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Safaricom’s Counter Sheds 0.3% But Still Maintained Top Mover’s Status

BY Standard Investment Bank · September 22, 2023 10:09 am

Safaricom was the day’s top mover, from a turnover perspective – accounting for 22.4% of the trading activity. The counter shed 0.3% to close the day at a 16-week low of KES 14.95 on foreign selling.

Bamburi was a surprise top mover, trading 731k shares at a volume-weighted price of KES 25.50 on local trading.

Centum, on the other hand, was the best-performing top mover on a 1.1% rally to KES 9.00 despite increased foreign selling.

ABSA shed 0.8% to KES 11.85 to close as the worst-performing top mover. This comes on the back of today’s book closure of the KES 0.20 interim dividend.

Nairobi Business Venture led the pack of the day’s top gainers on a 6% gain to KES 2.99 following media reports on entry into the electric motorcycle market.

Longhorn was the leading laggard, on an 8.7% value erosion to KES 2.10, a 4-week low.

Foreign investors remained net sellers, recording net outflows of USD 0.3m. Safaricom led the selling charge while Equity led the buying charge.

The market closed the day in the red for the third consecutive day. The NASI, NSE 10, NSE 20, and NSE 25 receded by 0.3%, 0.1%, 0.1%, and 0.2% respectively.

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Market activity declined by 87.8% to USD 0.6m on the back of reduced activity on telco and banking stocks. Participation was skewed towards local investors. They accounted for 68.8% of the activity.

In other news, Nairobi Business Ventures plans to enter into the local e-mobility market. Through Delta Automobile, its automobile division, the company plans to set up an assembly line at its Mlolongo base for electric motorcycles.

The move is set to expand the revenue channels for the company currently in aviation, heavy commercial vehicle maintenance, and its trading business focusing on construction materials and chemicals.

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