BANKS KEEP NAIROBI STOCK MARKET UPBEAT

Today September 21, 2017, the Nairobi securities exchange closed positive more as seven banks recorded price gains alongside Safaricom and paced traded volume too.

The All shares index rose by 1.2points or 0.73% to 166.02 as Standard Chartered bank and I &M Holdings led 17 price gains with Kes 1 per share each.

Two other banks: Stanbic Holdings and NIC bank then followed with Kes 0.50 per share gain each.

KCB group Equity Group and Cooperative bank topped up with Kes 0.25 per share each but two other banks closed down . HF Holding and National bank of Nigeria  dropped Kes O.05 and 0.45 respectively.

However, amongst the price gaining banks, only KCB group recorded traded volume high enough to make a difference. It witnessed deals for 2.55m shares at between Kes 42.50 and 44 worth Kes 110m out of the Kes 188m traded value in the sector.

Equity Holdings up 25 Kcents, witnessed deals for 1.272m shares worth Kes 50m while Cooperative bank recorded deals for 0.28m units worth 4.7m.

Safaricom closed the day up Kes 0.50 per share. It had ended yesterday at Kes 25.25; hit day high of 26.30 and low of 25.25 before closing at Kes 25.75.

It also witnessed deals for leading 3.77m shares at between Kes 25.25 and 26.50 worth Kes 97m.

But like the banks as one sector, manufacturing and allied also recorded traded value higher than Safaricom's. It accounted for Kes 182m or 32.54% of total traded value 

As usual, East African Breweries paced the sector with deals for 649,600 shares while dropping by 1.58% to Kes 247 per share. EAB closed yesterday at N252 per share, then opened today at Kes 250 before closing at Kes 147.

Two other equities recorded above 1m traded volume: rarely traded WPP Scangroup and Ken Gen.

WPP recorded deals for 2.02m shares at between Kes 17.50 and 18.50 per share worth Kes 36m. Yesterday, it closed at Kes 18.05, maintained this as the day's high, hit a low of Kes 17.65 then closed the day at Kes 18.10 per share.

On the other hand, down Kes 0.05 per share, KenGen in the energy and petroleum sector, witnessed deals for 1.027m shares worth Kes 9.4m.

The bond market eased from yesterday's Kes 1.6bn traded value to Kes 862m.



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