Nairobi Securities Exchange Depressed as Traders Remain Cautious

David Indeje is Khusoko’s Digital Editor, covering East African markets.
The Next Derivatives Market, will offer investors index futures contracts on the NSE-25 share index and single stock futures. This involves the most traded companies at the NSE: Safaricom Plc, Equity Group Holdings, KenGen, KCB Group, East African Breweries Ltd, British American Tobacco Kenya Plc and Bamburi Cement Ltd.

Trading at the Nairobi Securities Exchange (NSE) remains depressed due to the cautious stance being taken by investors says Genghis Capital.

During the week ending Oct 2., the market recorded mixed performances, with NSE 20 recording marginal gains of 0.3 performance while NASI declined by 0.1 percent. 

The NSE 25 on the other hand, remained unchanged from the previous week.

NASI performance was driven by losses recorded by large-cap stocks such as ABSA, EABL and Co-operative Bank, which declined by 2.0 percent, 1.8 percent and 1.7 percent, respectively. 

“The decline was however mitigated by gains recorded by other large-cap stocks such as Diamond Trust Bank and Standard Chartered Bank of 2.1 percent and 0.8 percent, respectively,” noted Cytonn Investments in their weekly review.

Nairobi Securities Exchange Depressed as Traders Remain Cautious

Genghis Capital observed that foreigners were net sellers during the week, fairly trading in/out of the top stocks as opposed to previous large trades on Safaricom only. 

“We expect the market’s cautiousness to persist in the coming week as investors assess their fourth-quarter investment strategies,” says Genghis.

David Indeje is Khusoko’s Digital Editor, covering East African markets.

In my role as Community Engagement Editor For Khusoko, I care about our audience. engaging them, getting news delivered to them across a variety of platforms, and expanding the diversity of voices on our website.

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