Absa Bank Beats Safaricom As The Most Traded Stock On Wednesday

The market closed the day in the green, with the NASI, N10, NSE 20, and NSE 25 rising by 0.9%, 0.8%, 0.6% and 0.7%, respectively.

Equity turnover jumped by 62.1% to USD 3.8m. Local investors dominated market activity, accounting for 82.0% of the day’s turnover levels, up from 63.1% yesterday.

Absa was the most traded stock, accounting for 41.0% of the day’s turnover. The counter’s price function strengthened by 3.2% to KES 19.10. Resultantly, Absa closed the day as the best-performing mover, largely buoyed by local investor activity.

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Conversely, NCBA, KCB Group, and Equity Group declined by 0.3%, 0.2% and 0.1% to KES 48.90, KES 45.00 and KES 46.80, respectively. Notably, NCBA emerged as the worst-performing mover.

Safaricom and EABL advanced by 1.3% and 0.5% to KES 18.95 and KES 193.00, respectively. Longhorn was the session’s top gainer, rising 9.8% to KES 3.46. Notably, DTB maintained its 5-day rising streak, edging upwards 5.4% to hit KES 85.25. On the other hand, Eaagads dropped by 7.1% to KES 13.00, making it the top loser of the day.

Foreign investors turned bullish in the session, with net inflows of USD 174.8k. Equity Group led the selling charge, while Safaricom led the buying charge.

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