Hungry Investors Set Stock Market on Fire

Market activity at the Nairobi Securities Exchange Plc (NSE) soared to a three month high on the back of increased trading volumes and renewed investor appetite.

Equity turnover improved by 449% from Ksh362 million on 16^th  October 2019 to Ksh1.9 billion on 17^th October 2019. Likewise the NSE 20 share index was up 20 points to close at 2456.34 points from the previous trading session of 2435.74. The number of shares traded was up 400% from 11.6 million to 51 million of shares traded.

“The improved trading performance comes on the back of the enhancements done on the infrastructure that will support the increased uptake of our products,” said NSE Chief Executive, Geoffrey Odundo.

The NSE recently launched its Derivatives Market and a host of other products that offers investors a range of investable asset classes and positions the NSE as the leading exchange in the region.

Mr Odundo said the NSE is confident that market performance will steadily improve for the remainder of the year and urged investors to take advantage of the discounted prices. It is noteworthy that the NSE recently commissioned its upgraded Automated Trading System that will support the diversification of trading securities.

The stock market was boosted by the sale of Equity Group Holdings shares, with turnover rose to Ksh1.98Bn on 51 million shares against 11.6 million shares valued at Ksh361 million posted yesterday.

The Banking Sector had shares worth Ksh.7 billion transacted which accounted for 88.80% of the day’s traded value. Equity Group Holdings was the day’s main feature with 40.9 million shares valued at Ksh1.5 billion changing hands at between Ksh37.15 and Ksh38.50.

Diamond Trust Bank closed the day 1.77% higher to Ksh115.00 moving one million shares valued at Ksh123.7 million. KCB Group recorded a 3.99% gain to close the day at Ksh42.60 with shares worth Ksh68.6 million transacted.

The Construction & Allied Sector had shares worth 14 million traded & accounted for 0.71% of the day’s traded value. Bamburi Cement down 4.62% to Ksh93.00 moved 150,000 shares valued at Ksh4 million.

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The Manufacturing & Allied Sector had shares worth 59 million traded & accounted for 2.99% of the day’s traded value. E.A Breweries moved 306,000 shares valued at Ksh59 million at between Ksh191.00 and Ksh193.00.

In telecommunications, Safaricom had 5.1 million shares valued at Ksh145 million transacted at between Ksh27.85 and Ksh28.50, representing 7.33% of the day’s traded value.

 Meanwhile, the bonds market had bonds worth Ksh1.4 billion transacted.

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