APRIL 9, 2019: BANKS; INSURANCE; AGRIC TUMBLE AT NAIROBI SECURITIES EXCHANGE

On Tuesday, April 9, 2019 3 major sectors of the Nairobi stock market recorded price tumbles that more or less helped drive the All share index down once again by 0.85 points to 158.39.

The banks were most hit and the sector ended with leading and 3rd highest decline in Ksh terms for the day. Of the 8 price changes recorded out of 12 quoted companies, none ended upwards and Stanbic Holdings ended down Ksh 5.25 per share to pace the market as it found and closed at Ksh 96 per share compared to Ksh 101.25 on Monday.

Then not too far off, Diamond Trust Bank shed Ksh 3.75 per share to place 3rd among top 5 [price losers just behind Jubilee Holdings in the Insurance sector which lost Ksh 4 per share.

Still on banks, Ksh 1 per share drop by Standard Chartered Bank was also major although all other decreases recorded in the sector were below Ksh 1 per share.

In the Insurance sector, all 4 price changes recorded were downwards too although only Jubilee Holdings recorded major decline.It was followed by lowly Ksh 0.25 per share decline by Sanlam ltd and Ksh0.20 per share drop by Kenya Reinsurance.

None of the 3 price drops recorded in the agric sector were major but more important was the fact that not one gain was recorded. Williamson Tea paced with Ksh 0.50 per share while Kapchorua Tea and Sasini ltd shed Ksh 0.25 and 0.15 per share respectively.

Other major price losers were Bamburi Cement in the Construction sevtor down Ksh 3.75 peer share like DTB and of course, Safaricom which shed Ksh 0.15 per share, major not for its Ksh value but for its impact on market capitalisation.

The price gainers were led by Car and General Ltd for the first time since Henates started monitoring the market.It found and closed at Ksh 24.70 per share, up Ksh 2.15 per share on Monday's Ksh 22.55 per share while only 200 of its shares were traded.

Other major price gains were Crown Paints up N1.75 per share and Standard Group in the commercial sector which topped up with Ksh 1.15 per share.

For the 4th day investors interest was on the low side with deals falling 1000 each day.  A total of 946 deals for 17.091m shares worth Ksh596.935m were struck on Tuesday slightly higher than 886 deals on Monday for 27.068m shares valued at Ksh 541.077m and lowly 734 deals sealed on Friday for 16.386m shares worth Ksh 513.223m on Friday.

Safaricom remained dominant with deals for 10.031m shares valued at Ksh 279m or 46.82% of total market traded value while the banks chipped in 37.32% led by KCB Group as it witnessed deals for 4.432m shares worth Ksh 198m at between Ksh 44.60 and 44.90 per share.

The bond market traded value recovered to Ksh 4.597bn in 58 deals compared to Ksh3.535bn in 56 deals on Monday mainly as 15 year Infrastructure bond issued in 2018 at 12,5% recorded deals for Ksh 1.875bn.

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