Serrari Group

NSE Sees Significant Growth Powered by Safaricom and Banks

The Nairobi Securities Exchange (NSE) witnessed a substantial surge in investor wealth on Thursday, with a remarkable increase of Sh38.6 billion, marking the largest single-day gain in eight months. This surge was primarily attributed to the impressive performance of Safaricom and key players in the banking sector.

Safaricom, the leading telecommunications company in Kenya, drove much of the market rally, contributing nearly half of the day’s gains at Sh16.02 billion. This surge preceded the company’s upcoming book closure for an interim dividend of Sh0.55 per share, slated for March 31.

With a market capitalization of Sh600.98 billion, Safaricom dominated trading, accounting for 90 percent of the day’s traded turnover. The telecom giant witnessed significant activity, with 42.42 million shares traded, representing 92 percent of the total volume on the NSE during the session.

Concurrently, the banking sector experienced notable price gains, with investors showing strong interest in shares of major banks. Equity Group led the segment, gaining Sh5.28 billion in market capitalization, followed by Absa Kenya, KCB Group, Co-op Bank of Kenya, NCBA Group, and Stanbic Holdings, each recording gains exceeding Sh1 billion.

Genghis Capital noted Safaricom as the most traded counter of the day, with net foreign inflows totaling Sh2.6 million.

The surge in Safaricom and banking stocks underscores renewed investor confidence in key sectors of the Kenyan economy, signaling potential growth and stability for the NSE in the coming sessions.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

18th March, 2024

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