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Safaricom Roars Again, Accounts For 70.2% Of All Activities At The NSE

BY Standard Investment Bank · September 21, 2023 09:09 am

KEY TAKEAWAYS

Car & General shed 9.9% to a one-month low of KES 30.80, closing the day as the leading laggard. Liberty, on the other hand, led the pack of top gainers, on a 9.6% rally to KES 4.00.

Safaricom was the day’s top mover on Wednesday, from a turnover perspective – accounting for 70.2% of the trading activity. The counter shed 2.6% to close the day at a 3-month low of KES 15.00 on foreign selling.

ABSA was the only top mover to gain in the day, printing 1.3% returns to KES 11.95 on local trading ahead of its book closure date tomorrow.

Centum was a surprise top mover, with 520k shares trading amongst locals. The counter’s share price however remained unchanged at KES 8.90.

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Car & General shed 9.9% to a one-month low of KES 30.80, closing the day as the leading laggard. Liberty, on the other hand, led the pack of top gainers, on a 9.6% rally to KES 4.00.

Foreign investors remained net sellers, recording net outflows of USD 2.3m. Safaricom led the selling charge while Equity led the buying charge.

The Capital Markets Authority on 19th September 2023 approved Linzi Finco Trust to issue the country’s inaugural shariah-compliant bond (Sukuk Bond).

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The issuer, through Linzi Sukuk Bond, will offer an internal return of 11.13% and is set to raise KES 3bn with the primary aim of developing 3,069 institutional housing units, in alignment with the government’s affordable housing agenda.

The Linzi Sukuk Bond is expected to attract both domestic and international investors seeking ethical and socially responsible investment options.

The market closed the day in the red as reflected by all the benchmark indices’ performance. The NASI, NSE 10, NSE 20, and NSE 25 receded by 1.0%, 0.6%, 0.4%, and 0.5% respectively.

 Equity turnover rose by 126.9% to USD 4.8m on the back of increased trading on Safaricom. Foreign investors exerted their dominance in the day, accounting for 71.0% of the activity.

Read Also: Dear Entrepreneur, Here Are 10 Innovative Ways To Raise Capital In Today’s Market

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