Blue chip firms drag NSE 20-Share Index

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The index, which tracks price changes of 20 select stocks, came down amid reduction in foreign investor activity.
The NSE All Share Index (NASI) also dropped 0.11 points to stand at 124.36 points, market data released by the Nairobi Securities Exchange showed.

A fall in share prices of index-linked listed companies including Mumias Sugar, Coop Bank, KenGen, KCB and Kenya Airways pulled down the NSE 20-Share Index by 15.02 points to 4806.48 points in Monday’s trading.

The index, which tracks price changes of 20 select stocks, came down amid reduction in foreign investor activity.

The NSE All Share Index (NASI) also dropped 0.11 points to stand at 124.36 points, market data released by the Nairobi Securities Exchange showed.

Rea Vipingo Plantations was the biggest loser in Monday’s trading. The share price of the agricultural firm dropped 5.56 per cent to stand at Sh25.50, but remained above the lowest 12-month level of Sh16.00.

“The market started the week on a low note with equity turnover easing 40.3 per cent and the NSE 20-index retreating… Foreign investor activity fell to 46 per cent of trades, with Equity Bank being the top foreign investor buy and BAT being the top sell,” said Standard Investment Bank (SIB) in a note to investors.

Despite the lower index figures, the NSE report said “the bourse opened the week on a high note”, referring to the total of 39 million shares valued at Sh988 million that were transacted against Sh1.65 billion on 19 million shares posted last Friday.

Olympia Capital Holdings lost 5.13 per cent, East African Portland Cement lost 2.7 per cent, Mumias Sugar lost 2.56 per cent, Coop Bank lost 1.52 per cent and Kenya Airways lost 0.53 per cent.

SIB said National Bank saw mild profit taking, reversing previous session gains to close 2.3 per cent lower at Sh21.50.

Crown Paints Kenya was the biggest gainer on Monday, rising by 4.88 per cent to trade at an average weighted price of Sh64.50 on a volume of 5,200 shares.
SIB said “gainers were all on thin volumes.”

The banking sector had 17 million shares traded, representing 44.31 per cent of the day’s traded volume.

In the commercial and services sector, ScanGroup was unchanged at Sh69.50. It moved 121,000 shares. Safaricom unchanged at Sh7.90 moved 17 million shares while EABL moved up two shillings to Sh310.00.