Nairobi Index Climbs as Coop Bank, Equity Group Rally
Kenya: the Nairobi Stock Exchange (NSE) index is trading positively on Friday, according to stockbrokers, reflecting sustained interest in some stocks with strong upside potential.
Yesterday, the Nairobi Stock Exchange’s winning streak entered its third day, with the All-Share Index (ASI) gaining 0.8% to close at 205.79.
Stockbrokers reported that market jitter continues to ease after a two-week ceasefire was reached between the US, Israel, and Iran.
According to market reports, the Kenyan bourse was supported by gains in stocks such as Cooperative Bank, Equity Group, KCB Group, and Safaricom Plc.
These counters recorded positive price movements of 2.5%, 2.4%, 1.1%, and 0.5%, lifting the companies’ market value on Thursday.
Nevertheless, the market was weighed down by large-cap stocks such as Diamond Trust Bank, BK Group, British American Tobacco Kenya and ABSA Bank, which lost 0.8%, 0.7%, 0.5%, and 0.3% respectively.
Trading activity increased by 39.9% in the day to KES 1,136.33 Mn, up from KES 812.27 Mn recorded in the previous session.
Foreign investors remained net sellers, recording net outflows of KES 534.73 million, compared with KES 361.68 million in the previous session.
KCB Group was the most traded counter, with aggregate turnover of KES 382.02 million, followed by Equity Group, with cumulative turnover of KES 300.81 million on Thursday. South African Rand Climbs Amid Soft Manufacturing Output