Safaricom Most-Traded, World Banks Dims Kenya’s Growth Projection

Indices

The market closed the day in the green for the third consecutive session with the NASI, N10, NSE 20, and NSE 25 gaining 2.8%, 2.5%, 0.8%, and 1.9%, respectively.

Turnover

Equity turnover grew sixfold to USD 4.9m (+675.3%). Foreign investors dominated market activity, accounting for 59.6% of the turnover levels, up from 35.8% yesterday.

Counters

Safaricom was the most traded counter, at 87.0% of the day’s market activity. The stock gained 6.3% to close at KES 17.60, a 23-week high.

Of the top-traded banking stocks, BK Group, KCB Group, and NCBA gained 5.3%, 3.6%, and 0.7% to KES 35.00, KES 39.25, and KES 43.30, respectively.

Kenya Power gained 6.7% to KES 3.81 closing as the best-performing top mover. Kenya-Re, on the other hand, gravitated to a position of relative stability remaining unchanged at KES 1.11.

Kenya Power was the day’s top gainer, up 6.7% to close at KES 3.81. Olympia on the other hand retreated by 9.5% to close at KES 2.86.

Foreign net flows

Foreign investors remained bullish, with net inflows of USD 208.6k. Safaricom led the buying charge while Kenya-Re led the selling charge.

The World Bank downgraded Kenya’s economic growth estimate for 2024 to 4.7% from 5.0%, citing the impact of floods, anti-government protests and flailing fiscal consolidation efforts.

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