(3 minutes read)
· Nairobi Securities Exchange (NSE) recorded a decline in volumes and turnover ahead of the Christmas holiday
· The turnover declined 33.77% to Ksh1.37 billion compared to Ksh2.06 billion posted the prior trading week
· However, analysts predict pick up in the market as bourses open in the New Year, thanks to the availability of vaccines for the Covid-19
Nairobi Securities Exchange (NSE) recorded a decline in volumes and turnover ahead of the Christmas holiday. The turnover declined 33.77% to Ksh1.37 billion compared to Ksh2.06 billion posted the prior trading week. However, analysts predict pick up in the market as bourses open in the New Year, thanks to the availability of vaccines for the Covid-19.
The volume of shares traded last week (prior to Christmas) was lower than the previous week. In last week, the trade volume was 44.58 million, a drop of 47.14% from the previous week’s 84.33 million traded shares. The banking sector moved shares worth Ksh675 million, accounting for 49.48% of the week’s traded value. KCB Group Plc was the top performer in the banking sector; its share price rising marginally by 0.54% to Ksh37.00 with 7.4 million shares valued at Ksh 273 million traded.
Available market data showed that Equity Group shares have shed 34% of its price YTD compared to KCB, which has declined 30.52% in the last 52 weeks. The two biggest lenders have had their balance sheets hit by rising loan defaults, denying them the much-needed interest income. Safaricom, whose shares have risen by 7.26% YTD, saw its share price appreciate last week to hit a high of Ksh34.00 with a turnover of Ksh406 million, which is 29.8% of the previous week’s overall traded value.
