Stock trading on the Nairobi Securities Exchange (NSE) was suspended on Friday at 2:38 p.m. as the NSE 20 Share Index plunged by more than 5 percent following the Kenya’s first Covid 19 case being confirmed.
“Normal market activity will resume on Monday,” said the NSE in a public notice.
Scared money don't make no money. https://t.co/coEmShSRrp
— Mihr Thakar (@MihrThakar) March 13, 2020
The NSE halts stock trading for 30 minutes if its main gauge falls more than 5 percent.
If the index falls more than 10 percent after the first suspension is lifted, the bourse will halt trading for another 30 minutes, according to Rule 9.4.1 (ii) of the NSE Equity Trading Rules.
🟥The NSE 20 Share Index closed 5.008% lower to stand at 2,124.78[YTD ⬇️19.952%]
🟥All Share Index NASI lost 5.514% to stand at 133.66
🟥The NSE 25 Share Index shaved-off 210.90 points or 5.943% to settle at 3,337.61
[YTD ⬇️18.606%]#MarketHalt ⚠️⚠️🛑🛑 pic.twitter.com/Tx0TUrX4oP
— Rich Markets (@RichEconomics) March 13, 2020
Consequently, the Kenyan Shilling edged down with commercial banks quoting it at 102.80/103.00 per dollar, down from Thursday’s close of 102.40/60.
The country confirmed its first case of the coronavirus through the Minister of Health Mutahi Kagwe on Friday.
The NSE 20 share Index is a price weighted Index calculated as a mean of the top 20 best performing counters.
1. Barclays Bank of Kenya Ltd
2. Equity Group Holdings Plc
3. KCB Group Plc
4. Diamond Trust Bank Kenya Ltd
5. The Co-operative Bank of Kenya Ltd
6. NIC Group Plc
7. Standard Chartered Bank Kenya Ltd
Commercial & Services Sector
8. WPP Scangroup Plc
9. Kenya Airways Plc
10. Nation Media Group Plc
Construction and Allied Sector
11. Bamburi Cement Ltd
Energy and Petroleum Sector
12. KenGen Co. Plc
13. Kenya Power & Lighting Co Ltd
14. Britam Holdings Plc
15. Kenya Re Insurance Corporation Ltd
16. Centum Investment Co Plc
Investment Services Sector
17. Nairobi Securities Exchange Plc
Manufacturing & Allied Sector
18. East African Breweries Ltd
19. British American Tobacco Kenya Plc
20. Safaricom Plc