Equity Market Commentary
The market closed the week on a mixed note with the NASI advancing by 0.3% w/w. The N10, NSE 20, and NSE 25 eased by 0.9% w/w, 0.7% w/w, and 0.7% w/w, respectively.
Market activity rose to USD 29.4m (+5.9% w/w). Safaricom dominated market activity, accounting for 37.3% of the week’s turnover. The counter’s price function advanced by 2.8% w/w to KES 29.80.
Of the top traded banking stocks, KCB Group, Equity Group, and Co-op Bank dwindled by 1.2% w/w, 0.4% w/w, and 3.4% w/w to KES 64.25, KES 63.75, and KES 23.95, respectively.
Likewise, BAT retreated by 1.1% w/w to KES 445.00.
Uchumi was the week’s top gainer, up 54.2% w/w to close at KES 0.74. Conversely, Crown Paints was the week’s leading laggard, down 11.5% w/w to KES 51.75.
Foreign investors were profit-taking, with net outflows of USD 6.4m. Equity Group led the buying charge, while Safaricom led the selling charge. Foreign investor activity softened to 22.2% from 33.5% in the prior week.
