The NSE Kicked Off The Second Week Of 2024 With Mixed Reactions

In today’s trading session, the market exhibited mixed results. The N10 index experienced a slight decline, while both the NSE 20 and NSE 25 indices witnessed marginal gains. Equity turnover saw a significant drop, with local investors playing a dominant role in the trading activity.

Key stocks like Safaricom and EABL showed varied performances, reflecting the diverse trends in the market. Additionally, foreign investor activity leaned towards net selling, influencing the overall market dynamics. This brief overview sets the stage for a deeper dive into the day’s financial movements and their implications for investors.

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The market had a mixed outcome. The N10 index fell slightly by 0.1%, continuing its downward trend. In contrast, both the NSE 20 and NSE 25 indices grew by 0.1%. The NASI also saw growth, increasing by 0.2% for the fourth consecutive session.

 Trading Volume and Investors

The total value of shares traded, known as equity turnover, decreased by 38.9% to USD 0.1 million. Most of this trading was done by local investors who accounted for 73.0% of all trades, slightly less than the previous session.

Individual Stocks Performance

• Safaricom led the trading volume, making up 31.0% of the day’s trades, but its stock price remained the same.
• East African Breweries Limited (EABL) ended its four-day losing streak, stabilizing at KES 120.00.
• KenGen’s stock price fell by 0.5%, closing at KES 1.99, mainly due to foreign investors selling their shares.
• NCBA, Equity Group, and KCB Group all saw their stock prices drop by 0.5%, 0.7%, and 0.2% respectively.
• Jubilee was the biggest winner of the day, with its stock price jumping by 10.0% to KES 198.00. On the other hand, Liberty’s stock price fell by 9.4% to KES 4.53.

Foreign Investment Trends

• Foreign investors were mainly selling, resulting in a net outflow of USD 14.3K. Safaricom was the most sold stock, while EABL was the most bought.

Energy Sector News

The Energy and Petroleum Regulatory Authority announced new fuel prices effective from January 15 to February 14, 2024. The prices of super petrol and kerosene each dropped by 2.4% to KES 207.36 and KES 194.23 per litre. Diesel prices decreased by 2.5% to KES 196.47.

These price drops are due to lower import costs. However, the weakening of the Kenyan shilling against the dollar has limited these decreases.

The high demand for fuel increases the demand for dollars, which contributes to the shilling’s depreciation. A government-to-government deal has helped ensure a steady fuel supply but hasn’t significantly affected the exchange rate.

I hope this summary provides a clearer picture of today’s market activities and helps you make informed investment decisions.

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