Highlights
NSE 20 share index was up by 22.26 points to 3,950.97
NASI (All Share Index) was up slightly by 0.71 points to 144.44
NSE 25 Share Index was up 22.10 points to 4,164.55
Equities
Heavily Traded Shares
Equity Bank 24.9%
Kenya Commercial Bank 21.5%
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.
