EQUITY MARKET COMMENTARY
The market closed the week in the red with the NASI and NSE 25 retreating by 3.1%w/w, each. Similarly, the N10 and NSE 20 were down 3.3%w/w and 4.3%w/w, respectively.
Market activity declined to USD 15.53m (-18.9%w/w). KCB Group dominated market activity, accounting for 38.6% of the week’s turnover. The counter’s price function eased by 5.8%w/w, likely on the back of its FY24 dividend play (more below). Worth noting, the stock touched a 10-week low of KES 40.10 within the week.
Equity Group, Co-op, and ABSA eased 1.9%w/w, 10.9%w/w, and 1.3%w/w to KES 47.60, KES 15.05, and KES 19.05, respectively. Co-op closed the week as the worst-performing top mover.
Safaricom closed the week at KES 17.75, a 1.7%w/w price erosion.
Foreign investors remained bearish, with net outflows of USD 617.10K. EABL led the buying charge, while Safaricom led the selling charge. Foreign investor participation edged downwards to 27.8% from 37.8% in the prior week.
Expected in the week; Wednesday, 19th March 2025 – StanChart FY24 Results Release | Thursday, 20th March 2025
ABSA FY24 Results Release |Friday, 21st March 2025* – Co-op FY24 Results Release
