May 25: STOCK MARKET UPBEAT IN NIGERIA AND KENYA

Trading in both stock markets in Nigeria and Kenya was upbeat May 25 confirming 3rd day in Nigeria and rally in Kenya.

NIGERIAN STOCK EXCHANGE

At the Nigerian stock exchange, the only activity indicator that ended down was number of deals dropping by 5.96% to 3944.

Traded volume closed the day up by 51% to 418.9m; traded value rose by 43.5% to N4.96bn and All shares index increased by 0.65% to 28467.61.

Traded value driven by deals recorded in GTB (mainly) and Stanbic IBTC which together accounted for 51.1%.

GTB paced the market the most recording day high 315 deals for 2nd ranked 51.86m shares valued at top ranked N1.735bn. It also closed the day N1 per share up, like Stanbic IBTC, 2nd placed Naira gain.

On the other hand, Stanbic IBTC had less investor interest( 63deals); for less offload (30.77m units) ranked 4th worth 2nd placed N800m.

In all 8 eqiities recorded deals for above N100m value and together they accounted for 91.2% of the traded value, talk of being top heavy.

Trailing GTB and Stanbic IBTC were Access Bank down N0.15 per share with 4th ranked 288 deals for top 106.3m units valued at N798.86m; Zenith bank up N0.21 per share with 2nd placed 308 deals for 6th ranked 22.966m units worth 4th placed N419m amd Nestle Nigeria which paced Naira gain with N20 per share increase, and recorded just 24 deals for just 388.776 units but worth N338.2m.

The three others with above N100m traded value each were Ecobank with not too significant Naira gain, witnessed 57 deals for 7th ranked 20.27m shares worth N198.659m; UBA with 3rd placed 296 deals for 8th 18.1m ubits worth N132.179m and FBN Holdings up N0.19 per share with 5th ranked 272 deals for 23.5m shares worth N103.57m.

These equities too contributed the most to traded volume aided by  Diamond Bank which recorded 7th ranked 139 deals for 3rd placed 31.47m units valued at N27.98m closing N0.04 up and Fidelity bank which witnessed 106 deals for 5th placed 23.4m shares worth N22.52m.

Though down, investor interest as indicated by number of deals was high in most of them too with equities like United Capital and FCMB finding places to apply shoulders as well.

FCMB had 8th placed 130 deals for 14.899m units valued at N17.3m while United Capital chipped in 123 deals for 11.54m worth N36.7m closing at price up N0.13 or 4% per share.

The ASI rose as 30 equities had price gains with 14 above 4% each and 14 recorded price drops led by Mobil oil down N15.77 or 5% per share to be among the four down with above 4% each.

Lead % drop was by PZ Cussons down 6.05% or minus N1.15 per share, the day's 2nd highest in Naira terms.

No equity came any where close to Nestle lead Naira gain but the cluster of those with above 4% gains each was led by four: UAC Property up 9.74%; Livestock feeds up 8.54% and the duo of Linkage Assurance and GlaxoSmithKline up 5% each.

The price gains affected banking index the most (up 1.72%) followed by insurance index which added 1.53%.

NAIROBI SECURITES EXCHANGE

As at the time of writing this report, traded values per equity and sector were not on hand but  the upbeat in the market May 25 showed clearly in 52.8% rise in traded volume to 38.56m shares, doubling of total traded value to 1.035bn Kshillings and the rather strong growth in ASI by 1.44% to 145.55.

Safaricom continued to record highest trading and this time accounted for 57.9% of traded volume with deals for 22.3m shares being sealed on behalf of investors 

The banking sector too contributed a good share as KCB group ended with deals for 7.57m units; and Cooperative bank witnessed deals for 1.03m shares.

Also traded value for the day must have been affected positively by deals for 79,300 units in high priced Diamond Trust Bank and for 480,800 units in Equity group.

In terms of traded volume too, the energy and petroleum sector also had its share especially as deals for 2.119m shares were recorded in Kenya Power and 352,600 in KenGen.

Also very impactful, especially on traded value were deals in high priced equities like East African Breweries (303,600 units); Centum Investment (909,000); Jubilee Holdings (72,700 shares); Bamburi (42,700).

Noteworthy too were deals in some medium priced equities like rarely traded Liberty Kenya Holdings (133,100 units); Hope Afrika (181,300 shares) Kenya Airways (657,000 units); Uchumi Supermarket (156,000) ARM Cement (509,800 units) and CIC Insurance with deals for 490,000 units 

After recovering strongly on Wednesday, the bond market lost steam Thursday May 25 as traded value crashed by 51.8% to 2.987bn Ksh.

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