It’s a dull day for investors as the markets are red in today’s trading session, closing the day on a bearish note with the NASI shedding 0.5%. The NSE 10, 20 and 25 share indices all declined by 0.1%

TURNOVER

Market turnover declined 7.6% to KES 586.4Mn (USD 4.54Mn) – with Safaricom registering the highest turnover amounting to KES 206.62Mn (USD 1.60Mn). Local investors dominated market activity accounting for 63.9% of the day’s turnover levels, up from 44.3% yesterday.

MOVERS

Safaricom was the most traded stock on the NSE, accounting for a significant 35.2% of the day’s turnover. However, its share price experienced a decline of 1.6%, closing at KES 18.15, making it the worst-performing stock of the day. This drop was largely attributed to foreign investor exits, which impacted market sentiment.

In the banking sector, Equity Group and I&M saw slight decreases, with their prices inching downwards by 0.1% to KES 35.25 and by 0.6% to KES 48.35, respectively. In contrast, KCB Group managed to maintain its position, remaining stable at KES 45.10 throughout the trading session.

On a more positive note, EABL’s stock price advanced by 2.7%, reaching KES 183.75, which positioned it as the best-performing mover of the day. Meanwhile, Jubilee’s stock price remained unchanged at KES 200.00, reflecting a stable performance amidst the fluctuations in the market.

GAINERS

Unga Group had quite a turnaround in today’s market session, emerging as the leading gainer after being at the top of the losers chart yesterday. It added an impressive 9.9%, closing at KES 20.55. This rebound highlights the volatility in the market and the potential for quick changes in stock performance. Express Kenya followed closely adding 9.2% to close at KES 3.80.

LOSERS

East African Cables indeed topped the losers chart, retreating by 9.8% to close at KES 2.68. It’s interesting to see how quickly fortunes can change, especially after Standard Group, which was a surprise gainer yesterday with a 5.4% increase, also retreated by 2.3% to close at KES 6.06. It really has been a day of opposites in the market!

NET FLOWS

Foreign investor participation levels declined to 36.1% of total market activity, down from 55.7% in the previous session. Foreign investors expressed strongest bullish sentiment on East African Breweries while bearish sentiment was most pronounced on Safaricom.