Bear run continues at NSE with drop in key index

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Nairobi Security Exchange’s top share index-NSE 20 shed some 43.09 points or 1.67 per cent to stand at 2543.59 on Friday, even as volumes rose from the previous trading.

The index that tracks blue chip companies at the bourse has been on a downward streak in recent weeks, affecting other indices, amid a continued decline in large cap stocks.

READ ALSO:NSE dips as 2018 ends on a bear market territory

During the last day of the week trading, All Share Index (NASI) shed 0.28 points to stand at 148.05. The NSE 25 Share index ended 9.25 points lower to settle at 3572.56, market data shows.

Market turnover for Friday however stood at Ksh332 million (US$3.2 million) from the previous session’s Ksh179 million (US$1.7 million) as the number of shares traded rose to 12.5 million against 9.9 million posted the previous day.

Week on week turnover however retreated to Ksh1.16 billion (US$11.3million) on 43 million shares against 64 million shares valued at Ksh2.21 billion (US$21.4million) transacted the previous week.

Banking Sector

The banking sector had shares worth Ksh275 million transacted which accounted for 23.64 per cent of the week’s traded value. Equity Group Holdings had 2.7 million shares valued at Ksh110 million transacted at between Ksh40.15 and Ksh40.50.

KCB Group touched a week’s high of Ksh40.00 and a low of Ksh39.50 with shares worth Ksh83 million transacted. Co-operative Bank moved 4.8 million shares valued at Ksh59 million and closed the week at Ksh12.10.

Insurance Sector

The insurance sector had shares worth Ksh14.5million transacted which accounted for 1.25 per cent of the week’s traded value. Jubilee Holdings moved 22,000 shares valued at Ksh8.5 million and closed the week at Ksh370.00.

Manufacturing & Allied Sector

The manufacturing and allied sector had shares worth Ksh173 million transacted which represented 14.90 per cent of the week’s traded value. East Africa Breweries Limited (EABL) moved 801,000 shares valued at Ksh162.5 million at a fairly stable price of Ksh204.00. B.A.T moved 16,000 shares worth Ksh8.5 million and closed the week at Ksh515.00.

Telecommunication Sector

Safaricom was the week’s biggest mover with 24.5 million shares valued at Ksh675 million changing hands at between Ksh27.20 and Ksh28.00; this represented 57.95 per cent of the week’s traded value.

Derivatives

The derivative market had a total of 29 contracts valued at Ksh1.1 million transacted during the week.

The Safaricom contract expiring in September 19, 2019 stirred this market with 24 contracts valued at Ksh667,000 changing hands at Ksh28.10 and Ksh27.43.

Bonds

The bond market turnover dropped to Ksh11 billion (US$106.7million) compared to Ksh19.1 billion (US$185.3million) posted the previous session.

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

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