Money Markets
By GEORGE NGIGI
In Summary
Safaricom yesterday traded stocks worth Sh1 billion
at the Nairobi Securities Exchange as its share continued recovering
from the sharp drop on Monday.
The telco traded 57,665,600 units at an average Sh19 each, up from Sh18.85 in the previous trading session.
Safaricom share price dropped 7.5 per cent on
Monday after it went ex-dividend but recovered to record a 2.4 per cent
gain on Tuesday and 0.8 per cent yesterday.
“Up 16.6 per cent year to date, Safaricom is among the few counters that boasts of positive returns,” said Standard Investment Bank in an investor briefing.
Insurance firm Britam
touched a three-year low after it traded at Sh10 a unit, which are
levels last seen in October 2013. The insurer traded 6,696,100 shares.
Investors have been exiting the insurance counters
as the factor unrealised losses likely to hit the insurers owing to
their exposure in the stock market which has taken a dip.
Higher claims
Liberty Insurance, which released its results on
Monday, was among the top losers’ for a third session in a row on local
retail investor selling down 7.7 per cent to trade at Sh13.20.
The insurer reported a 15.3 per cent drop in net
profit in the half year ended June, weighed down by higher claims and
operating expenses.
Bulk trades from Equity Bank and East African Breweries pushed the market turnover to Sh1.9 billion.
Bulk trades from Equity Bank and East African Breweries pushed the market turnover to Sh1.9 billion.
Equity Bank share price remained flat at Sh26 each as it traded 13,298,900 shares worth Sh347 million.
Banking stocks had mixed movements with five gaining and four losing.
Investors looked to have shrugged off an erroneous
social media posting by Central Bank of Kenya saying banks were expected
to apply the lower Kenya Banks Reference Rate as the base rate in the
pricing of loans, which would have resulted in further lowering of
interest margins.
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