APRIL 24, 2019: TUG OF WAR AT NAIROBI SECURITIES EXCHANGE.

Which way for the All share index at Nairobi stock market was clearly a tug of war of sorts on Wednesday April 24, 2019 between price losers and gainers.

Eventually, the gainers had the upper hand as the ASI rose by 0.24 points to 158.89 in spite of more price losers than gainers.

There were 26 price drops compared to 15 gains and top 5 of decline was crowded as well but the ASI closed up on the back of equities with high market capitalisation.

Leading price drop was by Limuru Tea as it closed at Ksh 450 per share, down Ksh 47.75 when compared  to Ksh 497.75 per share on Tuesday.

There were other major price drops too. Williamson Tea shed Ksh 5 per share; Stanbic Holdings declined by Ksh 4 per share;  East African Portland Cement lost Ksh 1.85 per share and Diamond Trust Bank eased by Ksh 2.50 per share.

On the other hand, British American Tobacco led price gains with Ksh 19 per share or 3.49% rally from Tuesday's dive while ex-div. It had crashed by the same margin on Tuesday ahead of all price drops.

This time 4,900 of its shares were traded for Ksh 2.5m and  BAT simply just closed at before Easter price of Ksh 544 per share.

On it's trail were Bamburi Cement, up Ksh 7 per share; EA Cables with Ksh 2.75 per share gain and East African Breweries up Ksh 1 per share. What, perhaps, helped to tilt the scale was Safaricom's Ksh 0.05 per share gain.

In terms of volume, trading increased but number of deals and traded value went down. In particular, 865 deals were struck, again below 1000 mark through 16.336m shares valued at Ksh 454.336m were exchanged.

On Tuesday the corresponding figures were 943 deals for 14.556m shares worth Ksh 530.414m.

Safaricom was back pacing with deals for 8.046m shares worth Ksh 225m or 49.65% of traded value at between Ksh 27.85 and 28.10 per share.

There were scattered activities in the banking sector with only one equity out of 12 not closing with deals. In the end, the banks accounted for Ksh 181.9m or 40.04% of traded value.

Sectoral pace setter was Equity Group as 2.097m of its shares were exchanged for Ksh 87.9m at between Ksh 41.55 and 42 per share.

Other major contributors to traded value were KCB Group in which 747,700 shares were traded for Ksh 33.5m and  Barclay's Bank as 2.077m of its  shares went for Ksh 24.9m.

In the .manufacturing sector BAT, up 3.81% recorded deals for 51,100 units worth Ksh 27.8m to pace sectoral contribution of Ksh 34.7m or 7.64%.

At the bond market, improved Ksh 3.5bn traded value was recorded compared to Ksh 2bn on Tuesday with as usual,  bonds of above Ksh 50m nominal value dominating trade.

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