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Nairobi bourse posts second lowest turnover this year as bear-run persists

Xinhua, December 10, 2016 Adjust font size:

Nairobi Securities Exchange (NSE) on Friday recorded its second lowest turnover this year as it traded 8.9 million shares worth 1.1 million U.S. dollars.

The market had moved 18 million shares worth 5.1 million U.S. dollars on Thursday, with Friday's performance heaping losses on investors who for the second consecutive year will not reap much from the bourse due to a bear-run.

The lowest turnover NSE has recorded this year was 624,557 dollars on a volume of 5.5 million shares on October 28.

Troubled Uchumi Supermarket was the day's top mover, trading 3.9 million shares at 0.03 dollars, with stockbrokers noting the stock was getting attention following a 5 million dollars bailout package offered to the retailer by the government this week.

Safaricom was the second best day's mover, trading 2.6 million shares at a declined price of 0.19 dollars, down from 6.5 million shares in previous session.

Only the two stocks traded more than a million shares during the session, with the rest in top five list hitting 711,500 (KenGen), 329,500 (Mumias Sugar) and 243,800 (Kenya Commercial Bank)

The poor trading pushed down week-on-week turnover to 18 million dollars from 28 million dollars posted the previous week, with the number of shares traded standing at 66 million against 111 million.

The NSE 20 Share Index shed 22 points to stand at 3,158.89 Friday while the All Share Index (NASI) dropped to 132.25 from 133.70. The NSE 25 Share Index was down to 3,495.03 from 3,526.83. Endit