JAN 17; 2018: COMMERCIALS BEARISH AT NAIROBI STOCK MARKET

At the Nairobi Securities Exchange today Wednesday, January 17, 2018, the commercial and services sector closed bearish thus helping to drag the All share index down 0.16points to 177.67.

In all there were 9 price changes in the sector and all pointed down. Nation Media, down Ksh 5 per share led sector and market price drops for the day as it hit day high of Ksh 114; low of 107 before closing at Ksh 109 per share.

All other price drops in the sector were below Ksh 1 per share each paced by Ksh 0.75 per share drop in TPS Eastern Africa before WPP Scan group and Kenya Airways Ksh 0.25 per share decline each.

Other price losers in the sector were Nairobi Business Ventures, down Ksh 0.15 per share and the cluster of Deacons, Ever ready, Sameer Africa and Uchumi Supermarket with Ksh 0.05 decline per share each.

But beyond the sector,  Nation Media trail was followed by Unga group, down Ksh 1.75 per share and the duo of Car & General; Stanbic Holdings, with Ksh 1.50 per share drop each.

Trading activity was upbeat especially as number of deals consistently stayed high at 1413 as for the better of this new year closing above 1000 most days; traded volume rose by 67.3% to 28.5m shares and traded value closed at Ksh 1.06bn, up 66.8%.

The banking sector not only outshined Safaricom but also, KCB Group, a member of the sector, did as well.

KCB recorded deals for 10.882m shares worth Ksh 494m at between Ksh 45 and 45.50 while closing the day Ksh 0.50 per share up.

It thus contributed substantially to the bankibgs sector's Ksh 593m traded value or 56.26% of market total for the day.

On the other hand, Safaricom witnessed deals for 10.3m shares worth Ksh 300m or 28.51% of total at between Ksh 28.50 and 29.50 while closing firm at Ksh 29 per share.

Equity Group, also in the banking sector, was the other equity with deals for above 1m units as 1.62m of its shares changed hands for Ksh 69m while closing 1.18% or Ksh 0.50 per share up.

The manufacturing and allied sector accounted for Ksh 124m or 11.81% of market traded value but mainly as East African Breweries, down Ksh 1 per share, recorded deals for 517,000 shares at between Ksh 237 and 238 per share worth Ksh 123m.

The day also came up with some otherwise rare deals too as 10,000 units were exchanged in Car and General, the lone equity in the automobile sector and as 37,000 shares of E A Cables changed hands in the Construction sector.

Trading at the bond marker remained relatively average with traded value closing at Ksh 1.2bn just slightly higher than Tuesday's Ksh 1.18 bn.

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