Nairobi Index Dips on Longhorn, Kenya Airways Shares Selloffs
The Nairobi Securities Exchange (NSE) All-share index (ASI) declined as investors pulled profits by selling Longhorn, Kenya Airways, Unga Group, Express Kenya, and Britam shares.
In its market report, Pergamon Investment Bank said equity prices shed 0.1%, largely driven by NSE 10 counters, which sank 0.5%. NSE 20 and NSE 25 counters dropped by 0.3% each, while the banking index contracted by 0.2% on average.
Shares traded jumped by 18.5% from 13.07 million to 15.49 million shares, constituting a 28.8% spike in the day’s turnover to KES 589.44 million from KES 457.68 million.
Details from the Kenyan bourse revealed that Longhorn lost 3.5% of its market value due to sell pressure, while Kenyan Airways was down 3.4% and Unga Group shed 2.9%.
In addition, Express Kenya and Britam recorded 2.8% and 1.6% price depreciation, respectively, on Tuesday amidst bearish activities.
Equity Group was the day’s top mover with a turnover of KES 271.26 million, followed by Safaricom and I&M Group with KES 60.88 million and KES 58.58 million in turnover, respectively.
Foreign activity rose to 31.2% with a net foreign outflow of KES 84.47 million. Jubilee Holdings experienced a net foreign inflow, while KCB Group and Equity Group had net foreign outflows.
Secondary bonds’ turnover shrank by 23.0% from KES 7.48Bn to KES 5.76Bn despite the number of deals rising from 175 to 177. FXD1/2023/5yr was the most traded, with a turnover of KES 900.30 million.
The Central Bank of Kenya reopened three papers for the month of May, FXD1/2012/020(6.6-years, 12.000% coupon), FXD1/2019/020 (13-years, 12.873% coupon), and FXD1/2021/025(20.1-years, 13.924% coupon), targeting KES 80.0Bn from the market.
In addition, CBK announced a Switch of KES 10.00Bn from FXD1/2017/010(1.2-years, 12.966% coupon) maturing on 19th July 2027 to FXD1/2021/020(15.22-years, 13.444% coupon).
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