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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya’s bourse key index surges as political uncertainty fades

By Bedah Mengo NAIROBI (Xinhua) -- The Nairobi Securities Exchange (NSE) benchmark index on Monday surged as various stocks rallied after the Supreme Court upheld President Uhuru Kenyatta’s win in Oct. 26 polls.

The NSE 20 Share Index was up 49.01 points to close at 3,779.16, reversing a negative trend recorded last week.

Out of the 20 stocks that make up the index, two declined, 12 rose while the rest remained unchanged, helping to push up the market.

Foreign investors dominated trading on Monday, buoyed by the apex court ruling, with a 64.1 percent participation level to record net buying 76 percent of total buying and 52.1 percent of total selling.

Top gainers included Athi River Mining Cement, 6 percent; Kenya Commercial Bank (KCB), 5 percent; Equity Bank, 4 percent; and Sasini Tea, 8 percent). Similarly, the NSE All Share Index (NASI) was up by 1.69 points to close at 164.82 points.

The most traded counters were Safaricom, Equity Bank, KenolKobil, KCB, and Britam after moving 4 million, 3.1 million, 1.5 million, 1.1 million and 900,000 shares respectively.

Equity Bank recorded the highest net foreign inflows to close 3.1 percent higher at 0.42 dollars while Barclays Bank recorded the highest net foreign outflows as it shed 0.5 percent to 0.09 dollars.

Market turnover stood at 5 million dollars on a volume of 17 million shares, down from 18 million worth 6.2 million dollars.

             

 

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