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Markets

Turnover at NSE doubles on Safaricom share trades

An investor at the NSE.  FILE PHOTO | NMG
An investor at the NSE. FILE PHOTO | NMG 

Traded turnover at the stock market doubled on Monday compared to Friday on heavy trading on the Safaricom #ticker:SCOM share ahead of book closure on a 97 cent per share dividend at the end of the week.

The telco traded 19.99 million shares on Monday at an improved average price of Sh26, having opened the week at Sh25.75 per share.

Its turnover of Sh519.7 million was half of all traded turnover at the bourse on Monday (Sh1.03 billion).

Equity Bank #ticker:EQTY also saw significant trading with a turnover of Sh256.7 million, moving 6.5 million shares at an unchanged price of Sh39.25.

The gain on Safaricom helped push the NSE’s market capitalisation higher by Sh9 billion to Sh2.436 trillion by close of trading on Monday.

The benchmark NSE 20-share index was however trending downwards on Monday after price erosion on some large counters, especially in the banking segment.

The index was 24 points down to close at 3,815, with analysts saying that book closure on dividends will be a key factor in determining share prices in coming days.

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