Safaricom Tops The NSE, Accounts 65% Of All Trading

The market was mixed with the NSE 20 shedding 0.4% while the NASI, the N10, and the NSE 25 gained 1.1%, 1.0%, and 0.8% respectively.

Equity turnover edged upwards to USD 3.5m (+57.5%) with foreign investors dominating market activity at 64.5% of the day’s turnover levels, up from 62.5% in the prior session.

Safaricom was the day’s top traded stock accounting for 65.0% of the day’s turnover. The stock gained 2.6% to close the day at KES 18.00.

Of the top-traded banking stocks, Equity Group and KCB Group gained 2.0% and 0.2% to KES 47.95 and KES 30.00, respectively while I&M shed 0.5% to close at KES 22.00.

Read Also: Kenyan Shilling Shows Mixed Fortunes Amidst Stock Market Fluctuations

Centum, a surprise top mover, shed 1.2% to KES 8.02 while KenGen closed the session as the worst-performing top mover on a 5.6% price slide to KES 2.38

TransCentury led the top gainers on a 10.0% rally to KES 0.55 while Longhorn shed 6.0% to KES 2.18 – closing as the leading laggard.

Foreign investors remained bullish with net inflows of USD 33.2K. KCB Group led the buying charge while Centum led the selling charge.

We anticipate a positive upturn in the Purchasing Managers’ Index (PMI) in comparison to what was recorded in February, driven by: a) The persistent strengthening of the Kenyan Shilling against the dollar, b) A notable decrease in fuel prices in March, and c) Eased inflationary pressures observed in the pricing of goods and services.

This combination is likely to result in reduced input costs and heightened demand for goods, thereby fostering an overall improvement in the PMI.

Read Also: Kenya And Uganda, Best Performing Stock Markets In Sub-Saharan Africa