March 29: UNEXPECTED FIZZLES AT NIGERIAN AND NAIROBI SEs

Unexpected developments pushed activities in both African NSEs up yesterday and so, naturally, today was expected to come up with great crashes but it didnt.
NIGERIAN STOCK EXCHANGE:

At the Nigerian stock exchange rare offload in Niger Insurance had pepped traded volume up a lot yesterday but today, there was only manageable 19% drop in volume to 771.658m units.

The gap was more or less filled by three equities with fairly major offloads as well led by 14 deals in Custodian & Allied Insurance for 284.538m units.

Yet another insurance company recorded 22 deals for 250.712m units and that was Continental Re.

However, the third company was not an insurance one but from the banking sector where in Diamond bank 127.276m units were sold in 5th placed 117 deals.

Between the three equities, they were thus responsible for 49.6% of the day's volume; sure not comparable to Niger Insurance 79% previously but a good prop.

Otherwise, the mood in the market was low key when compared to Tuesday close as not only All shares index continued down by 0.55% to 25,267.68 but number of deals dropped too by 19.1% to 2703 alongside the volume decrease.

Day high deals were recorded in UBA as 271deals were sealed for 21.572m units followed by FBN Holdings' 231 deals for 12.565m shares and GTB's 157 deals for 5.902m units.

There were 21 gainers led in % terms by rarely traded Transcorp Hotels PLC as 3 deals for 51,100 shares resulted in 10.04% gain per share.

In Naira terms, however, leading gain was by Total Nigeria up N9.98 per share or 3.84% followed by Forte Oil with N2 per share or 4.4% up.

On the other hand, there were 14 losers led by FCMB down 6.4% as 24 deals were sealed for 4.064m shares and Unilever down 5.6% or second placed N1.9 per share.

Top loss in Naira was by Mobil oil down N2.25 per share or 0.76% to seal 10 deals for just 22546 units 


NAIROBI STOCK EXCHANGE:

Today March 29 at the Nairobi stock exchange Bond market reinforced yesterday's strong recovery with value of deals recorded grew further by 11.9% to 4574.95m Ksh.

In a way, given that  yesterday's value was multiples of Monday's weak start to the week, it was looking like the only way to go today was down, or at worst firm 

That was not to be mainly because interest in government fixed income bond below and above 50m ksh nominal value remained high.

In the above 50m category the value of deals sealed came to 3927.2m ksh up 49.9%,

That was a strong add on to old high but the value growth recorded in below 50m Ksh fixed income was even stronger as the days total came to 447.75m Ksh compared to slight recovery to 86m Ksh in the previous day.

It was sell or buy back transactions that slowed down the days bond traded value by recording deal for 200m; down 85.5% from Tuesday's rather high 1381m Ksh.


At the main equity market, all pointers closed down except traded value which edged up by 2.02% to 501.39m Ksh.

Both market capitalisation and All shares index closed down by about 0.69%; volume decreased by 1.53% to 25.5m units and number of deals dropped by 9.15% to 1112.

Safaricom continued to be the main traded equity volume wise although chipping in deals for 13.298m units compared to yesterday's 14.747m amounted to contributing less (52.1%) to the volume basket.

As usual the quoted banks offered shoulders to the wheel for all it was worth led by Barclay's bank of Kenya which trailed Safaricom with deals for 4.116m units.

The third placed contributor was also in the banking sector: Equity Group Holdings in which deals were sealed for 3.256m shares.

Other banks with significant volume were NIC Bank (924,000); KCB Group (575,000) and Cooperative bank with deals for 401,900 units.

Ahead of them though was Construction and Allied sector's daily active listing: ARM Cement that this time recorded deals for 1.095m shares.

Some other equities continue to feature daily, no matter how low the volume: Energy and Petroleum's KenGen and Kenya Power and lighting; Investment sector's Home Afrika; Commercial and services' Kenya Airways and Manufacturing and Allied's Mumias Sugar.


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