Kenya Market Wrap: Losers, Gainers, And Movers Of The Week

By Standard Investment Bank / Published September 18, 2023 | 9:26 am

KEY POINTS

Equity turnover eased 3.8%w/w to USD 7.6m. Safaricom held the top mover position, accounting for 51.4% of trading activity. The telco extended gains by 1.6%w/w to KES 15.75 on foreign demand.

Kenyan Stock Market Exhibited a Downward Trend in October top Safaricom Plc Top

The market closed in the green for the second consecutive week, inching up 0.2%w/w on the price gain of some large caps.

Conversely, the other benchmark indices closed in the red, led by the NSE 20, down 0.7%w/w, N10 retreated 0.4%w/w while the NSE 25 edged 0.2%w/w lower.

Equity turnover eased 3.8%w/w to USD 7.6m. Safaricom held the top mover position, accounting for 51.4% of trading activity. The telco extended gains by 1.6%w/w to KES 15.75 on foreign demand.

Equity Group had a relief rally, rebounding 0.5%w/w to close in the green for the first time in six weeks, settling at KES 37.40 following last week’s three-month low.

KCB was the worst performer amongst top movers, declining 4.5%w/w to KES 22.30 – over a decade now, on sustained bearish local investor sentiments.

HF Group was a surprise top mover and the best performer in the top movers’ list, rising 2.0%w/w to KES 4.59 on local demand.

NCBA was a notable top loser, declining 6.5%w/w to a near one-month low of KES 37.40 as it began to trade ex-dividend.

Last week, NCBA and EABL had their dividend book closures, Kenya pump prices jumped, and East African Cables obtained a deal to supply electrical cables and conductors to Kenya Power valued at KES 232m.

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Foreign investors were net sellers for the third consecutive week, recording net outflows of USD 0.8m. Safaricom led the selling charge while Stanbic led the buying charge. Foreign investor participation rose to 65.8% relative to the previous week’s 51.8%.

This week, Absa interim dividend book closure on Thursday, 21 September 2023 (interim DPS of KES 0.20, trailing 12-month dividend yield of 11.5%).