StanChart Retreats 9.9% Likely On Case Dismissal By Supreme Court

The market closed the session on a mixed note with NASI and N10 declining by 0.8% and 0.2%, respectively. On the other hand, the NSE 20 gained 0.2% while the NSE 25 remained largely unchanged.

Equity turnover declined to USD 4.5m (-54.3%). Local investors dominated market activity, accounting for 82.9% of the turnover levels, up from 67.9% the previous Friday.

KenGen dominated trading activity, accounting for 20.5% of the day’s turnover. The counter’s price function rose by 2.6% to KES 10.05.

Of the top traded banking stocks, KCB Group and Co-op Bank eased by 0.5% and 3.4% to KES 51.25 and KES 21.00, respectively. Furthermore, Equity Group eased by 0.9% to KES 55.00. Safaricom retreated by 2.3% to KES 29.25 while Kenya Power rose by 4.4% to KES 14.10.

Kenya Airways was the day’s top gainer, rallying by 9.5% to KES 4.40. StanChart shed 9.9% to KES 292.75, closing as the leading laggard – likely due to news of the dismissal of its pension dispute appeal to the Supreme Court.

Foreign investors were bearish, with net outflows of USD 415.7K. DTB led the buying charge while Umeme led the selling charge.

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