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Safaricom Unseats Equity On Wednesday, Trades 47% Of All Activities

BY Standard Investment Bank · September 14, 2023 10:09 am

KEY POINTS

Equity Group and I&M were the only gainers in the top-mover segment, gaining 0.3% each to close the day at KES 37.60 and KES 17.95 on the back of foreign and local trading, respectively.

Safaricom was the most active stock from a turnover vantage point, with a print of KES 122.7m – c. 47.0% of the day’s turnover. Its price shed 0.3% to close at KES 15.30 on the back of foreign exits.

NMG was a surprise top mover. It traded 160.8k shares in the day at a volume-weighted price of KES 20.00 on local trading.

Equity Group and I&M were the only gainers in the top-mover segment, gaining 0.3% each to close the day at KES 37.60 and KES 17.95 on the back of foreign and local trading, respectively.

Scangroup was the day’s laggard on a 5.1% price erosion to KES 2.61. Flame Tree led the pack of the top gainers on a 9.3% rally to KES 1.29.

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ILAM Fahari I-REIT shed 3.8% to close at KES 8.20 on the sixth trading day since the commencement of the redemption offer.

Foreign investors remained bearish in the day printing net outflows of USD 0.5m. Safaricom led the selling charge while Jubilee led the buying charge.

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At the same time, mixed sentiments prevailed in the market as reflected by the indices’ performance. The NASI and NSE 20 closed in the red shedding -0.1% and -0.2%, each while NSE 10 gained 0.1% in the day.

NSE 25 held a position of relative strength closing at 2,549.87 points – 0.41% below the previous trading day. Turnover declined marginally by 3.6% to USD 1.8m.

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