The securities exchange closed at 4014 yesterday, a slight decrease from the Tuesday’s year high. Our focus today shall be on Kenya Airways, Uchumi Supermarket and Sasini Group.
A summary of yesterday’s trading activities can be found here.
COUNTERS
- Kenya Airways – The share is averaging prices below KES 12 and has been on a downward spiral for the past 3 years. It was trading at a high of KES 61 in 2010 but has since gone down with few rises over time. The airline is in the process of introducing low budget flights that are aimed at boosting revenue from the local scene and making air travel more affordable. We shall be monitoring the share’s movement to see if the downward trend will persist.
- Uchumi Supermarket – The counter was the top loser yesterday having dropped by 8.29% to close at KES 18.25. Leading cause for the dip was the company’s announcement of its full year results. There was a 22% dip in the supermarket’s profit before tax and Uchumi’s profit before tax has dipped 22% and stands at KES 403 Million. This may have a damaging effect on the stock’s market valuation as shareholders had driven its price up in anticipation of profits in the company’s full year results. In the past 2 weeks, the share price has hit its highest price having hit KES 19.90 yesterday and trading over 1 Million shares. We shall be monitoring the shares price today to see whether the full year results and profit dip will affect share price.
- Sasini group – The shares closed at KES 11 yesterday, a drop from its previous price. The company earlier this week made a notice of change of auditors from Ernst & Young to KPMG Kenya. We shall be looking to see if this news will have any effect on the stock’s market valuation.