Safaricom’s Five-Session Relief Rally Ended On A 1.5% Price Slide

The bourse opened the week on a high note with the benchmark indices closing the session in the green. The NASI, N10, NSE 20, and NSE 25 gained 0.5%, 1.0%, 1.8%, and 1.1% respectively.

Market activity dropped 92.8% to USD 0.4m on reduced trading on Safaricom. Local investors were the key market players in the day, accounting for 72.8% of the activity vis-à-vis 36.6% in the prior session.

Safaricom’s five-session relief rally (+15.9%) ended on a 1.5% price slide to KES 13.30 on local trading. The counter doubled as the day’s worst-performing top mover and the top traded stock – accounting for 41.7% of turnover.

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Banking stocks dominated the day’s top mover chart as investors turned bullish on key blue chips. Equity Group, StanChart, KCB Group, and Co-op gained 0.8%, 1.5%, 5.6%, and 3.8% respectively. Equity Group and KCB Group rallied despite foreign selling.

NMG was a surprise top mover trading 104.1K shares at a volume-weighted price of KES 20.00 – albeit shedding 0.2% in the day.

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Liberty was the best performer in the session on a 10.0% rally to KES 3.85 while Home Afrika shed 9.1% to KES 0.30, closing as the leading laggard.

Foreign investors were net sellers for the fifth consecutive session, recording net outflows of USD 86.2K. Safaricom led the selling charge while NSE led the buying charge.

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