Equities Spiked In The First 3 Months Of 2024 On Account Of Gains In Large Stocks

During Q1’2024, the equities market was on an upward trajectory, with NSE 10 gaining the most by 27.3%, while NSE 25, NASI, and NSE 20 gained by 25.0%, 22.8%, and 16.7% respectively.

The equities market performance was driven by gains recorded by large-cap stocks such as Equity Group, KCB, and Cooperative Bank which gained by 40.1%, 37.2%, and 31.6%, respectively.

The gains were however weighed down by losses recorded by other large-cap stocks such as EABL and Cooperative Bank, which declined by 5.5% and 3.3%, respectively.

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During the week, the equities market was on an upward trajectory, with NSE 10 gaining the most by 5.1%, while NASI, NSE 25, and NSE 20 gained by 5.0%, 4.7%, and 3.9% respectively, taking the YTD performance to gains of 26.8%, 24.6%, 23.0% and 16.1% for NSE 10, NSE 25, NASI and NSE 20 respectively.

The equities market performance was driven by gains recorded by large-cap stocks such as KCB Group, DTB-K, and Safaricom, of 17.6%, 7.8%, and 6.0% respectively;

During the week, five of the listed banks released their FY’2023 results. I&M Group released its FY’2023 financial results, with its Core Earnings per Share (EPS) increasing by 15.2% to Kshs 8.1, from Kshs 7.0 in FY’2022.

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NCBA Group Kenya released its FY’2023 financial results, with its Core Earnings per Share (EPS) increasing by 55.7% to Kshs 13.0, from Kshs 8.4 in FY’2022.

Diamond Trust Bank Kenya released its FY’2023 financial results, with its Core Earnings per Share (EPS) increasing by 14.7% to Kshs 27.9, from Kshs 24.3 in FY’2022.

Equity Group Holdings released its FY’2023 financial results, with its Core Earnings per Share (EPS) decreasing by 5.1% to Kshs 11.6, from Kshs 12.2 in FY’2022, and HF Group released its FY’2023 financial results, with its Core Earnings per Share (EPS) increasing by 46.2% to Kshs 1.0, from Kshs 0.7 in FY’2022.

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