MAR 19 2019: NAIROBI: RALLY ONGOING DESPITE MORE DROPS

The late week rally in the All share index at the Nairobi Securities Exchange last week continued on Monday March 18, 2019 despite more price drops than gains 

At the market, most of the discovered prices were down on Friday level but the ASI rose by 2.08 points to 160.15 thus indicating the day closed positive.

But there were in fact 22 price drops compared to 13 gains and apparently the ASI ended up more because Safaricom, the market's biggest by market capitalisation closed Ksh 0.75 per share up as well and because top priced British American Tobacco tumbled again.

BAT paced the price losers with Ksh 22 per share tumble to close at Ksh 558 per share after touching day high of Ksh 561 and low of Ksh 550 compared to Ksh 580 per share on Friday.

Its pace downwards was followed by Kapchorua Tea in the agric sector down Ksh 7.50 per share and Nation Media in the commercial and services sector with Ksh 2.50 per share decline.

Other major drops were Ksh1.50 per share by Stanbic Holdings; Ksh 1.20 per share by NIC Group in the same banking sector, and Diamond Trust Bank's Ksh 1 per share decline.


Topping the gainers was East African Breweries, up Ksh 4.75 per share as it closed at Ksh 204.75 per share after hitting day high of Ksh 205 per share, and low of Ksh 204 compared to Ksh 200 per share previously.

Thus down 2.37% per share, EAB recorded deals worth Ksh 1.6m for its 156,100 shares

It was trailed  Standard Group with Ksh 2 per share gain; and Crown Paints as it topped with Ksh 1.75 per share.

If the market mood was down beat on Monday resulting in the dominant price drops, it was clearly more so with the banking sector in which of the 9 price changes recorded, only 2 were gains.

At 27.541m shares traded volume on Monday was down on Friday's 37.690m shares traded. The Monday deals came to 1085, worth Ksh 966.961m compared to 1103 deals valued at Ksh 1.445bn on Friday.

Safaricom witnessed day high volume with 12.842m shares exchanged for Ksh 366m or 37.82% of total traded value. The shares were traded at between Ksh 27.50 and 28.75 per share.

However, the banking sector came up with Ksh 547m traded value or 56.61% of the day's total led by KCB Group, up Ksh 0.65 per share, with deals for 6.549m of its shares worth Ksh 294.5m at between Ksh 44 and 45 per share.

Other major trades amongst the banks were Equity Group's 4.614m shares exchanged for Ksh 198m and Diamond Trust Bank in which 272,700 shares were exchanged for Ksh 37.5m while losing Ksh 1 per share.

Kenya Airways was the only other equity with above 1m shares traded volume as 1.347m of it's shares were traded for Ksh 6.7m while closing down 8.73% or Ksh 0.48 per share.

At the bond market, the main thing was that number of deals rose to 86 from Friday's 65 despite traded value closing at Ksh 2.688bn, not too above previous trading day's Ksh 2.057bn.

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