STOCKS

Technical hitch fails to prevent NSE weekly high

The Nairobi Securities Exchange(NSE) posted the highest value of 2019 so far in the week ended January 11, despite one of the day’s sessions experiencing a technical hitch that led to close of trading.

With only the second week of trading in 2019, the bourse spiked to Ksh2.2 billion, rising above the Ksh1bn that was transacted in the week ended January 4.

The figure however would have been higher as a technical hitch affected trading on Tuesday. Predictably, January 8 posted the lowest numbers of the week.

Another technical hitch in October of 2018 also led to a temporary shutdown of the NSE, and investors are calling for this phenomena to be put under control, even calling for compensation from the bourse in the event of frequency.

A total of 97 million deals were transacted throughout the whole week, moving upwards from the 44 million shares that exchanged hands in the previous week.

The Bonds Market was buoyant, transacting bonds worth Ksh9.98 billion. Compared to last week’s Ksh3.9 billion, this reflects an upbeat market.

READ : FESTIVE SEASON HANGOVER EASING AT SECURITIES EXCHANGE

NSE Weekly: Sectors Wrap

All NSE indices closed the week in the green zone, ending higher than in the previous week.

The NSE 20 Share Index picked up 10.55 points to stand at 2794.43, with the All Share Index (NASI) ended 4.07% higher to settle at 142.61. The NSE 25 Share index gained 90.78 points — a 2.61% increase — to settle at 3564.37.

In the Banking Sector, shares worth Ksh434 million were transacted, accounting for 19.46% of the week’s traded value.

Equity Group Holdings actively moved 6.4 million shares valued at Ksh224 million. Trading for Equity was at between Ksh33.40 and Ksh37.45.

KCB Group dropped 1.2% lower to Ksh36.90, moving 5 million shares valued at Ksh167 million.

The Commercial & Services Sector had shares worth Ksh11.8 million transacted which represented
0.53% of the week’s traded value.

Nation Media Group was down 1.95% to Ksh63 in the week that saw a shakeup in the editorial structure at the media firm. NMG moved 142,000 shares valued at Ksh9 million during the week.

READ : MUTUMA MATHIU: WILL HE RESTORE ‘THE TRUTH’ AT NATION?

The Energy & Petroleum Sector had shares worth Ksh110 million transacted which accounted for 4.95% of the week’s traded value.

Kenya Power & Lighting saw 15 million shares valued at Ksh61 million changing hands at between Ksh3.95 and Ksh4.20.

KenolKobil, who’s proposed takeover by French firm Rubis Energy was approved by the Board, recorded a 10.32% gain to close the week at Ksh20.85. Shares worth Ksh42 million were transacted by the petroleum seller.

READ : HOW RUBIS ENERGIE PLANS TO TAKE OVER KENOLKOBIL

The Insurance Sector had shares worth Ksh22 million transacted which represented 1% of the week’s traded value.

Jubilee Holdings moved 36,000 shares valued at Ksh15 million at between Ksh400 and Ksh420 during the week.

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In the Manufacturing & Allied Sector, shares worth Ksh297.5 million — or 13.34% of the week’s traded value — exchanged hands.

During the week, E.A Breweries was the most actively traded counter in this sector with 1.7 million shares valued at Ksh285 million. The brewer traded at between Ksh163 and Ksh170.

B.A.T was down 6.21% to Ksh680 and moved 16,000 shares worth Ksh10.8 million.

Safaricom, which during the week launched the Fuliza money overdraft service, was the main feature in the Telecommunications Sector. The giant telco traded 59 million shares valued at Ksh1.3 billion. This respresents 60.11% of the week’s traded value for th firm which transacted at between Ksh21.30 and Ksh24.