Equity Beats Safaricom As The Most Traded Counter, Accounting For 25.2% Turnover

Equity Group was the most traded counter, accounting for 25.2% of equity turnover. The lender rose 1.0% to KES 41.00 on increased foreign trading.

At the same time, KCB slipped for the tenth consecutive session, easing 0.2% to KES 28.50 on increased foreign selling. The lender has dropped 9.8% in the ten sessions. Safaricom rebounded 1.8% to KES 16.90 on local demand.

DTB and NCBA were surprised top movers, notching 3.5% and 0.3% higher to KES 47.70 and 38.45 respectively on local demand. Meanwhile, Centum closed lower for the second consecutive session, down 0.4% to KES 8.96.

Foreign investors remained net sellers, registering net outflows of USD 0.1m. KCB led the selling charge while Safaricom led the buying charge.

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At the end of Monday, the market closed the month in the green, recouping 0.2% from the prior session’s 1.9% slide. The NSE 25 extended losses by 0.4% while the NSE 20 remained largely unchanged.

Market activity declined 98.1% to USD 0.5m in the absence of the prior session’s bulk trades on Safaricom.

Read More:

• M-Pesa Transactions To Cost More As Safaricom Reviews Prices
• Safaricom Reverses Prior Session’s Gains, Drops 3.8% To Ksh 16.60 On Bulk Foreign Supply

July inflation print came in at 7.3%y/y, 0.1%m/m. The surprise slowdown is largely attributable to a retreat in food prices, down 0.5%m/m (potatoes: -12.2%m/m, tomatoes: -10.1%m/m). Inflation is now in CBK’s target range of 2.5% to 7.5%.

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Data from Standard Investment Bank