The market closed the week on a bullish note, with the NASI, N10, NSE 20, and NSE 25 gaining 2.2%w/w, 1.3%w/w, 1.5%w/w, and 1.5%w/w, respectively. Worth noting, the N10 extended its all-time high to 1,268.40.
Market activity jumped 11-fold to USD 190.19m (+1168.4%w/w) driven by Bamburi’s block trade on Wednesday and Thursday worth USD 68.53m and USD106.36m, respectively. Bamburi accounted for 92.5% of the week’s turnover with its price function gaining 11.5%w/w to close at KES 54.25.
Amsons announced on Friday that they successfully received 96.54% shareholding from the offer, leaving Bamburi with a minority holding of 3.46%. We anticipate a squeeze-out notice by Amsons – expected within 3 months – now that they have acquired the critical mass (of more than 90% shareholding).
Safaricom and KCB Group rose by 3.5%w/w and 0.4%w/w to KES 17.60 and KES 39.65, respectively. Equity Group, on the other hand, which was the only top mover to lose, retreated by 4.3%w/w to KES 45.95. Britam, a surprise top mover, gravitated towards a position of relative stability remaining unchanged at KES 5.78.
Foreign investors turned bearish with net outflows of USD 109.3m – on account of Bamburi’s transaction. DTB led the buying charge while Bamburi led the selling charge. Foreign investor participation edged downward to 32.0% from 62.8%
