APRIL 1, 2019: NAIROBI: DRY START TO APRIL

On the first day of April 2019, it was rather a dry day at the Nairobi Securities Exchange. although the All share index rose by 1.35 points to 159.01.

Most sectors recordee low trade. Only 2 out of 7 in the energy and petroleum sector had deals just like 2 out of 5 equities in investment sector, 3 out of 5 in construction and above all, only 5 out of 13 listed equities in the commercial and services sector.

The sectors that recorded fair number with trade were Telecommunications, where as usual so company there closed with deals and Banking where 10 out of 12 closed with deals.

Even at that, most of the deals recorded were for relatively low parcels and, indeed, the day ended with lowest number of deals yet: Just 437.

In the end, 11.493m shares were exchanged for Ksh 369.645m  compared to 1082 deals involving 18.602m shares worth Ksh 664.809m on Friday.

Perhaps, the low trade had to do with the technical challenges that forced the exchange to resume trading behind schedule and so, extend time to 5pm Kenyan time.

According the exchange, for a while it was difficult to hook up with the Central Depository System and trading took off only after the issues of connectivity had been resolved.

Safaricom ended with day high volume and value as its 8.473m shares were exchanged for Ksh 236m or 63.96% of total traded value, with the shares going for between Ksh 27.60 and 28.10 per share. It closed up Ksh 0.35 per share in the process.

The banking sector, on the other hand accounted for Ksh112.5m traded value or 30.44% led by Equity Group in which 1.835m shares were traded for Ksh 78.9m at between Ksh 41.50 and 43 per share.

Because price discovery is tied to at least a deal being struck, low trade also meant fewer price changes. Only 23 equities recorded any price change: 13 positive and 10 negative.

The gainers were paced by East African Breweries with Ksh 3 per share top up to close at Ksh 209.25 per share after high of Ksh 210 and low of Ksh 206.50 compared to Friday's Ksh 206.25 per share.

Other major price gains were 1&M Holdings' Ksh 1.75 per share increase and Ksh 1.40 per share gain by Equity Group.

Standard Chartered Bank set the pace for price drops as it found and closed at Ksh 210 per share, down Ksh 5.25 per share on Friday's Ksh 215.25 per share. This was as 600 of its shares were exchanged.

Other major price drops include Kenyan Orchards Ksh 1.40 per share in rare trade and Jubilee Holdings, down Ksh 1 per share.

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