StanChart Dislodged Safaricom To Account For 43.5% Of Trading Activities

All the benchmark indices reversed their prior session gains to close in the red. The NASI, NSE 20, and NSE 25 indices each retreated 0.3% while the N10 dropped 0.5%.

Equity turnover pared down 32.2% to USD 0.7m on reduced trading of Safaricom and Co-op Bank.

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StanChart dislodged Safaricom to become the most traded counter, accounting for 43.5% of market activity while the latter accounted for 22.0%.

The lender extended gains by 0.3% to KES 163.50 on increased local trading while the telco had a dead cat bounce, resuming its slide by 0.4% to KES 13.95.

Equity Group notched 0.6% higher to KES 36.45 on sustained bullish foreign sentiments. Sanlam was the leading gainer of the session, soaring 10.0% to KES 7.70 while Sameer was the worst performer, shedding 4.8% to KES 2.38, both on thin volumes.

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Foreign investors turned net buyers following two consecutive sessions of net selling, recording net inflows of USD 42.8K. BAT led the buying charge while Absa Bank led the selling charge.

In today’s news; the value of mobile money transactions sustained its downturn, albeit at a slower pace of 2.8%y/y (-2.6%m/m) in August 2023 to cumulatively stand at KES 5.0Tn from KES 5.2Tn in August 2022 according to data from the CBK.

Positively, the volumes transacted in the period grew 6.8%y/y (+2.8%m/m) to stand at 1.6 billion transactions from 1.5 billion in August 20221. Subscriptions ticked higher by 10.7%y/y (+0.4%m/m).

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