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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Nairobi bourse index on rally amid low turnover

By Bedah Mengo NAIROBI (Xinhua) -- At least nine top stocks at the Nairobi Securities Exchange (NSE) rose Thursday to keep the benchmark index on an upward trend.

The NSE 20 Share Index was up 14.94 points to close at 3,743.10 points from 3,728.16 on Wednesday.

This was a continuation from Tuesday when the index increased from 3,719.17. Similarly, the NSE All share Index (NASI) was up by 0.86 points to close at 162.50 points.

Some of the stocks that rose despite jitters at the bourse over political uncertainty to lift the key index were Safaricom (2 percent), Kenya Power (2.4 percent), Bamburi Cement (1 percent) and Kengen (4 percent).

Safaricom, Kenya Commercial Bank (KCB), Cooperative Bank, East African Breweries Ltd and Nation Media Group accounted for 83.4 percent of the total turnover.

However, the most traded counters were Safaricom, Cooperative Bank, KCB, Mumias and HomeAfrika, which moved 6.4 million, 5.1 million, 2.2 million, 901,000 and 900,000 shares respectively.

Safaricom was the top mover on the back of active foreign buying. Foreign investors’ participation stood at 46.8 percent compared to Wednesday’s 50.2 percent, with the traders accounting for 56 percent of total buying and 38 percent of total selling.

Total market turnover declined by 32 percent to 4.9 million U.S. dollars on a volume of 19 million shares, from 20 million shares worth 7.4 million dollars.

             

 

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