Safaricom Sets New 52-Week Low Of Ksh 12.70

The benchmark indices closed the day in the red with the NASI, N10, NSE 20, and NSE 25 shedding 1.7%, 1.0%, 0.4%, and 0.9% respectively.

Equity turnover dropped 84.5% to USD 0.3m largely due to reduced trading on Safaricom. Local investors were the key players in the day, accounting for 80.4% of the activity.

Banking stocks dominated the day’s top charts. ABSA and Co-op held a position of relative strength from a price perspective.

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KCB, on the other hand, shed 0.3% in the day to close at KES 19.85 – extending its multi-year low on foreign selling. Equity Group and NCBA rallied by 0.1% and 0.4% respectively to KES 37.05 and KES 39.70, respectively on local demand.

Safaricom was the top traded counter from a turnover perspective – accounting for 44.6% of the trading activity. The price declined further by 4.4% to KES 13.00 on local trading. We note that the stock traded at KES 12.70 within the day, printing a new 52-week low.

Serena was the leading loser, shedding 9.5% while Umeme led the day’s top gainers on a 6.6% rally.

Foreign remained net sellers for the fourth consecutive session, recording net outflows of USD 78.4k. Equity Group led the selling charge for the second consecutive session while NSE led the day’s buying charge.

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