The Nairobi Securities Exchange’s (NSE) total equity market capitalisation dropped to a six-year low of KSh1.79 trillion on Tuesday.
Safaricom, Equity Group, EABL and KCB Group losses mainly drove the equities market performance during the day.
Nairobi Securities Exchange drops to a 6-year low. Losses in Safaricom, EABL, Equity and KCB Group accounted for 98% of the drop. In whose (asset class) hands are we safe? pic.twitter.com/vxyUBJ6qfD
— Rufas Kamau ⚡ (@RufasKe) March 14, 2023
Tuesday, a total of 5,913,600 shares in 1,264 deals, corresponding to a market value of Ksh 141,537,020.00, were traded compared with Monday’s trading day, which translates to a 3% decline in volume, 11% improvement in turnover, and 11% improvement in deals.
“The downward trajectory of the Kenyan equities market was mainly attributable to capital flight as foreign investors moved to developed markets with the Fed expected to further hike their interest,” according to Cytonn Investments.
Top Gainers
BK Group led the gainers with 8.96% share price appreciation closing at KES 31.00 per share, followed by Standard Group (+7.95%), Total Kenya (+7.11%) and Nairobi Business Ventures (+5.74%).
Top losers
Williamson Tea Kenya came out last with an end-of-day price depreciation of 8.57% at KES 160.00 per share, followed by Trans Century (-6.54%), Kenya Re-Insurance Corporation (-6.32%) and Unga Group (-5.71%).
Safaricom recorded the highest volume of 3.59 million traded shares, followed by Kenya Power & Lighting Company (429,700), Standard Chartered Bank (277,600) and Centum Investment Company (223,400).
