Top four NSE counters fall, hitting main index

Money Markets

A Nairobi Securities Exchange employee monitors trading at the bourse. PHOTO | FILE 

By CHARLES MWANIKI

The four largest companies listed on the Nairobi Securities Exchange (NSE) saw their share prices fall in trading Monday, dragging down the main index by six points and market capitalisation by Sh29 billion.

Safaricom retreated by 2.4 per cent or 50 cents to close at Sh20.75 as some investors took profits on the share that had ended last Friday at an all-time high of Sh21.75.

East Africa Breweries was down Sh4 to close at Sh266 per share, while KCB closed the day 25 cents lower at Sh32.25 even as it led the market in traded turnover of Sh76 million.

Equity Bank, which Monday reported an 18-per cent rise in first-half 2016 net profit to Sh10.1 billion, closed the day 75 cents per share lower at Sh37.

The price fall in the counters contributed largely to the six-point decline in the NSE 20 share index to 3456 points, and a two-point decline in the NSE All share index to 144.7 points.

Market capitalisation stood at Sh2.084 trillion from Sh2.113 trillion last Friday.

Equity turnover also tumbled from Sh1.1 billion recorded last Friday to Sh229.7 million Monday, as the number of shares traded reduced from 49.9 million to 9.9 million.

The stock market has been in the grip of a bearish run since March last year, with a year-to-date 2016 decline of 14.4 per cent.