WEEK 34: NAIROBI: ALL SHARES INDEX AT NEW HIGH

At the Nairobi securities exchange, today August 25, 2017 the All shares index closed week 34 at new high of 172.31, up 4.31% on last Friday's 165.20.

Up to Tuesday, August 22, the ASI did an up today, down tomorrow dance out of step with trading but on Wednesday it gained 0.58% to 167.53, capped it with 0.69% rise to 168.69 yesterday before today's new high.

Weekly statistics indicate 24 price gains and 23 drops within the week which may not quite explain the sharp rise in ASI recorded.

Close look however, points to Safaricom's gain of Kes 2.25 per share gain at closing Kes 26.50 as the main driver. Safaricom has the highest component of the market capitalisation and like for Dangote Cement in the Nigerian market, its price movements send ripples that impact on the ASI.

Safaricom actually hit an all time high of Kes 27 per share before easing to the final Friday close. Thus, the deals struck for its market leading 37.9m shares sold through the week were at between Kes 24.25 and 27 per share. They were worth Kes 975m or 31.79% of the week's traded value.

High priced British American Tobacco contributed its own quarter to the ASI increase as it led Kshillings gainers with Kes 9.00 to close at Kes 810 per share.



In % terms though, top gain was by Kenya Power And Lighting up 14.29% within the week to Kes 11.60 or Kes 1.45 per share. 

Next was TPS Eastern Africa ltd with 12.75% gain to Kes 28.75 or 2nd highest Kes 3.25 per share.

Safaricom with 9.28% then followed before Express Kenya's 8.33% to Kes 3.90 per share.

The price drops were led both in Kshillings and % terms by Limuru Tea, a high priced equity but with low issued capital. It lost Kes 60 or 10% down to close at Kes 540 per share.

Fellow Agricultural sector, Williamson Tea followed also in both Kes and % terms with Kes 14 or 7.78% drop per share to Kes 166. It actually led a mini cluster of 7% range which included Nairobi securities exchange, down 7.77% or Kes 0.40 per share and Kenya Airways, down Kes 0.35 or 7.07%.

In between in Kshillings terms, Bamburi cement lost Kes 8.00 per share or 4.02% at Kes 199 thus leading the all round price drops recorded by Construction and allied sector equities within the week.

The week's traded value though, at Kes 3.067bn was lower than week 33's Kes 4bn. Ditto traded volume which came to 120.29m shares compared to 172m previously.

Leading trades were recorded in Safaricom (37.9m shares); Ken Gen (21.6m units) and Kenya Power with 16.13m shares.

In terms of traded value Safaricom accounted for 31.79% or Kes 975m; banking sector had Kes 757m value or 24.69% and Manufacturing and allied accounted for Kes 550m or 17.96%.

The bond market was far more active than in week 33 with traded value closing at Kes 10bn compared to Kes 8.3bn previously but Friday was on the low side with no deals at all in government treasury bond above 50m Kes and total traded value of Kes 1.691bn as against kes 3.151 on Thursday.

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