Daily Market Report 1st March 2016
The market began the new month on a positive with the benchmark NSE 20 Share Index gaining by 0.56% led by Carbacid and Sasini which gained 7.58%,5.46% respectively.
The NSE 25 Share Index moved up 0.01% supported by gains in the banking sector. Nairobi All Share Index was down 0.16% with most counters trading at non-moving prices.
Volumes were 50.51% higher boosted by trades in Safaricom, Barclays Bank Kenya and Mumias Sugar. This led to higher turnover (+79.51%) dominated 45.55% by KCB, Safaricom and EABL. Market Capitalization dropped 0.17%.
Foreign activity
Foreign Activity was 48.78% with a net inflow market.EABL had highest net foreign outflows for the second day while Diamond Trust Bank posted the highest net foreign inflows.
Barclays Bank
Barclay Bank Kenya lost 3.08% affected by the news of the sell down of 62.30% holdings by its parent company, Barclays PLC (BPLC) in Barclays Africa Group Limited (BAGL). This sale is scheduled for the next two to three years, to a level that will permit BPLC to de-consolidate BAGL from its accounting and regulatory perspective.
The Bank withdrew its cautionary statement it had issued earlier on Tuesday morning in regards to dealing with its shares at the Nairobi Securities Exchange.
Barclays Bank Kenya CEO Mr Jeremy Awori also briefed the media saying that any change in shareholding will not impact Barclays Kenya day-to-day business operations in Kenya.
This comes at a time when Barclays Bank Executives in Africa raced to contain the fallout from Barclays Bank PLC’s formal announcement Tuesday that it would sell off its assets in Africa.
The Kenyan Unit is on Wednesday Morning expected to release its Full Year results,The market is keenly ‘watching’ given that the parent company on Tuesday released its Full Year Results posting a 2 percent profit drop and slashing its dividend while Barclays Africa posted increased earnings.
Expected results releases on 2nd March 2016
Kenya Commercial Bank
NIC Bank
Barclays Bank
