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Nairobi Stock Exchange Displays Mixed Results Amid Foreign Investor Dominance As A Busy Week Comes To An End

BY Steve Biko Wafula · February 17, 2024 05:02 pm

In Friday’s trading session, the Nairobi Stock Exchange presented a mixed picture as investors digested recent market movements. The NSE All-Share Index (NASI) ticked up slightly by 0.14%, while the NSE 20 Index edged higher by 0.23%, signaling modest gains among key counters. In contrast, the NSE 10 Index saw a slight dip of 0.07%, indicating a cautious approach from some segments of the market. The NSE 25 Index remained relatively flat, showing a change of just -0.02%.

Market liquidity contracted as equity turnover fell to 1.3 million USD, marking a significant decline from the previous session. Foreign investors continued to exert a strong influence over the market, increasing their participation to 75.5% compared to 73.1% previously, which reflects their critical role in market dynamics.

Telecommunications giant Safaricom led the market in terms of activity, contributing to approximately 84% of the total turnover. The company’s stock price inched up by 0.4%, closing at 13.10 KES, continuing its positive performance from the prior session.

The graph representing the daily performance of the Nairobi Stock Exchange indices for Friday’s trading session. Green bars indicate an increase in the index value, while red bars represent a decrease. The NASI and NSE 20 indices showed modest gains, whereas the N10 and NSE 25 indices witnessed a slight decline and remained largely unchanged, respectively. This graph offers a clear visual presentation of the market’s performance for investors.

Banking stocks saw notable activity with Equity Group and Co-operative Bank both registering gains of 0.4%, with their share prices rising to 37.95 KES and 12.10 KES, respectively. In contrast, I&M Bank’s share price remained unchanged, ending the day at 17.35 KES.

In the manufacturing sector, British American Tobacco (BAT) experienced a decline of 0.2%, closing at 419.00 KES. This drop comes in the wake of the company’s full-year results, which reported a downturn in profitability.

On the gainers’ front, financial services provider Sanlam Kenya led with a substantial 9.7% increase in its share price, ending the day at 6.78 KES. Meanwhile, Kenya-Re emerged as the session’s leading loser, with its stock price declining by 6.1%, closing at 1.85 KES.

Foreign investor sentiment remained cautious, as evidenced by the net outflows amounting to 389.3 thousand USD. Safaricom was at the forefront of this trend, with the session closing without any net foreign entries.

Friday’s market performance illustrates a cautious yet dynamic investment landscape in Kenya, with foreign investors continuing to play a pivotal role in the trading environment.

About Steve Biko Wafula

Steve Biko is the CEO OF Soko Directory and the founder of Hidalgo Group of Companies. Steve is currently developing his career in law, finance, entrepreneurship and digital consultancy; and has been implementing consultancy assignments for client organizations comprising of trainings besides capacity building in entrepreneurial matters. He can be reached on: +254 20 510 1124 or Email: info@sokodirectory.com

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