Trading on Tuesday at the Nairobi Securities Exchange took a nosedive with a 25.5% decline in turnover to Ksh. 488.8 Million from Ksh. 656.4 Million on the previous day of trading. Volume of shares traded also declined to 23.8 Million, a 6.7% decrease.
Foreign investor participation continued to soar from 66.2% on Monday, going over the 70% mark to stand at 77.3% on Tuesday.
Nation Media Group hit an all-time low of Ksh. 14.95 closing the day as the biggest loser. The share closed the day at KSh15.35, price depreciation of 7.5% from the previous day’s price. Nation Media Group opened the year at Ksh. 39.75 signifying a share price depreciation of 61.38% to date.
As of 12th March when the first COVID-19 case was reported in Kenya NMG shares were trading at an average of Ksh. 28.15. Nation Media Group recently issued a profit warning citing dwindling advertising revenues due to the COVID19 pandemic as the reason behind the expected drop in profit. A cautionary statement from the company revealed that measures to contain the virus have adversely affected its revenues.
During Tuesday’s trading, a total of 588,500 NMG shares were traded with 29.4% of the traders being foreign investor.
Investors in Kenya Power saw an end of day share price appreciation of 9.6% to close at Ksh. 2.40 from Monday’s KSh. 2.19. Kenya Power has been on an upward trend since 2nd June when the share price averaged KSh. 1.74.
Kenya Airways also made it to the list of top gainers of the day with a 9.8% share price appreciation closing the day at Ksh. 2.80 with 382,800 shares traded, all by local investors. Top gainer of the day was Car and General with a 9.9% share price appreciation with a volume of 100 shares traded. Flame Tree Group also gained a significant 9.8% with 11,300 shares traded.
Safaricom continued its trend of the top mover of the day experiencing the highest net foreign buying of the day at a value of KSh 16.8 Million closing the day at KSh 29.95 from Monday’s close of 29.90. KCB Group, Equity Group, and Centum Investments saw the highest net foreign selling.
