All Benchmark Indices Closed In The Red, NSE 20 Retreats 3.9%

All the benchmark indices closed in the red, led by the NSE 20 which retreated 3.9%w/w on the price drop of most large caps while the NASI and NSE 25 lost 2.5%w/w and 3.3%w/w.

Equity turnover climbed 35.4%w/w to USD 11.7m as foreign investor trading increased. Safaricom reclaimed the top mover position, accounting for 43.4% of trading activity followed by EABL at 17.6%.

The telco sustained its two-week bear run, easing 0.3%w/w to KES 16.00 while the brewer slumped 9.2%w/w to a 14-month low of KES 125.25 on bearish foreign sentiments.

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Equity Group slid 1.0%w/w to KES 40.60 following its modest 7.2%y/y uptick in 1H23 EPS as higher costs and non-performing loans (NPLs) continue to weigh on the lender’s performance.

Meanwhile, Absa Bank dropped 4.4%w/w to KES 11.90 on profit-taking (largely local) following last week’s four-month high of KES 12.45. Similarly, BAT shed 3.3%w/w to KES 420.50 on foreign selling. Co-op Bank declined 4.2%w/w to a two-month low of KES 11.45 following its muted 1H23 performance.

Car & General was the leading gainer of the week, soaring 18.0%w/w to a seven-month high of KES 40.00 while Olympia Capital was the leading loser, declining 23.3%w/w to KES 3.25.

Read Also: Weekly Equity Turnover Rose 35.0% To Hit Ksh 1.69 Billion

Last week, Equity Group and Co-op Bank released 1H23 results, posting a 7.2%y/y and 5.9%y/y marginal rise in EPS. KenGen appointed a new MD and CEO. M-Pesa Ethiopia went live on Wednesday, 16th August 2023, BAT dividend book closure was on Friday.

Foreign investors remained bullish for the third consecutive week, recording net inflows of USD 0.7m. Safaricom led the buying charge while KCB led the selling charge. Foreign investor participation rose to 53.2% from 48.9% in the prior week.

This week, more 1H23 banking results are expected (StanChart’s expected on Tuesday, KCB and DTB on Wednesday while Absa and NCBA on Thursday).

Williamson Tea dividend book closure on Wednesday, 23 August 2023 (DPS of KES 30.00, +50.0%y/y, 12.3% div yield, 102.0% payout) while Kapchorua Tea dividend book closure also on 23rd (DPS of KES 25.00, +150.0%y/y, 10.7% div yield, 62.2% payout).

Read Also: Weekly Equity Turnover Rose 35.0% To Hit Ksh 1.69 Billion