AUG. 22, 2018: OPPOSITES AT NAIROBI AND GHANA STOCK MARKETS

With Nigeria still on holiday, the Nairobi and Ghana stock Markets in opposite directions on Wednesday August 22 2018 as far as all market index was concerned.

NAIROBI SECURITIES EXCHANGE:

At the Nairobi stock market, the All share index closed down 0.35 points at 173.86 as 13 price gains and 20 drops were recorded.

It has also shed 0.28 points on Monday at the start of the week before Kenya observed the Muslim holiday on Tuesday alone.

The day's price changes were marginal though with Nation Media leading gainers with Ksh 1.50 per share increase as it touched and closed at Ksh 89 per share as against Ksh 87.50 on Monday.

It was followed with Ksh 1.30 per share gain by WPP Scan Group while recording rare traded volume. It closed at day high of Ksh 16.50 per share after touching a low of Ksh 15 per share while deals were struck for 4.003m shares worth Ksh 66m.

Other major price gains were Ksh 1 per share each by Sasini; Williamson Tea, Standard Chartered Bank and Bamburi Cement.

On the other hand,  top drop was recorded by Kapchorua Tea, down Ksh 4 per share as it closed at Ksh 95 per share compared to Monday's Ksh 99 per share which also turned put to be Wednesday's high point for Kapchorua Tea.

On its trail were Stanbic Holdings and East African Breweries down Ksh 2 per share each 

Trading improved at the end of the day with traded volume closing at 19.467m shares compared to 16.236m previously; trading value coming to Ksh 467.938m from Ksh 417.627m although number of deals sealed eased to 1032 from 1087.

Leading volume was once again recorded by Safaricom with deals for 6.420m shares worth Ksh 187m or 39.94% of market total at Ksh 29 and 29.50 per share.

The banking sector chipped in Ksh 163.7m or 34.98% to traded value with Equity Group pacing with deals for 1.268m shares worth Ksh. 63.6m at Ksh 49.75 and 50.50 per share.

Barclay's Bank recorded deals for 2.817m shares worth Ksh 33m while down 2.49% and Cooperative Bank witnessed exchange of 1.839m of its shares for Ksh 31m.

GHANA STOCK EXCHANGE:

The opposite was the case with the Ghana Stock Exchange as the Composite index rallied 0.13% to 2944.87 after Monday's marginal decline.

The rally was in spite of equal number of gainers and losers (3). The difference was in the margin of change.

Top gain was by Access Bank as it witnessed deals for 800 units at GHs 3.80 per share, up GHs 0.30 per share after closing Monday at GHs 3.50 per share.

No more deals were sealed later in the day when bid price slipped to GHs 3.40 per share.

Total Ghana rose too but by GHs 0.05 per share to record deals for 2500 shares at GHs 4.40 per share compared to Monday's GHs 4.35 per share

Interestingly, both bid and offer price closed at new levels at the end of the day. While bid price depressed to GHs 4.38 per share offer price rose to GHs 5 per share signalling no new deals.

Compared to these, Ecobank Ghana's GHs 0.02 per share gain was easy as it recorded deals for leading 199,000 shares at GHs 8.98 per share as against GHs 8.96 on Monday.

In sharp contrast to the gains, all 3 price drops were GHs 0.01 per share. The more noteworthy was that of Standard Chartered Bank shed as 50 units were sold at GHs 26 per share compared to GHs 26.01 on Monday.

No more deals were recorded in SCB because after this, offer price rose to GHs29.90 per share while bid price stayed at GHs. 26.01.

The other 2 price losers were Ecobank Transnational while recording deals for 8200 shares at GHs 0.24 per share and SIC Insurance as 5000 shares changed hands also at GHs 0.24 per share.

Traded volume improved from 129,541 units on Monday to 379,144 shares although many of the listed companies closed with bid and offer price not finding common ground.

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