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

Share this article:
Article and News Disclaimer

The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.

www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.

In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.

The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.

The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.

Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.

Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.

By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.

www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.

Serrari Group 2023

 

×