JAN 30, 2019: NAIROBI: BULLISH BANKING

The banking sector of Nairobi Securities Exchange closed bullish sort of on Wednesday January 30 2019 as of the 12 equities listed there, 9 recorded price changes and only 1 was downwards.

The lone ranger was Barclay's Bank down Ksh 0.05 per share out of step with 8 price gains in the sector. Topping the banking gainers chart was Diamond Bank up Ksh 4.50 per share.

It was followed by  Standard Chartered Bank with Ksh 2 per share rise and I& M Holdings up Ksh 1.25 per share. The rest 5 closed with below Ksh 1 per share gain.

No bank paced full market gains though which covered 22 equities as against 14 price losers. The gainers pace was set by BOC Kenya up Ksh 7.25 per share and Jubilee Holdings with Ksh 5 per share as it closed at Ksh 430 compared to Ksh 425 per share on Tuesday.

Diamond Trust Bank was thus close on their  trail but other major price gainers were Car & General and Williamson Tea up Ksh 2.50 per share each and East African Breweries with Ksh 1.50 per share rally making it 3rd day up.

The All share index closed at 149.29, up 0.99 points mainly as Safaricom joined the major price gainers with Ksh 0.25 per share top up.

On the decline side, Bamburi Cement almost did a solo closing down Ksh 2.50 per share at Ksh 129 per share after hitting day high of Ksh 130 compared to Tuesday's Ksh 131.50 per share.

British American Tobacco recorded the other major price drop for the day easing by Ksh 1 per share. What was more interesting however, was that the slide occurred as very rare 1.25m of its shares were offloaded for Ksh 808m at between Ksh 646 and 647 per share.

This rare traded value pushed manufacturing sector's contribution to traded value to Ksh 898m or 55.53% of total for the day with some help from deals struck for East African exchange Breweries 420,700 units worth Ksh 89m .

The banking sector chipped in 27.85% of total traded value led by Equity Group's Ksh 228m for 5.712m shsres traded at between Ksh 39.90 and 40 per share and KCB Group's 1.413m shares exchanged for Ksh 56m.

At the bond market there was a big boost in traded value but not in number of deals struck. There just 63 deals worth Ksh 5.996bn compared to 104 deals valued at Ksh 3.828 bn previously.

There was a corporate bond deal for Ksh 15m and sell or buy back for Ksh 200m but deals in stocks of above Ksh 50m nominal value dominated. That fixed income sector of the market recorded 21 equities with deals led by Ksh 1.1bn worth in 5 year fixed income issued on March 2018 and due in 2023.

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