Traders at the Nairobi Securities Exchange. PHOTO | FILE
Equity Holdings rode on a wave of foreign investor interest to end the week as the best performing financial services counter at the Nairobi Securities Exchange (NSE) as most bank and insurance stocks headed south.
The lender, which has accounted for a third of total NSE foreign inflows in the first six months of the year, closed the week 1.3 per cent higher at Sh39 a share. Six of the 11 listed bank stocks and five of the six insurers were in the red at the end of the week.
Britam, Kenya Re and Liberty Holdings all shed 7.1 per cent in value, while among banks the biggest decliner was NBK at 7.6 per cent and Standard Chartered and DTB which both shed 4.6 per cent.
“Equity Bank inched up 1.3 per cent on foreign investor buying…in the first half of 2016, Equity accounted for 33.7 per cent of net foreign inflows,” said Standard Investment Bank.
The NSE 20 share index ended the week 1.5 per cent down at 3652 points, although it did show some signs of recovery in the last two trading sessions after opening the week on a negative note due to investor caution over the Brexit vote that took place the previous week’s Thursday.
The leading gainers in the market were Eaagads and TPS Eastern Africa, which closed 13.9 and 9.6 per cent higher at Sh22.50 and Sh21.75 respectively.
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