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Safaricom Sweeps The Counters, Accounts For 87.1% Of All Activities

BY Standard Investment Bank · October 28, 2023 08:10 am

The benchmark indices closed the week at a position of relative weakness with The NASI and NSE-25 shedding 0.2% each even as the N10 and NSE-20 remained largely unchanged.

Turnover Equity turnover grew fivefold to USD 6.9m on the back of increased foreign participation in Safaricom. Foreign participation rose to 78.8% from 21.2% the prior session.

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Safaricom was the day’s top mover, accounting for 87.1% of the day’s turnover print. The stock gained 0.4% to close at KES 12.50 despite foreign selling – a relief rally from the nine consecutive session slide to a nine-year low.

KenGen was a surprise top mover, trading 1.7k shares at a volume-weighted price of KES 2.29, a 7.0% rally despite foreign selling, closing the day as the best-performing top mover.

Read Also: The Significance of Stock Market Education And the Impact Of Foreign Investors On The NSE

NMG was another surprise top mover trading 1.0k shares at a volume-weighted price of KES 20.00 on local trading. The price remained unchanged.

Umeme was the day’s worst-performing top mover shedding 3.0% to KES 14.50 on foreign trading.

ILAM Fahari led the day’s top losers on a 9.2% decline to KES 6.30 with KenGen leading the top gainers on a 7.0% rally to KES 2.29 – following the FY23 dividend announcement of KES 0.30 (+50.0%y/y, 39.5% payout, 13.1% dividend yield).

Foreign investors closed the week on a net selling position, printing net outflows of USD 2.2m. Safaricom led the selling charge, posting net outflows of USD 2.2m while Equity Group led the buying charge posting net inflows of USD 10.7K.

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

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