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Longhorn Top Gainer Of The Week, NCBA Sweeps Counters As Top Mover

BY Soko Directory Team · August 7, 2023 10:08 am

KEY POINTS

Equity turnover slumped 90.4%w/w to KES 2.9m in the absence of last week’s bulk trades on Safaricom. Turnover at the bourse touched an over 11-year low on Friday, likely on investor uncertainty over interest rate outlook (364-day T-bill rose 0.4 percentage points w/w to 13.1%).

At the NSE during the week, Longhorn was the leading gainer of the week, soaring 16.1 percent w/w to KES 2.45 while Britam was the leading laggard, plummeting 12.8 percent to KES 4.35.

At the same time, all the top movers closed in the green. NCBA was the best performer in the top movers’ list, recovering 8.7 percent w/w to a multi-year high of KES 41.70 on bullish local sentiments.

Kenya Re was a surprise top mover, jumping 6.1 percent to a two-month high of KES 1.91 on increased foreign demand. Equity Group reversed losses, rising 1.0 percent to KES 41.00.

Related Content: Uber And Safaricom Partner To Launch M-PESA Payments

Equity turnover slumped 90.4%w/w to KES 2.9m in the absence of last week’s bulk trades on Safaricom. Turnover at the bourse touched an over 11-year low on Friday, likely on investor uncertainty over interest rate outlook (364-day T-bill rose 0.4 percentage points w/w to 13.1%).

NSE Movers

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The telco held the top mover position, accounting for 31.9% of trading activity, followed by KCB at 19.4%. The former rebounded 1.2%w/w from its two-week bear run, closing at KES 16.80 on local demand, while the latter recouped 3.0%w/w to KES 29.40 as local investors bought the dip.

Foreign investors turned net buyers, recording net inflows of USD 0.1m. KCB led the buying charge while Equity Group led the selling charge. Foreign investor participation dropped to 42.6% vis-à-vis 49.3% in the prior week.

This week, the CBK MPC meeting is on Wednesday, 9th August 2023. Stanbic 1H23 results are to be released on Thursday, 10th August 2023.

Related Content: Safaricom Wins The Inaugural Environment Sustainability Award

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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