Capital Markets

NSE turnover up on higher blue chip trade

An AGM of the Nairobi Securities Exchange. PHOTO | SALATON  NJAU | NMG
An AGM of the Nairobi Securities Exchange. PHOTO | SALATON NJAU | NMG 

Turnover at the stock exchange rose threefold Tuesday compared to Monday, with investors trading heavily on the Safaricom #ticker:SCOM, EABL#ticker:EABL, KenGen #ticker:KEGN and Bamburi #ticker:BAMB stocks.

The four counters moved Sh895 million in turnover, accounting for 88 per cent of the day’s total traded turnover of Sh1.03 billion which is the highest recorded in a single trading session this year. Turnover on Monday had stood at Sh366.4 million.

Safaricom was the heaviest traded Tuesday, moving 20.5 million shares at an unchanged price of Sh28 resulting in a turnover of Sh575 million.
Investor demand for the stock remains high, even as it trades at an all-time high level.

“We expect markets to continue showing interest in the telco with bulls showing appetite for the name,” said Genghis Capital in a market brief.
EABL’s turnover stood at Sh138 million, KenGen’s at Sh92.5 million and Bamburi’s at Sh89.1 million.

The main NSE 20 share index was also up yesterday, gaining 20.8 points to close at 3,728, while the NSE All Share Index was up 0.2 points to 174.1.

A total of 38.4 million shares were traded on Tuesday, up from 12.2 million on Monday.