MAR 12, 2018: BANKS STILL BULLISH, ASI UP AT NAIROBI SE

Helped by major price gains by Jubilee Holdings and East African Breweries, bullish price gains in the banking sector today at Nairobi Securities Exchange drove the All share index up by 0.65 points to 181.26.

This was despite slight drops in trading as traded volume dropped to 18.78m shares from 29.85m; traded value closed at Ksh 729.58m and number of deals declined to 1286 from 1425 on Friday.

There were 8 price changes in the banking sector and all were positive. Standard Chartered Bank led both the sector and the market as it closed Ksh 8 per share up while recording deals for 11,000 units.

It hit day high of Ksh 218 per share, then a low of Ksh 212 before closing at Ksh 217 per share compared to Ksh 209 per share on Friday.

In the sector, this was quite a distant pace as next to it KCB Group and Stanbic Holdings rose by Ksh 0.50 per share each and Equity Group and NIC group followed with Ksh 0.25 per share after National Bank's Ksh 0.30 per share gain.

The rest two price gainers were Cooperative bank, up Ksh 0.15 per share and Barclay's Bank up Ksh 0.10 per share.

But outside the sector, Jubilee Holdings was close on SCB heels with Ksh 7 per share gain as it found and closed the day at Ksh 520 per share compared to Friday's Ksh 513 per share. It recorded deals though for only 4,600 shares.

East African Breweries witnessed relatively higher traded volume as 466,400 shares changed hands for Ksh 112m as it closed Ksh 2 or 1.26% up per share.

On the price drops side of the spectrum, leading drops were by Kapchorua Tea and Bamburi Cement as they each lost Ksh 2 per share.

Indeed, the agricultural sector ended with bearish outlook of sorts as, apart from Kapchorua Tea, Williamson Tea lost Ksh 1 per share and Sasini went down by Ksh 0.50 per share.

Trading was also dominated by the banks accounting for Ksh 395m or 54.18% of total traded value as KCB Group recorded deals for 3.89m shares at between Ksh 49 and 49.75 per share worth 192m; Equity Group witnessed deals for 2.43m shares worth Ksh 117m  and all other quoted banks chipped bits alongside HF Group rare deals for 2.098m shares.

Safaricom closed firm but recorded deals for 6.15m shares at between Ksh 29.25 and 29.75 per share worth Ksh 181m.

The bond market was more active as it clocked Ksh 3.3bn traded value in 38 deals as against Ksh 3.03bn in 40 deals on Friday.

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