MAR 15, 2019: NAIROBI: TWO DAY RALLY DECIDES

Late week rally on Thursday, March 14 and Friday March 15, 2019 upturned mood at the Nairobi Securities Exchange in the week ended Friday March 15.

It was particularly strong on Friday as the All share index rose by 2.63 points to close at 158.07 compared to Thursday when it grew by only 0.99 points.

However, the two upward shift over turned 3 days of consistent decline earlier in the week. On Monday, to start the week, the ASI dropped by 0.79 points then by very marginal 0.17 points the next day before shedding another 0.69 points on Wednesday.

In the end, the ASI ended the week up 2.96 points on previous week's closing 156.11.

The Friday rally was driven by 27 price gains that overwhelmed 14 drops mostly also with higher Kenyan Shillings margins.

The gains were paced by Nation Media in the commercial and services sector with Ksh 3.50 per share top up to close at Ksh 61.75 per share after hitting day high of Ksh 63.25 and low of Ksh 59 as against Ksh 58.25 per share previously.

It was trailed by Ksh 1.05 per share gain by Equity Group and Ksh 1 per share top up by Diamond Trust Bank and KCB Group separately. Safaricom also closed up Ksh 0.75 per share.

Friday too ended up with boost for traded volume for the week especially for banks like Equity Group and KCB Group and Centum Investments in the investment sector.

First time after more than a week, total traded value climbed above Ksh 1bn at Ksh 1.445bn in 1103 deals for 37.690m shares compared to 980 deals involving 31.501m shares worth Ksh 517.414m on Thursday.

This was as out of the 18.7m shares of Equity Group traded within the week for Ksh 803m at between Ksh 40.50 and 43.80 per share, 14.709m were on Friday.

Much the same way, KCB Group's 9.444m shares were traded on Friday driving all week volume to 11.5m worth Ksh 508m. Hence, in the end, the banking sector accounted for Ksh 1.4bn or 47.66% of the week's traded value.

Safaricom paced all week volume but 9.914m of its shares exchanged on Friday was a fraction of 37m shares total worth Ksh 1bn or 32.97% at between Ksh 26.50 and 28.10 per share.

Centum investments ended the week with 1.3m shares exchanged for Ksh 43.9m at between Ksh 31 and 32.80 per share with nearly half, (532,900 shares) being traded on Friday alone.

However, all week traded value dropped to Ksh 3bn involving 110m shares from previous week's 92.7m shares worth Ksh 5.5bn.

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