Market News

November PMI Expands To 50.9, CBK MPC Interest Rate Decision Tomorrow

BY Soko Directory Team · December 4, 2024 07:12 pm

KEY POINTS

Equity Group was the most traded stock, accounting for 59.0% of the day’s turnover. The counter softened by 0.2% to KES 45.40, largely driven by foreign investor activity.

Stanbic and I&M Bank gravitated towards positions of relative stability, remaining unchanged at KES 130.00 and KES 30.50, respectively.

Kenya’s private sector experienced a notable improvement in business conditions in November 2024, as indicated by the Purchasing Managers’ Index (PMI), which rose to 50.9 from 50.4. This marks a sustained expansion for the second consecutive month.

The growth was attributed to a significant increase in sales, the fastest since May, alongside a moderate rise in output and purchasing activity. However, while new orders grew at their highest rate in six months, this growth was primarily concentrated in the services and wholesale sectors, with declines noted in the agriculture, manufacturing, and construction sectors.

Input costs rose sharply due to increased taxes, leading to a substantial hike in selling prices—the highest in nine months. Despite these positive developments, job creation remained subdued as many firms opted to maintain stable workforce levels amidst cautious business expectations for the upcoming year.

The Stock Market

Indices

The market closed on a mixed note, with the NSE 20 declining by 0.4% while the NASI gained by 0.2%. Furthermore, the N10 and the NSE 25 remained largely unchanged.

Turnover

Equity turnover rose by 5.5% to USD 1.4m. Foreign investors dominated market activity, accounting for 71.6% of the day’s turnover levels, up from 53.8% yesterday.

Counters

Equity Group was the most traded stock, accounting for 59.0% of the day’s turnover. The counter softened by 0.2% to KES 45.40, largely driven by foreign investor activity.

Stanbic and I&M Bank gravitated towards positions of relative stability, remaining unchanged at KES 130.00 and KES 30.50, respectively.

Kenya Power’s price function weakened by 1.7% to KES 3.51, with Kenya Re declining by 0.9% to KES 1.10. The former closed as the day’s worst-performing top mover.

Safaricom emerged as the day’s best-performing mover, up by 1.0% to KES 15.40. Longhorn was the day’s top gainer, up 8.7% to KES 2.50 while Sameer shed 8.2% to KES 2.36 – closing as the leading laggard.

Foreign net flows

Foreign investors were bearish in the session, with net outflows of USD 58.2k. Safaricom led the buying charge while Stanbic led the selling charge.

About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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