Market News

Kenya Weekly Market Wrap: Markets Kick Off The Year On A Bullish Note

BY Standard Investment Bank · January 8, 2024 10:01 pm

The market opened the year on a bullish note as reflected by the benchmark indices week-on-week (w/w) performance.

The N10 and the NSE 25 gained 1.9%w/w each while the NASI and the NSE 20 edged upward by 0.5%w/w and 1.1%w/w respectively.

Market activity declined 40.9%w/w to USD 1.5m. Safaricom dominated trading activity at 55.9% of the week’s turnover levels, albeit shedding 2.2%w/w – erasing the 2.6%w/w gains from the prior week. The counter closed the week at KES 13.60.

The week’s trading activity was skewed toward the banking sector with Equity Group leading the pack on a 5.9%w/w rally to KES 35.65. The rally is partly attributable to the Group’s announcement of its successful amalgamation of Equity Bank Rwanda and Cogebanque (Rwanda) effective 31 December 2023.

KCB Group and StanChart gained 3.0%w/w and 0.2%w/w to KES 22.55 and KES 162.25 respectively. The former touched a 16-week high of KES 22.80 within the week before losing its charge towards the tail end of the week. Co-op Bank, on the other hand, broke its two-week relief rally shedding 1.3%w/w to close at KES 11.25.

Liberty was the top gainer of the week, soaring 14.4%w/w to KES 4.22 while Longhorn was the leading laggard, slumping 10.0%w/w to KES 2.17, both on thin volumes.

Foreign investors remained bullish for the second consecutive week, with net inflows of USD 155.1K. Equity Group led the buying charge for the second consecutive week while Co-op Bank led the selling charge. Foreign investor participation declined to 59.1% from 80.5% in the prior week.

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