Safaricom Maintains Its Downturn, Sheds 2.6% To Ksh 15.10

Safaricom maintained its downturn, shedding 2.6%w/w to KES 15.10 on sustained foreign selling. The same fate befell Equity Group and KCB investors as the lenders lost 2.7%w/w to a two-month low of KES 38.45 and 1.5%w/w to KES 23.45 (still an over 6.5yr low) respectively on bearish local sentiments.

NCBA investors could cheer as the counter recouped 4.4%w/w to a one-month high of KES 40.00 on local demand, ahead of next week’s dividend book closure (Thursday, 14 September).

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Foreign investors turned net sellers after four weeks of net buying, recording net outflows of USD 1.0m. Safaricom led the selling charge while BAT led the buying charge. Foreign investor participation dropped 22.3% from last week’s 31.7%.

This week, Stanbic Bank’s interim dividend book closure today, 4th September 2023 (interim DPS of KES 1.15, trailing 12-month dividend yield of 11.4%).

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Equity turnover more than tripled to USD 10.7m on increased trading of Britam following its four-fold jump in 1H23 EPS to KES 0.65.

The performance came on the back of a 33.8%y/y jump in insurance revenue as well as a 26.8%y/y climb in investment income. The insurer was the top traded counter of the week, climbing 6.4%w/w to KES 5.32 on increased local demand.

ILAM Fahari I-REIT was another surprise, top mover, surging 49.5%w/w to KES 9.00 following its approval by the CMA to redeem 36,585,134 units (or 20.2% of issued units) at an offer price of KES 11.00. The record date for the redemption offer was last Friday, 1st September.

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Data from this story has come from the Standard Investment Bank (SIB).