EQUITIES MARKET COMMENTARY
The market closed the week on a mixed note, with the N10, NSE 20, and NSE 25 advancing by 0.4% w/w, 2.6% w/w, and 0.8% w/w, respectively. Conversely, the NASI edged downwards by 0.5% w/w.
Market activity eased to USD 136.66m (-14.6 % w/w). KCB Group dominated market activity, accounting for 35.8% of the week’s turnover. The counter’s price function strengthened by 2.3% w/w to KES 44.95.
StanChart, EABL, and BAT rose by 2.5% w/w, 0.7% w/w, and 4.1% w/w to KES 300.25, KES 185.00 and KES 380.00, respectively. Markedly, BAT was the week’s best-performing mover as investors priced in its FY24 financial results (more below). Worth noting, StanChart clocked the highest price levels since 16th July 2015 within the week.
Safaricom, on the other hand, weakened by 4.5% w/w to KES 17.95, partly driven by foreign investor exits.
Foreign investors turned bearish, with net outflows of USD 264.8m. EABL led the buying charge, while BAT led the selling charge. Foreign investor participation declined to 19.8% from 29.7% in the prior week. Expected in the week; Wednesday, 5th March 2025 – February 2025 Stanbic Bank PMI
