Market Rally Continues with Soaring Turnover
The bullish trend intensified on Wednesday, with the Nairobi Securities Exchange extending its gains from the previous session. The Nairobi All-Share Index registered a robust increase of 1.6%, closing higher at . All primary indices recorded impressive advances: the NSE-10 Index gained 2.5% and the NSE-20 Index climbed by 1.6%. This performance indicates a deepening of the market rally.
Investor enthusiasm was palpable, with Equity Turnover nearly doubling, surging by 89.7% to reach a remarkable KES Mn. This significant volume suggests major block trades or heightened institutional participation. Despite the strong domestic activity, the tide turned for foreign investors, with Net Foreign Flows registering a substantial outflow of KES Mn, a sharp 147.1% swing back from Tuesday’s inflow. However, the overall market strength was sufficient to push the Market Capitalization up by another to KES Bn.
Top Gainers: Standard Group’s Massive Rebound
The market saw several significant price recoveries, showcasing high volatility in some counters. Standard Group was the day’s star, surging by 9.9% to KES , following its appearance on the previous day’s losers list. Similarly, Express Kenya staged an impressive rebound after a massive drop on Tuesday. Unga Group, up by 7.5% to KES , also erased its previous losses. CIC Group continued its upward trajectory, appreciating by another 7.5%.
Top Losers: Profit-Taking in Manufacturing and Finance
The losers’ board saw limited damage, but included a few prominent names. Shri Krishana Overseas Plc was the biggest decliner, dropping by 5.9%. The tourism and finance sectors felt pressure, with TPS Eastern Africa and Jubilee Holdings recording losses of and respectively. Cement manufacturer East African Portland Cement fell by 2.1%, while the energy sector also weakened slightly, with KenGen Plc dropping by 1.5%.
