March 24: DOWN AND UP BEAT AT NIGERIAN AND NAIROBI SEs

On Friday, March 24 it was clearly down beat and up beat at the Nigerian stock exchange and the Nairobi stock exchange respectively.

NIGERIAN: 
CONTINENTAL RE TRIPPLES VOLUME BUT....

On Friday March 24, traded volume at the Nigerian stock exchange more than tripled to about 346m with great help from offload in Continental Reinsurance but it was a down beat day all the same.

A very large parcel of 203.1m units had been sold in Continental Re involving 9 deals lifting volume from Thursday's 42% decrease but being a solo it had little impact on other indicators.

For example total number of deals dropped by 8.87% to 2613 despite the volume leap and All shares index declined by 0.23% after closing more or less firm on Thursday.

Trailing the Continental Re solo was International Breweries 10 deals for 27.25m units at a price 1.96% down and 30 deals in Stanbic IBTC with 30 deals for 16.65m shares.

Indeed, only the top 5 recorded deals for above 12m with the remaining two being Access bank with 3rd placed 198 deals for 12.778m units and FBN Holdings in which second placed 227 deals were sealed for 12.57m shares.

Day High number of deals was by Zenith Bank in which 238 deals were recorded as the market scrambled for 6.51m units on offer.

GTB was placed 4th in terms of deals as 170 deals were recorded for 3.676m shares ahead of UBA's 132 deals for 7.665m units.

The last to record above 100 deals for the day was Forte Oil in which 123 deals for 891,068 units were sealed 

It was a surprise of sorts that the All shares index went down only marginally because there were only 7 gainers and 21 losers in the equity segment and to boot gains in Naira were marginal too and recorded by lightweights. But then, indices are as usual quick indicators of the bigger picture.

No gainer added up to 4% and N1 per share but 4 losers went down by above 4% while 7up paced both Naira and % loss with minus N3.99 or 4,99% per share.

NAIROBI: UP BEAT FRIDAY

Trading at the Nairobi stock exchange was clearly uo beat on Friday March 24, as market pace setting bond value added another 48.9%; equity volume also rose by 49.2%; traded value doubled and deals rose by 7.3%.

For the second day bond volume recovered strongly to 2557.2m Ksh driven by 75.5% growth in fixed rate below 50m Ksh to 126.6m Ksh; 33.6% increase in fixed rate above 50m to 2284m Ksh and 46.425m Ksh chipped in through deals in corporate bonds particularly KenGen Infrastructure bond.

At the equity market, more than 100% increase in units dealt in market volume pace setter, Safaricom to 18.87m delivered 68.9% of the days 27.378m.

The banks too, as usual, gave helping hand with only I&M Holdings amongst the 12 not recording deals.

KCB Group, though,  was the only one in the sector with deals for above 1m (2.499m) but others like Equity Group Holdings (783,000); Barclay's Kenya(606,800) Diamond Trust bank (308,600) and Cooperative bank (185,000) chipped in significant units.

The only other equity with deals for above 1m units was ARM Cement in equally fairly active Construction and Allied sector. ARM closed with deals for 1.58m units.

In all by Friday close, the All shares index maintained steady increase up 0.55%; traded value more than doubled to 646.4m Ksh and deals rose by 7.3% to 970.

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