A Nairobi Securities Exchange employee monitors trading on a screen July
15, 2014. Analysts say sustained growth in corporate earnings, coupled
with progressive corporate actions in terms of mergers and acquisitions,
will impact positively on the market. PHOTO | SALATON NJAU | NATION
By CHARLES MWANIKI
In Summary
- Analysts say sustained growth in corporate earnings, coupled with progressive corporate actions in terms of mergers and acquisitions, will impact positively on the market.
Fresh gains by Safaricom and East Africa Breweries Ltd Wednesday pushed trading at Nairobi Securities Exchange to a six-month high.
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The 20 share index gained a further 19 points to close at
5022, while the NSE All share index was up 1.2 points to close at 156.
EABL closed at a four-month high of Sh313, ahead of its full-year results announcement Thursday evening.
The counter has seen increased activity that pushed turnover this week to Sh146 million.
Management of parent company Diageo earlier
highlighted the performance of the East African market, noting that
turnover had grown backed mainly by improved spirits sales.
Revenues had increased by 3.9 per cent to stand at
Sh31.8 billion against the Sh30.6 billion posted a year earlier,
according to half-year results as at December 31, 2013.
Net profit increased by a similar margin to stand at Sh4.1 billion from Sh3.98 billion.
Safaricom’s share price, which in July saw net
selling, now looks set to return to above the Sh13 level after closing
at a one-month high of Sh12.95.
Distribution activities on the counter were previously driven by foreign investors, impacting negatively on its share price.
Analysts say sustained growth in corporate
earnings, coupled with progressive corporate actions in terms of mergers
and acquisitions, will impact positively on the market.
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