Equity Kicked Off The Week As Top Traded Counter, Accounting For 77.1%

Banking stocks dominated the top-mover chart of the day. StanChart, Equity Group, and Coop shed, 1.7%, 1.0%, and 0.4% respectively while KCB Group maintained a position of relative strength, with the price remaining unchanged at KES 20.95.

Equity Group was the top traded counter on the day, accounting for 77.1% of the day’s turnover. Foreign buys were skewed towards the counter in the day. The price however closed 1.0% lower at KES 36.20

Safaricom maintained relative stability in the day despite foreign selling, with the price remaining unchanged at KES 14.00.

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Serena led the day’s top gainers on a 9.5% rally to KES 12.70. Sanlam on the other hand shed 9.1% to close at KSE 7.00.

Foreign investors remained bullish for the second consecutive day, printing net inflows of USD 393.1k. Equity Group led the buying charge while Safaricom led the selling charge.

Through its subsidiary – Bakki Holdco Limited- Centum has entered into an agreement with some shareholders of Sidian for the sale of 46.6% of its shareholding in the bank – translating to 38.91% of the issued shares of Sidian.

This transaction will result in a decline of Centum’s holding, through Bakki Holdco Limited, from 83.43% of the issued shares of Sidian to 44.52%.

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As a result, Sidian will cease to be a subsidiary of Centum. The transaction has received approval from the Central Bank of Kenya and shall take effect on 20^th October 2023. The price for the sale is in line with Centum’s carrying value of Sidian as of 31^st March 2023.

 The market opened the week in the green as reflected by the benchmark indices performance. The NASI, N10, NSE-20, and NSE 25 gained 0.1%, 0.5%, 0.4%, and 0.2%, respectively.

Market activity declined 77.9% to USD 1.1m on the back of reduced activity on Safaricom. Locals were the key players in the day accounting for 69.3% of market activity.

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