SEPT 11, 2017: SAFARICOM, WILLIAMSON LEAD RALLY AT NAIROBI

The Nairobi securities exchange started this week today Monday, September 11, 2017 with activity and price rally led by Safaricom and Williamson Tea thus confiming yet settled presidential election is off the burner for now 

Safaricom had led the market activity downwards on Friday with deals for only 1.792m shares but today, closed with deals for 19.989m shares at between Kes 25.75 and 26.50 per share worth Kes 520m.

It had closed Friday at kes 25.25 per share, hit a day high of Kes 26.50 then closed at Kes 26.0 per share.

Given its dominant weight in the market, this must have helped the All shares Index to close 0.40% higher at 166.32 although way behind 1.13% rally on Friday.

Safaricom thus accounted for 64.6% of the day's 30.9m traded volume and 50.5% of Kes 1.03bn traded value.

But it did not lead price rally. That honour belonged to Williamson Tea in Kes terms as it opened and closed the day at Kes 174, up Kes 4.00 per share on Friday's Kes 170. This was the highest Kes gain out of the 21 recorded.

However, the banks dominated price movements with 6 gaining and 3 heading down. Leading the bank gains was Diamond Trust Bank, up Kes 3 per share at Kes 182. It closed Friday at Kes 179, hit day high of Kes 185 and low of Kes 180 before settling at Kes 182.

Other major gainers for the day were Jubilee Holdings in the Insurance sector, and BOC Kenya in the manufacturing and allied sector, both up Kes 2.00 per share each.

There were 21 price drops led by, strangely, Kapchorua Tea in the same sector with Williamson Tea. Kapchorua closed Friday at Kes 90 per share then opened and closed the day at Kes 81, down Kes 9.00 per share.

It was trailed by WPP Scan group down Kes 2 at 18.75 per share after hitting a low of 18.70 from day high of Kes 20.75 which was a carry over from Friday.

The bond market closed with Kes 1.7bn traded value in 31 deals slightly higher than Friday's Kes 1.2bn in 59 deals.

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