Equity market commentary
Gaining for the second straight week, the NASI, NSE 20 and NSE 25 indices were up 1%w/w(-5.2% YTD), 0.6%w/w(-19.3% YTD) and 0.5%w/w (-13.2% YTD) respectively. Down 43.2%w/w, equity turnover fell for the second week in a row to USD 20.7m. Foreign investors recorded net inflows for the fifth consecutive week - USD 6.7m, the highest in five weeks. Their participation dropped to 67.1% from 82.5% in the previous week.
Accounting for 27.7% of market activity, Safaricom was the leading mover for the third straight week. The telco continued on its upward momentum closing at one and half month high of KES 20.25. Up 24.2% YTD, Safaricom is the best performer. On renewed foreign investor trading, Liberty Insurance joined the top movers’ list as the second leading mover. The insurer, which was up 2%w/w, had the highest foreign net inflows of USD 3.4m. DTB (+0.7%w/w) and Co-op Bank (+0.4%w/w) had the highest foreign net outflows of USD 279k and 204k respectively.
Kenya’s 2Q16 GDP accelerates to 6.2%. Communications Authority of Kenya releases 2Q16 statistics. Possible restrictions on cement trade within East Africa – new rules of origin. 182 & 364 day T-Bill rates remain stable despite increased demand.
Hilton Worldwide signs second franchise agreement to open 255 room hotel in Nairobi. Apis investment drives DPO and PayGate merger. Petition against Delmonte to have land lease not renewed. Hashi Energy signs USD 140m deal with SS Lootah International. Chandaria Industries to build KES 5bn tissue paper manufacturing plant in Tatu City. Eveready shareholders approve sale of prime land in Nakuru.
List All Market Items