Safaricom Dominated Trading, Accounting For 51.4% Of Equity Turnover Last Week

The market reversed the prior week’s gains, retreating 2.2%w/w on the price drop across most large caps. The N10, NSE 20, and NSE 25 sustained losses, down 1.4%w/w, 0.8%w/w, and 1.5%w/w respectively.

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Market activity rebounded 17.2%w/w to USD 8.9m. Safaricom dominated trading activity, accounting for 51.4% of equity turnover.

The telco was the leading laggard amongst top movers, declining 4.8%w/w to KES 15.00 on increased foreign selling, having touched a four-month low of KES 14.95 within the week.

Conversely, Centum was the best performer amongst top movers, regaining 2.0%w/w to KES 9.00 on local demand. Equity and Co-op Bank each lost 1.3%w/w with the former touching a four-month low while BAT eased 0.1%w/w.

Notably, banking stocks dominated the foreign net inflows list, with Stanchart leading the pack. The counter rose 2.2% to a one-month high of KES 163.00.

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Last week, Absa Bank had its interim dividend book closure.

Foreign investors were net sellers, posting the highest net outflows in seven weeks. Foreign net outflows stood at USD 3.5m. Safaricom led the selling charge once more while StanChart led the buying charge. Foreign investor participation dropped to 61.1% from 65.8% in the prior week.

This week, September inflation figures are expected on Friday.

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