MAR 16, 2018: MAJOR PRICE GAINS AT NAIROBI SECURITIES EXCHANGE

Week 10 ended today March 16, 2018 at the Nairobi Stock Exchange with up to 7 major price gains out of 17 total gains compared to 12 price drops, all less than Ksh 1 per share each.

Hence the All share index closed up by 1.21 points or 0.66% to 184.08 new high. However, it would have closed far higher had Safaricom and some other top weighted equities not closed firm.

The pace setting gain was by British American Tobacco on the day it was expected to close its register in order to determine those entitled to the Ksh 22.50 per share dividend in the offing.

Simply by finding and closing at N699 per share BAT added leading N23 per share to its yesterday's Ksh 676 per share while recording deal for only 100 shares. No doubt, the leap was in response to the dividend proposed which will eventually reduce the price when it finally goes ex-dividend.

Much in the same way too East African Breweries rose by Ksh 7 per share to trail the BAT lead from a distance.

EAB closed yesterday at Ksh 245 per share and that turned out too to be its day low then hit a high of Ksh 255 before closing at Ksh 252 per share.

However, unlike for BAT, this was as deals were struck for 469,500 shares.

Optimism too left its mark in the banking sector where only HF Group had price drop (Ksh 0.05 per share) compared to 4 gains, most of which were major too.

The foursome were led by Stanbic Holdings up Ksh 6 per share as it hit day high of Ksh 92, eased to low of Ksh 85 then closed at Ksh 89.50 per share compared to Ksh 83.50 yesterday.

Diamond Trust bank also rose significantly by Ksh 4 per share as it found and ended the day at Ksh 215 per share as against Ksh 211 previously and Standard Chartered Bank topped up by Ksh 3 per share again as it simply settled at Ksh 213 per share through the day compared to Ksh 210 yesterday.

The last of the banking four was Equity Group in which 2nd highest traded volume of 2.83m shares was recorded. It closed higher by Ksh 1.25 per share.

Ahead of Equity group though was the Ksh 2.25 per share gain by Car & General and behind were Ksh 1 per share each gain by Nation Media and Bamburi Cement.

Compared to all these, the price drops were not only fewer by also far smaller in terms of margin of decline in Kenyan Shiilings per share.

Top drop was Unga Group, down Ksh 0.75 per share followed by Flame Tree in the same sector with Ksh 0.25 per share decrease and Longhorn Publishers, down Ksh 0.20 per share.

Trading slowed down though with traded volume declining by 33.3% to 18.24m from 27.34m shares and traded value ending at Ksh 660.778m, down 20.6% although number of deals struck rose by 5.39% to 1506.

Safaricom come led traded value with deals for 4.08m shares while apart from Equity group, four other equities recorded deals for more than 1m shares each.

These are Mumias in the manufacturing and allied sector and three in the banking sector: Cooperative bank (2.16m); KCB Group (2.12m) and NIC Group with deals for 1.019m shares.

The bond market picked up a little closing with 43 deals worth Ksh 3.6bn compared to yesterday's Ksh 2.57bn in 82 deals.

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