JULY 24,2017: ASI NEW HIGH, DRY MONDAY AT NAIROBI SE

It was indeed a dry Monday today July 24 2017 at Nairobi securities exchange but bullish interest pushed All shares index to a new high.

The ASI finally rose by 0.81 points or 0.52% to 156.11 thus crossing 155.56 it hit on June 27, this year.

It had crossed into the 154 range on July 18 and Henates had expected that given the slow growth pace, it will be a while before hitting the old high.

Pressure upwards came from 21 price increases recorded as against only 10 losers. Besides, in % terms, the gains were way ahead of losers too pointing to a fairly bullish day with limited supply of shares.

Lead gain was by Express Ltd, up 8.22% to Kes 3.95 per share followed by Uchumi Supermarket, up 7.94% to Kes 3.40 per share and Standard Chartered bank up 7.37% to Kes 233 pee share.

Leading the price drops was CIC Insurance down 4.04% to Kes 4.75 followed by TPS Eastern Africa at Kes 24.0 per share or down 4% and Kenya Airways down 3% to Kes 4.75 per share.

Trading was very low as traded volume dropped by 53% to just 14m units; trader value decreased by 42.8% to Kes 402.8m and as number of deals sealed stood at 877 down 25.6% from Friday close.

The banking sector was by far the most active recording 68.6% of traded value or Kes 276m as three banks recorded deals for above 1m units each and high priced Diamond Trust Bank also came alive.

Equity group paced the market and sector with deals for 2.96m shares at between Kes 39.75 and 41 per share worth Kes 119m.

KCB group contributed Kes 83m worth of deals for 2.075m shares while closing up by 40 cents; Diamond Trust Bank recorded deals for 210,600 units worth Kes 37.9m and Cooperative bank witnessed deals for 2.08m shares.

Safaricom this time around only recorded deals for 2.9m units at between Kes 23.25 and 23.75 per share worth Kes 68m or 9.6%.

One of the contributors that helped traded value from dropping as fast as volume did was deals witnessed in high priced Bamburi cement, up 1.05% for 116,100 shares worth Kes 22m  thus helping the construction and allied sector to chip in Kes 27m or 6.93% of traded value.

Trading at the bond market was low too as only Kes 1.3bn traded value was recorded in 33 deals.

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