OCT 18, 2017: BAT DOWN KES10 AT NAIROBI SECURITIES EXCHANGE

Today Wednesday, October 18 2017, British American Tobacco (BAT) paced 16 price drops at the Nairobi securities exchange with Kes 10 per share decline.

It had closed Tuesday at Kes 800, opened at day high of same price then hit a low of Kes 750 before closing at Kes 790 per share. It however, recorded deals for only 2000 units.

Being a relatively high priced equity, this huge decline must have helped the All shares index to head down daily since week 42 after closing week 41 on Friday with an optimistic 0.09% increase.

On Monday it closed down by 0.73 points then went further down by 1.08 points or 1.14% yesterday Tuesday.

This was in spite of there being for once equal number of price drops and gains (16 each).

BAT's lead drop was followed from a distance by BOC Kenya which closed at Kes 101 per share as against Kes 103 the previous day, thus losing Kes 2.0 per share.

Average priced Safaricom with top issued shares, declined by Kes 0.25 per share thus giving BAT and other major price drops like I &M Holdings, Stanbic  and Standard Chartered bank, helping hand to keep the ASI looking down.

Top price gains of Kes 2.00 per share each were recorded by the trio of Kakuzi, which hit a high and close of Kes 325 per share; Williamson Tea also with high and close of Kes 160 per share and East African Breweries.

Unlike the rest two, EAB did a bit of hop and step before closing at Kes 242 per share hitting day high of Kes 249 and low of Kes 240.

Five banks against two gainers, recorded price drops and the agricultural sector not only came up with rare five out of six with deals, three recorded price gains with Sasini joining Kakuzi and Williamson Tea with Kes 1.75 per share top up.

The two bank price gainers were Equity Group up N0.25 to witness deals for 208,000 units worth Kes 7.5m and Barclay's bank with Kes 0.05 per share gain.

Like for the ASI, trading trended down with traded volume coming to 20.9m shares, down 28.2%; traded value dropping by 40% to Kes 496m and number of deals struck settling at 983, down 8.22%.

Safaricom dominated both traded volume and value accounting for 13.276m shares or 63.5% of market total and Kes 322m traded value or 64.96% of total as the shares were sold at between Kes 24 and 24.50.

Apart from Safaricom, four other equities recorded deals for above 1m shares led by Ken Kobil with 1.228m changing hands worth Kes 17.9m; ARM Cement in which deals for 1.138m shares were struck at between Kes 13 and 13.15 per share worth Kes 14.8m; KCB group with 1.076m units at between Kes 36.50 and 37 per share worth Kes 39.5m and Kenya Reinsurance, down 5 Kenya cents, as 1.013m shares in it were exchanged for Kes 20m.

The bond market its two day steam as only Kes 488m worth of deals were struck compared to Kes 1.2bn yesterday and Kes 1.56bn on Monday.

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