SEPT 12, 2018: NAIROBI, GHANA INDICES DECLINE APACE

On Wednesday, September 12 2018, the All share index of Nairobi Securities Exchange and Composite index of the Ghana Stock Exchange closed down apace as Nigerian Stock Exchange's ASI had record dive (See previous post).

NAIROBI SECURITIES EXCHANGE

At the Nairobi stock market, on Wednesday, the ASI went down by 0.85% to new year low of 159.95 as 26 price drops and 7 gains were recorded.

It was a decline that occurred despite top Ksh 15 per share increase in the share price of Jubilee Holdings as it found and closed at Ksh 485 per share compared to Ksh 470 previously.

From a distance WPP Scan Group trailed Jubilee with Ksh 1.30 per share gain

The pressure downwards was led by BOC Kenya as it hit a day high of Ksh 90 per share then low of Ksh 87 before closing at Ksh 88.50 per share, up Ksh 4.50 per share.


It was followed by Standard Chartered Bank with Ksh 4 per share decline, 1&M Holdings Ksh 3 per share drop, Nation Media down Ksh 2 per share and Centum Investment which shed Ksh 1.50 per share.

Three companies, Kakuzi ltd, Diamond Trust Bank and British American Tobacco also ended with Ksh 1 per share drop.

There was slight growth in traded volume to 10.612m from 9.843m but traded value dropped to ,Ksh 282.38m of sale from Tuesday's Ksh 285.78m and number of deals declined to 1181 from 1282.

Only two companies traded above 1m shares. Safaricom, while closing firm, witnessed deals for 6.19m shares worth Ksh 167m at between Ksh 26.75 and 27.25 per share. It thus accounted for 63.51% of traded value for the day.

The other was Cooperative Bank in which 1.33m shares changed hands for Ksh 21.5m although trading only 128,700 units, Standard Chartered Bank chipped in higher Ksh 25.7m in the same banking sector 

Traded value at the bond recovered somewhat to Ksh 1.3bn from Tuesday's Ksh 896m.

GHANA STOCK EXCHANGE 

At 0.86% drop to 2853.39 Ghana's Composite index declined just 1%  point ahead of Nairobi but unlike Nairobi, there was of course great decline in traded volume from the high point of Tuesday 

Compared to 20.026m shares on Tuesday dominated by 19m shares offload, only 134,388 shares changed hands this time but then, this was not far from average.

Top traded volume was in Ghana Oil as 60,200 shares were sold at GHs 2.60 per share, down GHs 0.35 per share from Tuesday's GHs 2.95 per share.

Enterprise Group posted deals for 32,400 shares while closing firm at GHs 3.07 per share although closing bid interest at GHs 3 per share did not click.

Aluworks Ltd was the only price gainer, rising by GHs 0.01 per share to record deal for 100 units at GHs 0.08 per share. Bid interest closed at that level but no new takers.

Top price drop was by Ecobank Ghana which closed Tuesday at GHs 8.49 per share then dropped to GHs 8.13 by Wednesday. However, the deals struck for 6200 shares were at GHs 8.10 per share. Also interesting, while bid price stuck at the deal price, offer price jumped to GHs 9.75 per share.

CAL Bank too dropped but by GHs 0.01 per share to GHs 1.18 per share to record deals for 2400 units. It had ended Tuesday at GHs 1.19 per share 

Ghana commercial bank witnessed deals for 15,300 shares at GHs 5.35 per share, up GHs 0.01 but this was not sustained and so, it closed firm at GHs 5.34 per share.



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