Kenyan Economy Expanded By 5.4% In 2Q23 Thanks To Agriculture

The Kenya National Bureau of Statistics (KNBS) released the second quarter GDP Report highlighting that the Kenyan economy expanded by 5.4% in 2Q23, largely supported by an extended rebound in the agricultural sector which recorded a 7.7% growth.
The growth was 20 bps higher than the 5.2% growth recorded in 2Q22.
The financial services sector recorded the highest growth among all sectors, albeit recording a 260 bps decline to 13.5%, from the 16.1% growth recorded in 2Q22.
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The agricultural sector on the other hand was the most improved having increased by 1010bp to 7.7%, from the 2.4% contraction recorded in 2Q22.
The performance was primarily due to an improvement in the weather conditions which favored an increase in the production of several food items.
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Counters
Banking stocks dominated the top-mover chart of the day. Equity Group gained 0.7% to close at KES 36.55 despite foreign selling. KCB, ABSA, and StanChart prices on the other hand remained unchanged.
Safaricom was the top traded counter on the day – accounting for 92.6% of the day’s turnover. The stock price shed 3.4% to close the day at KES 14.00, the lowest since 15th May 2023.
KenGen was a surprise top mover trading 2.9m shares at a volume-weighted price of KES 2.30. The stock gained 3.6% in the day despite foreign selling to close as the best-performing top mover.
Sanlam rebounded from yesterday’s top loser to lead the day’s top gainers on a 10.0% rally to KES 7.70. Bamburi on the other hand shed 6.2% to close at KES 22.80.
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Indices
The market closed the week in the red as reflected by the benchmark indices performance. The N10 and NSE 25 shed 1.2% each with the NASI and NSE 20 shedding 1.7% and 0.9%, respectively.
Turnover
Equity turnover surged twelve-fold to USD 4.9m on the back of increased activity on Safaricom. Foreigners exerted their dominance in the market for the second consecutive day accounting for 94.4% of market activity.
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