Equity market commentary
Declining for the third straight week, the NASI and NSE 25 indices were down 1.9%w/w (-9.8% YTD) and 1.2%w/w (-17.9% YTD) respectively. The NSE 20 index rose a marginal 0.6%w/w (-20.6% YTD). After posting a 2016 high last week, turnover slumped 51%w/w to USD 42m. Foreign investors turned net buyers recording net inflows of USD 2.2m. Their participation barely changed at 84%.
Safaricom, which has been the leading mover the past two months, accounted for 34.7% of market activity. The telco also had the highest net inflows of USD 2.8m-accounted for 79.1% of total net inflows. Down 4.8%w/w, Safaricom was the worst performing top mover following book closure for dividend at the close of last week. EABL closed at a two and half year low of KES 236 despite foreign investors remaining net buyers for five consecutive weeks.
Government to cancel oil export licenses, The 2016 African Green Revolution Forum opens in Kenya, Kenya signs nuclear power deal with South Korea, Kenya to upgrade Malindi airport at a cost of KES 5.6bn, EAC pleads for Kenya over the EU-EAC trade agreement signing delay, CBK governor urges continental action to tackle illicit flows in Africa, Somalia bans Kenya khat flights to the country.
Umeme records 19.5%y/y decline in 1H16 EPS to UGX 33.56, Interim dividend UGX 11.00, Liberty Holdings 1H16 EPS down 10.7%y/y to KES 0.64, DT Dobie to start local manufacture of Volkswagen brands.
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