Performance in the Nairobi Securities Exchange was wanting today, with both major indices showing decreased performance. The 20-Share Index closed at 4152.11, down 7.62 points from Friday. The All-share index followed suite closing at 92.913, down 0.03 points from Friday. This is the second time in a fortnight that both indices have shown decreased performance on the same day. Market capitalization as a result went down to KES 1.238 Trillion, a drop by 0.44 Billion. Not the best start to the week for foreign investors.
HIGHEST VOLUMES
It was a sweet exchange for Mumias Sugar Company as it took top spot with a volume of 7.61 million shares. Safaricom Limited dropped one spot today with 7.26 Million shares compared to 21.65 million yesterday. This resulted in a drop in market capitalization to KES 184 Billion. Third place went to Equity Bank which saw 4.53 Million shares changing hands at an average price of KES 24.50. Centum Investment Company ltd scooped fourth place with 3.24 Million shares.
COUNTER WATCH
- East African Portland Cement –In a shocking move today, the counter recorded a drop in price. The stock closed at KES 44.25, a decrease from yesterday’s KES 45.50. This is the first time since the beginning of the month that the share has dropped in price. It started off a KES 38 at the end of last month and took to a slow but steady increase, save for yesterday and last week Friday when it rose by a total of nearly 20%. Local shareholders took note of this and rushed in to sell part of their stake causing the stock price to stumble. Shares traded today were 8,900 in total compared to 100 yesterday and Friday.
- · Eaagads – True to the expectations the counter recorded another drop in stock price. It closed the day at KES 24.75 and was one of the day’s top losers. There seems to be a slow dump of shares by the locals with the volume of shares sold doubling to 400 from 200 yesterday. The dump comes at a time when the company is making dividend payments of KES 1.25 per share this coming Friday. Some shareholders who are already expecting dividends could be selling to make a quick shilling on top of the payout.