MAY 16, 2018: BEARISH BUT ASI UP AT NAIROBI STOCK MARKET.

It was somewhat a bearish day, Wednesday May 16 2018 at the Nairobi Securities Exchange as 26 price drops were recorded compared to only 8 gains.

However, in spite of this, the All share index finally recovered from 4 day consistent decline by closing at 177.82 up 2.75 points or 1.57%.

Lead price gain was by Stanbic Holdings up Ksh 3 per share as it scaled Tuesday's Ksh 89 per to close at Ksh 92.50 after day low of Ksh 90 per share.

But the prime ASI push upwards occurred as Safaricom closed Ksh 1.25 per share while pacing the market volume with deals for 5.02m shares worth Ksh 144m or 27.8% of total traded value. The shares were traded at between Ksh 28 and 29.25 per share.

Safaricom closed May. 15 at Ksh 27.25 per share, hit day high of Ksh 29.25 and low of Ksh 28 before closing at Ksh 28.50 per share.

The rest price gains were below Ksh 1 per share and so, apparently, the pull downwards by 26 drops was countered mainly by these two price increases.

It was indeed a strong one led by Ksh 4 per share decline by I&M Holdings and Crown Paints PLC.

Going down was rather easy for both equities as they found and closed the day at lower prices. I & M Holdings settled at Ksh 118 per share compared to Ksh 122 the previous day while Crown Paints found and closed at Ksh 80 per share as against Ksh 84 per share previously.

Other major price drops were Ksh 2 per share by British American Tobacco and Ksh 1 decline by Equity Group.

Actually, 2.372m shares of Equity Group were traded at between Ksh 49.50 and 50.50 per share leading to its dominant Ksh 118m contribution to banking sector's Ksh 237m or 45.76% of market total.

Trading activities slowed down considerably at both the equity and bond markets with traded volume and value dropping to 14.7m shares and Ksh 518.47m for equity segment while bond traded value eased further to Ksh 1.3bn from Ksh 2.2bn previously.

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