FEB 12, 2019: NAIROBI: CAUTIOUS PRICING

Caution was the word at Nairobi Securities Exchange on Tuesday February 12, 2019 as most price changes were below Ksh 1 per share.

However, this did lead to punctuation of the market's near bullish run daily for weeks without break. The All share index declined marginally to 160.28 compared to 160.53 on Monday.

There were 26 price drops and 11 gains but only 3 of the drops and 1 out of the 11 gains ended above Ksh 1 per share.

The lead gain was Ksh 1.75 or 2.60% per share by Nation Media to close at Ksh 69 per share compared to Ksh 67.25 on Monday.

This was the only one above Ksh 1 per share although in % terms top gain was 6.61% by Sanlam representing Ksh 0.55 per share increase to Ksh 25.50 from Ksh 23.45 per share.

However Safaricom did top up with Ksh 0.10 or 0.37% per share thus reducing the ASI decline rate despite the overwhelming number of drops.

The drops were paced by BOC Kenya with Ksh 5.50 or 6.56% per share decline to Ksh 74.50 per share from Monday's Ksh 80 per share.

It was closely followed by British American Tobacco in the same manufacturing sector, down Ksh 5 or 0.85% per share from Monday's Ksh 588 per share to Ksh 583.

The third major price drop was Bank of Kigali's Ksh 2.95 or 9.52% per share to Ksh 28.05 to. Ksh 31 per share.

In % terms, the duo of Bank of Kigali and Uchumi Supermarket led the day with 9.52% per share. In the case of Uchumi, this was as it closed at Ksh 0.76 per share compared to Ksh 0.84 previously.

Traded volume scaled down slightly but this did not drag both traded value and number of deals struck down. In all, 1420 deals were sealed for 19.899m shares worth Ksh 617.610m as against just 991 deals for 20.138m shares valued at Ksh 494.138m.

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