NSE 20 Share Nears 4000 Mark as Uchumi touches an all time Low

Daily Market Report

Daily Market Report-2nd March 2016

NSE 20 Share Index gained 1.26% to close at 3932.86 points boosted by a gain in Scangroup and ARM whose counters rallied 5.66% and 5.34% upward respectively. Volumes were up 143% boosted by trade in Safaricom, Equity, KCB and Kenol Kobil.

Market turnover at the bourse recorded  97.71% increase to KES 903.33mn(USD 8.89mn) from yesterday’s trading.

NASI index gained by 1.35%  to close at 143.71.

Share Price increase in KenolKobil may be attributed to the announcement that the company will be debt free in three months.

Market capitalization regained KES 27.08Billion.

 Banking Stocks

Barclays Bank dropped by 5.81% even after the CEO’s assurance to the stakeholders that the bank was safe and stable.

KCB was up 3.15% trading 3.98Mn after announcing its full year’s results.

NIC Bank recorded a 3% increase in Pre-Tax profit which was not enough to rally the market it lost 1.23% in market value. It announced that it would increase its branch network to 50 from the current 27 by the end of 2018 while continuing to rolling out its strategic shift of the business towards the retail and SMEs with the move aimed at ensuring future sustainable growth and returns.

Foreign Investor Participation

Foreign investors dominated trading to emerge net buyers with 77.6% of total Purchases and 64.6% of total sales.

Safaricom recorded the highest net foreign inflows on driven by block foreign buying, as the counter gained by 2.5% to trade at Ksh 16.55.

EABL recorded the highest net foreign outflows for the third consecutive day.

Other Highlights

Uchumi Supermarkets announced a pre-tax loss of Sh1 billion in the half-year ended December, widening the negative earnings of Sh262.3 million reported a year earlier.The share price Touched an all time low of Ksh 6 at the Nairobi Securities Exchange.