MAR 19, 2019: NAIROBI: SHARP PRICE CHANGES

Price changes at the Nairobi Securities Exchange were relatively sharp and bold on Tuesday March 19 2019 resulting in 1.22 points decline in the All share index to 158.93.

There were 21 price drops and 16 gains and apparently the ASI decline was driven more by the greater number of equities that closed downwards. If not, price discovery was bold and sharp upwards and downwards.

The price losers were paced by British American Tobacco now ex- div with N12 per share decline to close at Ksh 546 per share after hitting a bottom of Ksh 535 and a high of Ksh 558 per share at which it had ended Monday as well.

On its trail were Stanbic Holdings, down Ksh 3.50 per share, East African Breweries, also ex-div, down Ksh 3.25 per share;  and Kenya Reinsurance down Ksh 1.30 per share as Safaricom applied icing with Ksh 0.50 per share decline.

Top 5 gains too was crowded and sharp led by Bamburi Cement up Ksh 11 per share as it found and closed at Ksh 139 per share compared to Ksh 128 previously.

It was followed by I & M Holdings in the banking sector with Ksh 9 per share top up; BOC Kenya which added Ksh 4.50 per share; Nation Media up Ksh 2.25 per share; Total Kenya with Ksh 2.10 per share gain and Standard Chartered Bank up Ksh 1 per share.

Trade picked up at both equities and bond markets. At the equities end, 1141 deals were sealed for 36.321m shares worth Ksh 957.346m compared to 27.541m shares in 1085 deals valued at Ksh 966.961m on Monday.

Safaricom paced with deals for 19m shares worth N532m or 55.57% of total traded value as the shares were traded at between Ksh 27.60 and 28.50 per share.

In terms of volume, it was followed by Kenya Reinsurance, down 9.42%, in which 5.029m shares were exchanged for Ksh 62.8m thus driving Insurance sector contribution to total traded value to Ksh 63.7m or 6.66%.

But the banking sector chipped in more: Ksh 294m or 30.73% of traded value as KCB Group paced the sector with 2.495m shares worth Ksh 111m at between Ksh 44.60 and 44.80 per share.

Other major trades in the sector were Equity Group's 2.387m exchanged for Ksh 102m; Diamond Trust Bank's 316,000 sharee traded for Ksh 43.6m anf Barclay's Bank's 2.120m shares sold.

Mumias in the manufacturing sector recorded deals for 1.354m of its shares but the sector's Ksh 55.3m or 5.78% of day's total traded value, was contributed to more by East African Breweries 245,800 shares worth Ksh 49.5m at between Ksh 192.25 and 207 per share.

Recovery at the bond market was major because traded value came to Ksh 3.485bn in 77 deals compared to 86 deals worth Ksh 2.688bn on Monday.

There were no deals in corporate bonds; sell or buy back trade came to Ksh 200m and government bonds with nominal value above Ksh 50m dominated with 3 bonds traded for Ksh 500m each pacing it all.

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