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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