EQUITY MARKET

The market closed the day on a bearish note, reflecting a cautious sentiment among investors. The NASI, N10, and NSE 25 indices all experienced declines, with drops of 0.3%, 0.2%, and 0.1%, respectively. On a brighter note, the NSE 20 bucked the trend, posting a modest gain of 0.3%, indicating that some stocks are still attracting interest despite the overall market decline.

TURNOVER

Market turnover declined 28.1% to KES 421.8Mn (USD 3.26Mn) – with Safaricom registering the highest turnover amounting to KES 179.27Mn (USD 1.39Mn). Local investors dominated market activity, accounting for 67.3% of the day’s turnover levels, up from 63.9% yesterday.

MOVERS

Safaricom dominated trading activity, accounting for a substantial 42.5% of the day’s turnover. However, it faced a setback as its stock price dipped by 1.1%, closing at KES 17.95, making it the worst performer of the day, primarily due to foreign investor exits. On the flip side, HF Group shone brightly as the best-performing stock, surging by 6.1% to close at KES 8.00. I&M Group also managed a slight uptick, rising by 0.7% to finish at KES 35.50. Unfortunately, it wasn’t a great day for Equity Group and KCB Group, which saw declines of 0.7% and 0.1%, closing at KES 48.00 and KES 45.05, respectively.

GAINERS

In the gainers list, East Africa Portland Cement emerged as a surprise mover in the 2024 NSE performance, leading the way with an impressive gain of 9.3%, closing at KES 30.45. Financial analysts are optimistic about this stock, making it one to keep an eye on and potentially add to your portfolio if you’re looking for promising investments. Additionally, Uchumi Supermarkets also made a notable appearance in the top 5 gainers, rising by 5.6% to close at KES 0.38. Both stocks show potential for growth, so they could be worth considering as you strategize your investment choices!

LOSERS

EA Cables experienced a significant drop of 9.3%, closing at KES 30.45, making it the top loser of the day. Sameer Africa wasn’t far behind, shedding 9.2% to close at KES 3.26, placing it among the top five losers. Additionally, Limuru Tea saw a notable decline of 8.8%, closing at KES 301.00, which marks a three-year low for the stock.

NET FLOWS

Foreign investor participation levels declined to 32.7% of total market activity, down from 36.1% in the previous session.  Foreign investors expressed strongest bullish sentiment on KenGen Plc while bearish sentiment was most pronounced on Safaricom.