EQUITY MARKET COMMENTARY
The market closed the week on a bullish note, with the NASI, N10, NSE 20, and NSE 25 up 2.6%w/w, 0.2%w/w, 2.7%w/w, and 0.8%w/w, respectively.
Market activity increased 5-fold to USD 21.46m (+408.6%w/w). Safaricom dominated market activity at 24.4% of the week’s turnover with its price function gaining 4.3%w/w to close at KES 18.10.
Of the top traded banking stocks KCB Group and ABSA rose by 1.2%w/w and 0.5%w/w to KES 43.30 and KES 19.10, respectively. Equity Group, on the other hand, retreated by 1.0%w/w to close at KES 47.50.
EABL edged up by 1.7%w/w to KES 179.50. Kenya Airways, the week’s top gainer, rallied 49.9%w/w to KES 5.74 – following the lifting of the suspension from trading effected on 5th January 2025.
Foreign investors remained bearish with net outflows of USD 5.37m. Safaricom led the selling charge while Stanbic led the buying charge. Foreign investor participation edged upward to 32.8% from 27.7% in the prior week.
Expected in the week;14th January 2025 – EPRA Pump Price review.
