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Kenya's Safaricom shares boosts Nairobi bourse turnover

Xinhua, January 19, 2017 Adjust font size:

Kenya's telecom operator Safaricom on Wednesday traded 29 million shares to lift up Nairobi Securities Exchange (NSE) turnover and benchmark 20 Share Index, which for the first time in a week reversed a negative trend.

The 20 Share Index closed the session 3 points up at 2,932.79 as prices of a number of large stocks, including East African Breweries Ltd (EABL) and Kenya Commercial Bank (KCB), rose. Similarly, the All Share Index ended the day at 124.19 from 124.09 in the previous session.

Turnover stood at a record 10 million U.S. dollars on a volume of 38 million shares from 15.5 million worth 4.5 million dollars the previous day, with Safaricom accounting for 78 percent of Wednesday's traded volume.

EABL was the day's second best mover, trading 1.7 million shares at 2.1 dollars, a 0.8 percent rise, while advertising firm Scangroup came in third with 1.4 million shares at unchanged price of 0.17 dollars.

Regional bank KCB was the fourth top trader at 1.1 million shares that moved at 0.26 dollars, an increase of 0.9 percent. In total, the banking sector had 2.2 million shares traded and represented 6 percent of the day's traded volume.

And closing the top five list was insurance firm KenRe, which traded 1 million shares at unchanged price of 0.21 dollars.

The bond market registered decline in activity as securities worth 17 million dollars were transacted compared to 25 million dollars posted the previous session.

Stock prices at the Kenyan bourse are at three-year lows and analysts have warned they may fall further due to domestic investors going for bonds and foreign buyers waiting for more price decline. Endit