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Energy sector stocks push trading at Nairobi bourse 75 pct up

Xinhua, June 16, 2016 Adjust font size:

Equity turnover at the Nairobi Securities Exchange (NSE) went up 75 percent Wednesday to 9.9 million U.S. dollars on a volume of 40 million shares, mainly boosted by the energy and petroleum sector stocks.

Turnover in the previous trading session stood at 5.6 million dollars from 18 million shares, with the banking sector trading the bulk.

Regional oil marketer KenolKobil was the main contributor of increased trading Wednesday as it moved 15 million shares at an average price of 0.10 dollars, with most foreign investors, whose participation stood at 67 percent, buying the stock.

In total, the energy and petroleum sector moved 17 million shares that accounted for 42 percent of the day's traded volume. Electricity distributor Kenya Power followed Kenol Kobil with 2.2 million shares under the category.

Kenya's leading telecom Safaricom was the second best mover with 9.4 million shares changing hands at an average of 0.18 dollars, with the stock attracting the most foreign buys.

The banking sector had 8.5 million shares traded that represented 21 percent of the day's traded volume. Equity Group Holdings, which was the third top stock, actively moved 4.2 million shares at 0.40 dollars in the sector.

The insurance sector traded 1.5 million shares, investment 1.6 million and the manufacturing and allied moved a paltry 483,000.

The improved trading saw the NSE 20 Share Index go up 15 points to stand at 3,799.16, while All Share Index (NASI) ended 1.1 points higher to stand at 146.5 points and the NSE 25 Share Index gained 26.6 points to settle at 4,135.98.

Bond trading declined, with securities worth 12 million dollars transacted, down from 28 million Tuesday. Endit