Highlights
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NSE 20 share index was up by 22.26 points to 3,950.97
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NASI (All Share Index) was up slightly by 0.71 points to 144.44
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NSE 25 Share Index was up 22.10 points to 4,164.55
Equities
Heavily Traded Shares
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Equity Bank 24.9%
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Kenya Commercial Bank 21.5%
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Safaricom 17.3%
Banking sector traded 8.9 million shares and accounted for 50.81% of today’s volume. Equity Bank traded 4.4 million shares from an intraday high of KES 41.75 to 41.00. Kenyan Wall Street attributes this heavy trading on the counter since yesterday after a “significant” announcement was made by Dr. James Mwangi.
Kenyan Wall Street recommends KCB counter a BUY given that it is cheap, has potential upside, pays dividends, is profitable, is near its 52 week low and has a PE ratio under 10. We have forecasted a consensus target price of KES 58.73 per share.
