The key Kenyan equity market indices closed higher despite NSE (Nairobi Securities Exchange) 20 share index NSE 20 likely attributable to a dip in BAT’s price (-5.2% w/w).
During the week, NASI and NSE 25 gained by 1.2% and 1.0%, respectively, while NSE 20 declined by 0.3%, taking their YTD performance to gains of 13.9%, 1.9% and 12.0% for NASI, NSE 20 and NSE 25, respectively.
EABL was the top five traded highest gainer (+2.9%), owing to buying interest from the foreign desk while Kenya Re-Insurance recorded the highest loss in its share price (-13.7%), among the top movers in the week, owing to high sell-offs from the foreign desk after announcement of a profit warning for its FY18 results.
Foreign investor activity averaged 62.0% of total NSE turnover in the week from 75.9% the previous week, recording net inflows of Ksh 135.1 million
Safaricom was the highest traded counter by the foreign desk accounting for 32.7% of total foreign trades.
As the deadline closes in for FY18 results release, we expect increased activity across the market though still concentrated on the index counters during the week.
Source- Genghis Capital Weekly Strategy