SEPT 24, 2018: THE BEARS HAVE TEA AT NAIROBI STOCK MARKET

The tea sector was apparently bearish at Nairobi stock market Monday September 24 2018 but it was only the Nigerian all shares index that dropped.

NAIROBI SECURITIES EXCHANGE

At the Nairobi Stock Exchange on Monday September 24, all the 3 listed tea companies in the agriculture sector crashed significantly but this was not enough to drag the All share index down.

The ASI rose by 3.87 points to 149.35 after diving in the last 2 trading days of last week but mainly because 25 price gains and only 14 drops were recorded.

Many drops were sharp and clear though. Williamson Tea led the bear's tea party with Ksh 15 per share decline as it touched day high of Ksh 165 per share, low of Ksh 145 before closing at Ksh 159 compared to Ksh174 per share on Friday.

Limuru Tea, rarely traded in, followed with Ksh 10 per share decline as it found and closed at Ksh 540 per share as against Ksh 550 previously.

Not left out, Kapchorua Tea shed Ksh 4 per share also by simply closing at Ksh 90 per share after Friday's Ksh 94 per share.

Outside the tea party, the other major price drop was Ksh 5 per share by I &M Holdings.

Topping gainers was Crown Paints Ksh 4.50 per share top up as it hit day high of Ksh 85 per share, low of Ksh 70 before closing at Ksh 84 per share compared to Ksh 79 on Friday.

It was trailed by DTB with Ksh 3 per share increase, Standard Chartered Bank and Nation Media up Ksh 2 per share each; KCB Group with Ksh 1.75 per share top up and TPS Eastern with Ksh 1.25 per share gain.

Trading started the week too on a positive note as traded volume stood at 41.899m valued at Ksh 1.175bn in 1500 deals compared to 32.43m shares in 1316 deals valued at Ksh 1.04bn on Friday.

Safaricom, closing up Ksh1 per share, dominated trade with deals for 32.27m shares worth Ksh 584m at between Ksh 24.50 and 26 per share. It thus accounted for 49.72% of traded value.

On the other, the banking sector made up Ksh 500m or 42.62% as Equity Group paced with deals for 8.396m shares worth Ksh 339m at between Ksh 39.50 and 41.10 per share.

Other major trades were KCB Group's 3.285m shares exchanged for Ksh 131m while closing 1.75% up, Kenya Power and Lighting 3.219m shares worth Ksh 15m and Cooperative Bank's 1.086m shares valued at Ksh 15.1m.

At the bond market however, trading was low as traded value closed at only Ksh 534m.

NIGERIAN STOCK EXCHANGE

At the Nigerian Stock Exchange, the only trace of last Friday's bank shares offload was Guaranty Trust Bank's 66.416m units offloaded in 155 deals worth leading N2.349bn.

In the process, GTB had secured 2nd ranked N0.55 or 1.59% per share gain in the wake of Unilever Nigeria's leading N2 or 4.65% rise per share both of which failed to stop the All share index from dropping 0.27% to 32,451.27.

This was because the losers side of the day's equation at 23 was not only  more crowded than the 13 gainers, margins of declibe were higher too.

Okomu Oil and Palm led price drops with N6.9 or 8.96% decrease as it closed at N70.1 per share compared to N77 per share on Friday. This was accompanied by 18 deals for 0.094m shares worth N 6.699m.

It was followed by Nigerian Breweries down N3 or 3.23% per share by 80 deals for 1.52m shares worth N139.064m.

Other major price drops were N1.45 or 6.74% per share by Forte Oil as it recorded 63 deals for 0.691m shares valued at N14.17m and CAP plc, down N1.15 or 4.06% per share  as 0.184m shares changed hands in 20 deals worth N5.097m.

In terms of trade, the market was relatively active but certainly in ways comparable to Friday only in terms of number of deals struck.

A total of 190.568m shares were traded in 2942 deals valued at N3.306bn as against 523.444m shares in 2778 deals worth N10.581bn last Friday.

Volume and value were paced by GTB followed in volume  by Transcorp's 118 deals for 15.825m shares worth N18.15m, while  Zenith Bank led number of deals with 230 for 5.81m shares valued at N123.856m.

GHANA STOCK EXCHANGE

At the Ghana Stock Exchange, there equal number of price gains and drops but in view of higher margins and relative weights attached, the Ghana Composite index increased to 2895.39 from 2892.11 on Friday.

The leading price gain was by Total Ghana as it closed up GHs 0.70 per share to record exchange of 100 units at GHs 5.50 per share. Total had closed Friday at GHs 4.80 per share, a price which new bid closed the day with.

Starwin Products Ltd also gained GHs 0.01 per share to record deals for 500 units at GHs 0.02 per share although closing bid price dropped again to GHs 0.01 per share by close of day.

Of the 2 price gains, Ecobank Ghana led with GHs 0.13 per share rise after 5300 units were exchanged at GHs 8.10 per share as it closed at GHs 8.13 per share compared to GHs 8.0 on Friday. Bid price though fell back to the Friday figure without any counter offers by day close.

CAL Bank also declined but by GHs 0.01 per share as 2300 shares exchanged at GHs 1.17 per share compared to GHs 1.18 on Friday. Closing offer though was at GHs 1.18 per share 

Traded volume for the day came to 119,116 shares thus continuing the daily decline all through last week's 4 day trading week Friday being Ghana's Founders Day.

Top volume was recorded as MTN Ghana 's 65,000 shares were sold at GHs 0.84 per share. This represented an increase of GHs 0.04 per share but it could not be sustained, so MTN closed firm although closing offer stayed at the deal price.

Other major traded volumes were Ecobank Transnational's 26,700 units traded at GHs 0.20 per share and Standard Chartered Bank's 13,390 shares sold at GHs 26 per share although closing offer price rose some more to GHs 29.90 per share.


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