Thursday Midday Market Update (1:45 PM EAT)
Uchumi extends its surge for a fourth straight session. The counter trades at KSh 0.68, up 9.68%, its strongest level since June 2019. Bank of Kigali also gains strongly, trading at KSh 46.00, the highest level since its cross-listing on the NSE in 2019.
- •Total market turnover stands at KSh 498.8M. Safaricom leads activity at KSh 292M, followed by Equity at KSh 76M and KCB at KSh 47M.
- •Foreign flows remain active. Foreign buys sit at KSh 182.27M, with Safaricom taking KSh 123.2M and Equity KSh 58M.
- •Foreign sells stand at KSh 176.5M, dominated by Safaricom at KSh 193.3M and KCB at KSh 35.5M.
Top gainers are Africa Mega (+9.75%), Uchumi (+9.68%), Bank of Kigali (+7.98%), and Crown Paints (+7.84%).
Main losers are ABSA (–7.69%), Umeme (–4.71%), BAT (–4.34%), and Standard Group (–4.15%).
The NASI is up 0.18% at midday.
Corporate News – Q3 Earnings and Major Announcements
Safaricom: Safaricom receives CMA approval for a KSh 40B MTN programme, the largest corporate bond clearance in Kenya. The structure allows multiple tranches, including green and sustainability-linked instruments. Tranche 1 will launch once commercial terms and the pricing supplement are approved.
KCB Group: KCB posts KSh 47.3B Q3 profit after tax, up 6.9% YoY, supported by higher net interest income and strict cost control. Group revenue rises 4.5% to KSh 149.4B, with subsidiaries delivering 35% of PBT. The NPL ratio improves to 17.8%.
NCBA Group: NCBA reports KSh 16.4B Q3 profit, an 8.5% increase from last year. Operating income rises to KSh 53.4B while loan loss charges increase 24.5% to KSh 5.1B. Assets and deposits ease as lending momentum stays soft.
Stanbic Bank Kenya: Stanbic’s Q3 profit drops 7.47% to KSh 9.38B after a 24.54% decline in non-funded income to KSh 7.82B. The loan book grows in double digits to KSh 253.14B as corporate lending remains strong.
I&M Group: I&M delivers Q3 profit of KSh 12.68B, up 27.5%, driven by strong growth in both net interest and non-funded income. Shareholder equity rises 29.9% to KSh 113.79B and deposits grow 10.2% to KSh 455.85B. The board declares a KSh 1.50 interim dividend.
Diamond Trust Bank: DTB’s Q3 profit rises 12.3% to KSh 8.36B, boosted by 17.9% growth in net interest income. The loan book expands to KSh 296.4B, supported by strong customer advances, while equity increases 34.1%.
