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Safaricom Pushes Equity Turnover At The NSE UP By 177.7%

BY Standard Investment Bank · October 30, 2023 10:10 am

It was a rough week in the bourse, as the benchmark indices all closed in the red, led by the NASI, down 4.0%w/w on the slump on Safaricom. The N10, NSE 20, and NSE 25 retreated 2.6%w/w, 1.9%w/w and 2.4%w/w respectively.

Equity turnover surged 177.7%w/w to USD 11.1m on increased trading of Safaricom. The telco dominated trading activity at 75.9% of turnover, plummeting 9.4%w/w to KES 12.50 – a nine-year low, on increased foreign trading. The counter touched a new 52-week intraday low of KES 12.30 within the week.

Subsequently, the technology firm was the second-highest loser of the week. KCB suffered a similar fate, shedding 5.3%w/w to KES 18.85 – the lowest since 27 January 2012 on bearish local sentiments.

Read Also: Safaricom PLC: The Pulse Of The Kenyan Economy And The Ideal Stock For Retail Investors

Positively, Equity Group closed in the green for the second consecutive week, up 2.0%w/w to a near one-month high of KES 38.00 on foreign demand. Umeme was the best performer amongst top movers, leaping 13.3%w/w to a four-month high of 14.50 on bullish foreign sentiments.

Sasini topped the leading gainers list, jumping 13.7%w/w while Longhorn was the worst performer of the week, down 10.0%w/w.

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Notably, within the week, LapTrust Imara I-REIT traded for the first time since its listing, with a total of 30m shares traded, featuring amongst the top movers. The restricted close-ended REIT remained unchanged at its listing price of KES 20.00.

Last week, ILAM Fahari I-REIT announced its new EGM date, 24 November 2023. The redemption offer received a subscription rate of 113.1%.

Read Also: Absa Launches A Stock Digital Platform To Avail Financing For Retailers And Distributors

NMG issued a profit warning, Carbacid FY23 PAT climbed 15.3%y/y and a dividend of KES 1.70 was announced, Kenya Power returned to loss-making position in FY23, KenGen FY23 net income climbed 48.3%y/y, announced a dividend of KES 0.30 and strikingly, NSE Market Capitalization touched a low of about 11-years, triggered by the price erosion in key blue chips (mainly Safaricom and KCB). 

Foreign investors were net sellers once again, registering net outflows of USD 2.3m. Safaricom led the selling charge for the fourth consecutive week, while Umeme led the buying charge. Foreign investor participation rose to 67.4% from 37.9% in the prior week.

This week, the October inflation print is expected on Tuesday.

Read Also: Kenyan Banks Continue To Account Largest Lenders To GoK At 45.21%

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