MAR 5, 2015: LOSERS AHOY AT NAIROBI SECURITIES EXCHANGE

Today was a day of overwhelming price drops at the Nairobi Stock market as 24 equities lost ground compared to only 4 with gains.

Surprisingly, this led to only 0.38 points drop in the All share index to 180.91 but it was clear there was bearish under tone.

Of the four price gainers, two were in the banking sector: Equity group and KCB Group while one each were so counted in commercial and services sector and manufacturing: Express Kenya and Mumias respectively.

Top gain was by Equity Group in the banking sector up Ksh 1 per share as it recorded deals for sale of 3.576m shares at between Ksh 46 and 47.50 per share worth Ksh 168m.

With KCB also up by Ksh 0.25 per share, there is no room though for assuming banking was bullish today. It was in fact bearish as 7 price drops were recorded compared to the two gains.

The day's lead drop was in fact witnessed by Standard Chartered Bank as it closed Ksh 5 per share up after finding and settling at Ksh 205 per share.

BOC Kenya too touched Ksh 102 per share and closed there losing Ksh 3 per share to trail SCB and be trailed by Ksh 2 per share drop in Sasini and  Ksh 1 per share decline by Diamond Trust Bank, Stanbic Holdings and Bamburi Cement.

There was marked improvement in trading though mainly as Kenol Kobil, down Ksh 0.20 per share, witnessed dust raising 31.9m offload worth Ksh 520m at between Ksh 16.30 and 16.95 per share.

Riding this crest, the energy and petroleum sector ended the day with dominant Ksh 524n traded value or 54.99% of the total of Ksh 953.4m for the day.

The banking then chipped in Ksh229m or 24.07% as in addition to the deals witnessed by Equity group, Diamond Trust Bank closed with deals for 124,000 units, KCB had deals for 352,250 shares and Cooperative bank's 463,500 units changed hands as part of deals recorded by listed in the sector.

Safaricom took some back seat once again as it recorded deals for 4.359m shares at between Ksh 29 and 29.75 per share while closing firm.

In the end, 45.44m shares changed hands compared to 31.3m previously in 1316 deals as against 1281 last Friday.

The bond market was on the low side as only Ksh 1.2bn traded value was recorded.

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