Safaricom Halts Its Bear Run, Recoups 6.3% On Friday

Safaricom investors were in the money as the telco halted its bear run, recouping 6.3% to KES 15.95 from its 13.5% slide on foreign demand. The lender accounted for 73.1% of the market today.

Lenders dominated the top movers’ list, jointly accounting for 19.2% of trading activity. KCB sustained its downward trajectory for the eighth consecutive session, retreating 0.4% to KES 27.65 on local selling.

Co-op Bank lost 0.9% to KES 11.60 on the day it announced its 1H23 results. The bank’s EPS grew a modest 5.9%y/y to KES 2.08.

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Stanbic was the leading laggard in the top movers’ list, dropping 4.8% to KES 115.00 on profit taking following its recent rally.

Equity Group regained 0.2% while Absa maintained losses, paring down 0.8%. Kenya Orchards was the top gainer, soaring 9.7% to KES 16.45 while Olympia was the top loser, slumping 9.8% to KES 3.61, both on thin volumes.

BAT eased 0.1% to KES 424.50 ahead of tomorrow’s interim dividend book closure (interim DPS of KES 5.00, 1.2% div yield).

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At the same time, foreign investors remained net buyers for the third consecutive session, registering net inflows of USD 0.2m. Safaricom led the buying charge for the second consecutive session while DTB led the selling charge.

The benchmark indices closed higher with the exception of the NSE 20 which edged 0.2% lower on the price downturn of most banking stocks.

At the week came to an end, the NASI and NSE 25 snapped their bear runs, rebounding 2.2% and 0.9% respectively on the recovery of Safaricom.

Equity turnover declined 81.1% to USD 1.1m as local investor participation dropped to 41.5% vis-à-vis 46.8% in the prior session.

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