Safaricom registers worst trading at Nairobi bourse in years

Kenya's leading telecom operator Safaricom recorded its worst daily trading in years at the Nairobi Securities Exchange (NSE) Monday as it moved a paltry 974,900 shares.

The telecom, the largest listed company at the NSE by market capitalization of 6.8 billion U.S. dollars, is usually the top trader and an investors' favorite.

On Monday, the stock's price rose 0.3 percent to trade at 0.18 dollars but only attracted minimal foreign inflows. Last Friday, the telecom was the day's biggest mover, trading 11 million shares.

Stock brokers attributed the performance to investors keeping off so that the price tumbles as they seek to buy. The NSE has been a buyers' market in the past weeks.

Meanwhile, the bourse was lifted mainly by banks, insurance and energy stocks. Cooperative Bank was the day's top mover, transacting 5.2 million shares at 0.11 dollars, an increase of 1.7 percent.

Kenya Re, an insurance firm, was the second top trader, moving 5 million shares at unchanged price of 0.22 dollars. Equity Bank, Kengen and Cooperative Bank were the other stocks in the top five list.

Some 17 million shares worth 5.8 million dollars were traded at securities exchange, a decline from 7.6 million dollars on a volume of 19 million shares in pervious session.

The NSE 20 Share Index ended 8 points lower at 2,905.31 as its negative trend that started Thursday last continued.

Similarly, the All Share Index (NASI) went down to close at 124.06 from 124.04 while the NSE 25 Share Index declined to 3,228.60 from 3,230.72 points. Endit