The day was greeted by decreased performance on both indices in the Nairobi Securities Exchange. The points took a further nose dive at the NSE 20-Share Index, closing at 4125.74, down 7.54 points. The All-share index stood strong and performance was up 0.02 points to close at 91.30.
HIGHEST VOLUMES
Our top performers all traded over four million shares each. Top spot today goes to Kenya Commercial Bank which traded 5.11 million shares with a resulting market capitalization of KES 88.51 Billion. Second place went to KenolKobil where 4.85 Million shares changed ownership. Equity Bank maintained the millions range of stocks with 4.33 Million stocks being transacted over the counter and in fourth place was Kenya Power with 4.21 Million shares.
COUNTER WATCH
- Kenya Airways – The airline has had two days of media coverage of the drop in performance in its second quarter and lock-horn with Malawi over the flight route. The local investors remained immune to this news as the counter maintained yesterday’s closing price of KES 12.35. Volumes traded however, stood at 117,700 an increase from yesterday’s 69,500. Important to note is that the airline is also set to launch low cost flights as we approach the festive season and it could see local flight revenue increase.
- Standard Chartered Bank – The counter showed stability despite news regarding the step-down of the bank board chairman. Shares closed at KES 225, slightly lower than yesterday’s KES 226. There was a bid-ask spread of KES 3, the higher end being KES 227. Volatility of local investors to corporate actions is low or may be slow, meaning that the stock may face lower market valuation in the coming week.