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Kenya Weekly Market Wrap - 16 September 2016


Equity market commentary
The NSE 20 Index reversed gains made in the previous week after declining a marginal 0.1%w/w (-20.7% YTD). Reversing their three week losing streak, the NASI and NSE 25 indices were up 0.1%w/w (-9.7% YTD) and 0.4%w/w (-17.5% YTD) respectively. Foreign investor participation declined to 70.3% from 83.6%. The investors remained net buyers for the second straight week with net foreign inflows rising 17.96% to USD 2.5m.
After two months at the top of the mover’s list, Safaricom was replaced by Equity Group which accounted for 23% of market activity. The bank also received the highest net foreign inflows of USD 2.08m (accounted for 69% of total net foreign inflows). Equity Group declined 2.9%w/w. Within the week, the bank held an investor briefing where management indicated that going forward, focus will be on increasing loan volumes as well as improving efficiency under the new interest rate regime.
Headline News
Insurance industry 1H16 performance - gross premiums posts slowest growth in five years. Africa could double its manufacturing by 2025 – McKinsey. Central Bank of Kenya to open a temporary numismatic museum tomorrow. Kenya receives four month reprieve on trade deal with EU. Visa teams up with banks to launch a mobile payments service. Pump prices drop after fourth consecutive months of increases.
Company News
Flame Tree to set up new tank manufacturing facility in Mozambique. Car & General and Cummins set to form joint venture.

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NSE 20 Share
Index

 
stock PREV NOW %  
TOTL 16.50 18.05 9.39  
KAPC 80.00 85.00 6.25  
UCHM 3.70 3.90 5.41  
PORT 29.00 30.50 5.17