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NSE stocks dip fueled by loss making firms

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As stocks at the Nairobi Securities Exchange (NSE) slumped on May 8, the decliners tab was dominated by a number of firms who are in the red financially.

Mumias Sugar, Kenya Airways and Uchumi Supermarkets were among the day’s top decliners at the bourse on Wednesday.

The sugar makers saw its stock drop  9.09% to Ksh0.30, while Kenya’s national carrier was down 6.34% at a share price of Ksh3.84.

Both companies which have already released financial results for 2018 have been surmounted by losses. Mumias Sugar’s stands at Ksh15 billion while Kenya Airways in Ksh7.5 billion in the red.

Kapchorua Tea, which also declined 5.16% on Wednesday, has already issued a profit warning for the upcoming year.

On the gainers tab meanwhile, Housing Finance Group (HF) ended closing bell as the highest rise in stock, finishing at 8.89%. Its stock price was Ksh4.41 by close of trading on Wednesday.

NSE equities

Market turnover meanwhile retreated to Ksh306 million that was concluded in 940 deals, down from 17.6 million shares valued at Ksh622 million posted during the previous trading session.

The Bond Market had bonds worth Ksh1.4 billion transacted.

NSE Indices all blinked red;

  • NSE 20 share Index was down 4.97 points to stand at 2786.00.
  • All Share Index (NASI) shed 1.42 points to stand at 156.37.
  • The NSE 25 Share index lost 25.94 points to stand at3865.19.

NSE Sectors Wrap

The Banking Sector had shares worth Ksh144 million transacted which accounted for 45.80% of Wednesday’s traded value.

Equity Group Holdings actively moved 1 million shares valued at Ksh55 million at between Ksh40.50 and Ksh42.00.

Standard Chartered Bank Kenya moved 129,000 shares worth Ksh25 million and closed at Ksh193.25.

Co-operative Bank was down five cents to Ksh12.55 and moved 1.9 million shares valued at Ksh24.6 million.

In the Commercial & Services Sector, shares worth Ksh8.79 million transacted which accounted for 2.78% of the day’s traded value.

Scangroup was down 1.11% to Ksh17.85 and moved 473,000 shares valued at Ksh8 million

The Energy & Petroleum Sector had shares worth Ksh13 million traded and accounted for 4.21% of the day’s turnover.

Kenya Power & Lighting moved 2.8 million shares valued at Ksh11 million at between Ksh3.98 and Ksh4.10.

The Manufacturing & Allied Sector had shares worth Ksh39.7 million transacted which accounted for 12.57% of the day’s traded value.

E.A Breweries closed the day 1.05% lower to Ksh213, moving 186,000 shares valued at Ksh39.6 million.

In the Telecommunication Sector, Safaricom was the day’s biggest mover with 3.4 million shares valued at Ksh95.7 million changing hands at between Ksh28 and Ksh29.00; this represented 30.29% of the day’s traded value.

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Mike Njoroge
Mike Njorogehttp://www.businesstoday.co.ke
Mike Njoroge is the founder of Daystar Oracle and FootballTriangle. He is passionate about news, religion and sports. He can be reached at: [email protected]
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