Equity Market Commentary
The market closed the week on a bullish note, with NASI and N10 gaining 1.1% w/w each and the NSE 20 and NSE 25 edging upwards by 1.3% w/w each.
Market activity eased to USD 15.2m (-27.9% w/w). Safaricom dominated market activity accounting for 51. 3% of the week’s turnover. The counter’s price function rose by 0.8% w/w to KES 18.10 to close as the week’s best-performing mover. The Board of Safaricom declared an interim dividend in the business’s fourth quarter, a KES 0.55 per share, to be paid on or about 31st March 2025 with a book closure date of 3rd March 2025. The payout is similar to the prior year (1H24) – however 5.5% below our estimate of KES 0.58 (link here). For 1H22 and 1H23, interim dividends of KES 0.64 and KES 0.58, were declared.
Among the top-traded banking stocks, KCB Group rose by 0.3% w/w to KES 45.20. On the other hand, Equity Group and HF Group tapered by 0.7% w/w and 0.2 w/w to KES 47.65 and KES 7.98, respectively. The former closed as the week’s worst-performing mover.
Jubilee remained unchanged through the week, closing at KES 200.00. Foreign investors remained bearish, with net outflows of USD 1.15m. Safaricom led the buying charge while Equity Group led the selling charge.
Foreign investor participation increased to 59.5% from 39.5% in the prior week.
Expected in the week; 22nd February 2025 – BAT FY24 financial results release.
