NOV 21, 2017: ALL SHARES INDEX UP RECORD HIGH AT NAIROBI

Despite huge price drops in three high priced equities today Tuesday November 21 2017, the All shares index jumped by record 3.45 points or 2.09% at Nairobi Securities Exchange perhaps in view of Supreme Court formal affirmation of the election of President Uhuru Kenyatta for another term.

In September, the apex Court's call for a rerun of the presidential elections had caused major dive in stock prices and by extension, the ASI.

Last Friday the same court finally confirmed the results of the rerun elections despite boycott by the opposition.

In all there were 23 price gains and 9 drops at the end of the day and almost just like yesterday. But the catch was that unlike yesterday, high priced equities like Limuru Tea, Jubilee Holdings and British American Tobacco recorded heavy price drops that made no difference.

Limuru Tea led the decline with Kes 40 per share dive to Kes 500 all through the day compared to yesterday's Kes 540 per share and recorded deals for only 2100 units.

Jubilee Holdings crashed too but by Kes 39 per share as it hit day high of Kes 475, low of Kes 450 then closed at Kes 455 per share as against Kes 494 previously.

British American Tobacco joined the high brow price losers with Kes 18 per share decline to Kes 780 where it closed firm through the day.

Indeed the gainers group was a crowded scene but the margins were less remarkable. Price gains were paced by I & M Holding's Kes 4 per share increase after touching day high of Kes 126, and low of Kes 122 before closing at Kes 124 per share compared to Kes 120 yesterday.

Close on its heels on the gainers chart were Standard Chartered Bank which led a cluster of 8 bank gainers, no drops, with Kes 3 top up per share; and Nation Media in the Commercial & Services sector up Kes 2 per share.

Most likely Safaricom's rare Kes 1.00 per share gain in one day like for high priced East African Breweries helped drive the ASI upwards.

Safaricom hit a high of Kes 27.25 per share, and a low of Kes 25.75 before settling at Kes 26.75 per share.

Trading also witnessed top growth as traded volume closed at 27.23m, up 44.2% as Cooperative bank paced the market with deals for 7.53m shares supported by Safaricom with 7.04m changing hands ; Barclay's bank with deals for 6.367m units and Equity bank chipped in traded 2.447m shares.

Traded value grew by only 18.3% because most of the day's top trades were in low and medium priced equities but deals for 477,700 shares in high priced EAB and for 541,000 units in the Nairobi Securities Exchange itself, did help to steady the value boat.

The bond market recovered well recording 32 deals for Kes 1.428bn compared to 22 deals for only Kes 84m worth yesterday. 

All the sectors of the bond market were active perhaps, with the political haze out of the way, as a pointer to getting back to be the Exchange's flagship?

May be.

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