NSE Stocks Close Mixed; Turnover Declines 45.1%

Avatar photo
Local investors at the Nairobi Securities Exchange (NSE) will now participate in intraday trading. The bourse says this will deepen capital markets.

Nairobi Securities Exchange

The Nairobi Securities Exchange (NSE) witnessed a marginal drop in its weekly turnover as indices closed mixed during the week ending Oct 23.

The NASI and NSE 25 recorded gains of 1.1% and 0.1%, respectively, while NSE 20 recorded a loss of 0.7%, taking their Year To Date (YTD) performance to losses of 15.1%, 21.6%, and 32.2%, for NASI, NSE 25 and NSE 20, respectively. 

The NASI performance was driven by gains recorded by large-cap stocks, with the highest gains being recorded by Safaricom and Bamburi which were up 2.8% and 1.9%, respectively. 

The gains were however weighed down by losses recorded by other large-cap stocks such as EABL, Co-operative Bank, and Standard Chartered Bank, which declined by 3.7%, 3.4% and 3.2%, respectively.

For instance, the weekly turnover on Friday shed 0.1% to Ksh1.30 billion from Ksh1.31 billion transacted the previous week.

“We expect the market’s cautiousness to persist in the coming week as uncertainty increases about the economy under wave 2 pandemic Attack,” says Genghis Capital Analysts. 

“We are “Neutral” on equities for investors because, despite the sustained price declines, which have seen the market P/E decline to below its historical average presenting investors with attractive valuations in the market, the economic outlook remains grim,” Cytonn Investments add.

Avatar photo

Multimedia platform providing analysis of business & financial news in East Africa.

Leave a comment
scroll to top