NSE opens week with low share volumes

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NSE 20 share Index which tracks top listed companies at the bourse was down 16.21 points

Trading at the Nairobi Securities Exchange (NSE) opened the week with low activities as shares traded close Monday at a total of 10 million, valued at Ksh302.5 million (USD 2.9 million).

This was down compared to 19.8 million shares valued at Ksh560 million (USD5.5 million) posted on Friday before the market took a break for the weekend.

On Monday, the NSE 20 share Index, which tracks blue chip companies was down 16.21 points to stand at 2783.01. All Share Index (NASI) shed 2.40 points to settle at 157.79 while the NSE 25 Share index dropped 52.07 points to settle at 3886.48.

Banking

The banking Sector had shares worth Ksh148 million transacted which accounted for 49.16 per cent of the day’s traded value. Equity Group Holdings was the day’s biggest mover with 1.9 million shares valued at Ksh82 million changing hands at between Ksh40.90 and Ksh42.00.

KCB Group remained steady at Ksh41.30 with shares worth Ksh53 million transacted. Co-operative Bank moved 392,000 shares worth Ksh4.9 million and closed at Ksh12.55.

Telecommunication

Safaricom closed the day 2.05 per cent lower to Ksh28.65 moving 2.7 million shares valued at Ksh78.6 million. This represented 26.00 per cent of the day’s traded value.

Construction and allied

The construction and allied sector had shares worth Ksh38.4 million traded and accounted for 12.72 per cent of the day’s turnover. Bamburi Cement moved 325,000 shares valued at Ksh38 million at a fairly stable price of Ksh118.00.

Commercial & Services

The commercial and services sector had shares worth Ksh9.2 million traded and accounted for 3.06 per cent of the day’s turnover. Scangroup slipped 2.19 per cent to Ksh17.85 with shares worth Ksh8 million realized.

Manufacturing & Allied

The manufacturing and allied sector had shares worth Ksh20.4 million traded and accounted for 6.77 per cent of the day’s turnover. East Africa Breweries Limited (EABL) down 3.05 per cent to Ksh214.50 moved 92,000 shares valued at Ksh19.8 million.

Bonds

The Bond Market had bonds worth 1billion (USD9.9 million) transacted. NSE is this year gearing for major IPOs as it seeks to end a decade long drought.

The bourse is counting on its incubation and acceleration programme dubbed “Ibuka” to attract new listings.

READ:How NSE is preparing small companies for listing at the bourse

Launched on December 17, 2018, Ibuka which is Swahili for “emerging” has continued to attract Small and Medium-sized Enterprises (SMEs) whom have expressed interest of going public.

Under the programme, NSE is targeting local companies from across the country with the initiative which is designed into two phases.

First is the incubation phase where companies are supported to enhance their financial, technical, operational, commercial and strategic aspects of their businesses.

The second stage is the acceleration phase which enables companies to raise capital through debt and equity market, as they track valuation as well as produce specialized documents such as capital raising and equity raising reports.

 

Martin Mwita is a business reporter based in Kenya. He covers equities, capital markets, trade and the East African Cooperation markets.

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