Headlines

Safaricom Top-Traded Stock, Accounting For 55.2% On Friday

BY Standard Investment Bank · January 6, 2024 09:01 am

Indices

The market was mixed as reflected by the benchmark indices performance. The NASI and NSE 25 gained 0.1% each while the NSE 20 gained 0.4%. The N10, on the other hand, broke its week-long rally, down 0.1% to 924.92 points.

Turnover

Equity turnover edged upwards to USD 0.9m (+197.2%) with foreign investors dominating market activity, accounting for 81.5% of the day’s turnover up from 30.5% in the prior session.

Counters

Safaricom was the top-traded stock, accounting for 55.2% of the day’s activity. The counter gravitated towards a position of relative stability following the week-long price erosion, closing the day unchanged at KES 13.60.

Banking stocks dominated the day’s top mover list. ABSA gained 0.9% to KES 11.65 – a two-month high – while KCB Group shed 0.7% to KES 22.55. The former was the day’s best-performing top mover while the latter was the worst-performing top mover.

Co-op Bank and Equity Group remained unchanged at KES 11.25 and KES 35.65, respectively. KenGen was a surprise top mover on a KES 1.1m turnover print. The stock however remained unchanged at KES 2.00

Sameer was the day’s top gainer on a 7.7% rally to KES 2.25 while Fahari I-REIT shed 4.4% to KES 6.06 – closing the day as the leading laggard.

Foreign net flows

Foreign investors remained net buyers with net inflows of USD 68.0K. Equity Group led the buying charge while Co-op Bank led the selling charge – both for the second consecutive day.

In the news;

CMA proposes to tighten the term limits of independent directors from nine years to six years under the Capital Markets (Securities) (Public Offers, Listing and Disclosures) Regulations 2023.

Before the current code – implemented in 2016 – that caps independent directors to a term of six years, such directors were open to serve for an unlimited number of years on shareholder approval. The proposed changes also seek to address likely conflicts of interest linked to cross-directorship in related or associated companies.

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