Market News

Safaricom Accounts For 66.3% Of Thursday’s Turnover As Foreign Investors Turn Bearish

BY Standard Investment Bank · October 11, 2024 07:10 pm

KEY POINTS

Equity turnover gained 11.3% to close the session at USD 2.6m. Local investors dominated market activity, accounting for 56.8% of the day’s turnover levels, down from 62.0% in the prior session.

KEY TAKEAWAYS

Kenya Power rose by 3.7% to close as the day’s best-performing top-mover at KES 47.30. Centum gained 0.8% to KES 9.92 whereas KenGen dipped by 1.3% to close at KES 3.01.

Safaricom was the day’s (Thursday) most traded stock, accounting for 66.3% of the day’s turnover. The counter increased by 2.0% to close at KES 15.30, largely driven by foreign investor activity.

Amongst the top traded banking sector stocks, Equity Group edged up 3.5% to close the session at KES 47.30 – the highest since 8th April 2024. In addition, KCB Group rose 1.1% to KES 36.65.

Kenya Power rose by 3.7% to close as the day’s best-performing top-mover at KES 47.30. Centum gained 0.8% to KES 9.92 whereas KenGen dipped by 1.3% to close at KES 3.01.

Kenya Orchards was the day’s top gainer, up 10.0% to close at KES 44.05. EAPCC, however, retreated by 10.0% to close as the leading laggard at KES 45.50.

At the same time, during the day, the market closed the session in the green, with the NASI and NSE 20 rising by 1.1% and 0.1%, respectively. Furthermore, the N10 and NSE 25 rose by 1.2% each.

Equity turnover, on the other hand, gained 11.3% to close the session at USD 2.6m. Local investors dominated market activity, accounting for 56.8% of the day’s turnover levels, down from 62.0% in the prior session.

Foreign investors turned bearish in the session, with net outflows of USD 1.3m. Equity Group led the buying charge while Safaricom led the selling charge for the second consecutive session.