The Nairobi Securities Exchange on Monday sustained its bearish run registering a 78 percent decline in turnover compared to Friday’s session.

According to the Standard Investment Bank, the NSE 20 -0.6%, NASI -1.4%, NSE 25 -1.0%, value traded Ksh 202.5 million (USD 1.9m) with 9,766,600 shares in 1,148 deals.

On Friday, 41,799,700 shares in 1,274 deals, corresponding to a market value of Ksh 937.7, were traded.

The benchmark indices started the week on a losing note, mainly on price dips on a majority of the large caps; the NASI was the leading loser, down 1.4%, with the NSE 25 and NSE 20 following suit, contracting 1.0% and 0.6% respectively.

Market activity slumped 78.4% to USD 1.9m, on reduced of Safaricom and banking stocks. EABL was the most traded counter in the session, accounting for 43.7% of total turnover, trailed by BAT (16.4%) and Safaricom (13.4%).

Both manufacturers closed the session relatively unchanged, while the telco was the leading laggard in the top movers’ list, dropping 2.3%, on foreign selling.

On the opposite end of the spectrum, Kengen was the leading gainer in the list (top movers’), climbing 2.4%, on bullish foreign investor sentiments.

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Last week, the equities market recorded mixed performances, with NASI and NSE 25 gaining by 1.2% and 1.4%, respectively, while NSE 20 declining by 2.1%, taking their YTD performance to losses of 13.1%, 18.7%, and 25.8%, for NASI, NSE 25 and NSE 20, respectively.

“We expect the uncertainty-led slowdown in the equities market to persist with the extended duration of re-opening of the economy expected to dim near-term prospects of recovery of business activity,” according to Genghis Capital, Genghis Cross-Asset Weekly Strategy – 22nd June 2020.

Source:  Standard Investment Bank 

Khusoko provides market insights into Africa's business investment as well as global trends that impact East African businesses.

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