Markets
NSE Experiences Persistent Slump in Activities
A drop in the market activity has been witnessed in the Nairobi Securities Exchange in the last two weeks.
The turnover has been on a slide from KSh 1 billion at the end of the first week of February to KSh 444 million at the close of Friday last week owing this information to the available data. Turnover at NSE stood tat KSh 961 million on the week ending 14th February.
At the close of last week, the NSE 20 share index shaved-off 60.11 points or 2.35per cent to settle at 2498.94. This is compared to 2559.05 at the close of the week ended 14th February 2020.
The Standard Investment Bank (SIB) did a market report that shows the benchmark indices sustained the downward momentum, mainly on price dips of the majority of the large caps. According to the report, weekly market activity slumped 24.9 per cent to US$ 24.5million compared to the previous week.
Safaricom is indicated to be the most traded counter, accounting for 59.7per cent of total turnover, followed by KCB at 18.1per cent and Equity Bank at 9.0per cent.
The SIB note stated, “As a testament of the bearish sentiment engulfing the bourse, all the top movers registered price declines, with Safaricom leading the pack, down 3.5per cent on foreign selling. The Telco, as a result, attracted the bulk of the outflows of the week of US$ 10.6million,” said the SIB note.
