Safaricom Dominated The Markets Last Week, Accounting For 60%
Last week, market activity edged upwards to USD 17.78m (+92.6%w/w). Safaricom dominated market activity accounting for 60.5% of the week’s turnover. The counter shed 3.3%w/w to close the week as the worst-performing top mover at KES 14.50.
Of the top traded banking stocks, Equity Group and ABSA gained 1.4%w/w and 0.7%w/w to KES 41.05 and KES 14.30, respectively. The former closed the week at a 5-week high with the latter touching an all-time high of KES 14.50 within the week.
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BAT Kenya gained 1.1%w/w to close at KES 354.00 with its book closure at the close of the week. Bamburi Cement was the week’s top gainer on a 21.1%w/w price rise to KES 77.50 as it announced 1H24 numbers and Hima Cement’s exit special dividend of KES 18.25 per share.
Foreign investors remained bearish, with a net outflow print of USD 2.39m. ABSA led the buying charge while Safaricom led the selling charge for the fourth consecutive week. Foreign investor participation edged upwards to 65.2% from 25.0% in the prior week.
At the same time, the market closed the week on a mixed note with the NASI and the NSE 20 shedding 1.2%w/w each. The N10, on the other hand, gained 1.1%w/w while the NSE 25 shed 0.4%w/w.
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