local demand.

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Meanwhile, Stanbic and StanChart moved by similar margins, 0.2 percent, with the former closing higher to KES 120.00 while the latter closed lower to KES 161.75. Stanbic will release its 1H23 results in a month’s time on Thursday, 10th August 2023.

Umeme was the leading gainer of the week, surging 40.3 percent w/w to KES 14.00 as investors bought the ex-dividend dip. HF group was the leading laggard, declining 6.2 percent w/w to KES 4.52.

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Foreign investors were net buyers for the fifth consecutive week, registering net inflows of USD 0.4m. Equity Group led the buying charge while KCB led the selling charge. Foreign participation stood at 42.2 percent from the previous week’s 52.0 percent.

All the benchmark indices sustained gains, closing in the green. The NASI and NSE 25 each rose 2.3 percent w/w, maintaining their two-week and three-week rallies respectively. Meanwhile, the NSE 20 inched 0.4 percent higher w/w.

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