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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Fall in equity prices cuts one percent
of investors’ wealth at Kenya Bourse

NAIROBI (Xinhua) -- Investors’ wealth at the Nairobi Securities Exchange (NSE) declined 1.04 percent this week as prices of stocks, especially those with large capitalization, declined.

Market capitalization, which measures shareholders’ wealth, declined by 274 million U.S. dollars to 25.95 billion dollars from 26.22 billion dollars at start of the week pulled down by a bear-run, data from NSE showed Saturday.

The decline of the index was spread across the week with the index forfeiting millions of dollars each day.

The fall in stock prices was recorded across the board but mainly on counters in the banking, energy and petroleum and telecommunications and technology sectors.

Top stocks whose prices fell include Safaricom, Athi River Mining, Kenya Commercial Bank, Equity Bank and Centum Investment.

"The fall in equity prices has resulted in overall reduction in shareholders’ wealth as measured by market capitalization," noted the central bank on Saturday.

Market capitalization hit a peak of 29 billion dollars early April but took a downward spiral as foreigners exited some stocks cashing in on rise in prices.

The index declined to 20 billion dollars in mid-2016 as trading at the market hit the lowest level.
.

EARLIER REPORTS:

Nairobi Securities Exchange rebounds as 51 million shares traded

NAIROBI (Xinhua) -- Some 51 million shares worth 10 million U.S. dollars were transacted at the Nairobi Securities Exchange (NSE) on Wednesday as trading rebounded.

The vibrant trading is the first in weeks as shares moved had averaged 5 million dollars from 20 million shares in the last days, including on Tuesday.

The market was boosted by vibrant trading of Barclays Bank and Britam, which moved 15.4 million and 15.3 million shares respectively.

However, the NSE 20 Share Index maintained a downward trend declining 11.45 points to close the day at 3,433.56 from 3477.08.

The index has been on fast decline as foreigners exited some large stocks.

On the other hand, the NSE All Share Index declined to close at 177.04 from 178.14 while the 25 share index went down to 4,587.73 from 4,607.33 on Tuesday.

Other top traded stocks were Kenya Commercial Bank 6.3 million shares, Equity Bank 4.2 million, and Safaricom 2.7 million.
.

Bear run wipes out turnover, key index down at Kenyan bourse

NAIROBI (Xinhua) -- Turnover at the Nairobi Securities Exchange (NSE) more than halved on Thursday as the key index hurtled below the psychological 3,400 points.

Some 30 million shares were traded on Thursday, down from 51 million shares, with turnover standing at 4.9 million U.S. dollars from 10 million dollars on Wednesday.

The top traded stocks were Athi River Mining (7.6 million), Safaricom (7.6 million), Kenya Commercial Bank (2.2 million), Cooperative Bank (2.1 million) and Kenya Power (1.4 million) shares.

The NSE 20 Share Index upheld a downward trend declining 26.67 to close the day at 3,406.89 from 3,433.56.

On the other hand, the NSE All Share Index declined to close at 176.56 from 177.04 while the 25 share index went down to 4,562.29 from 4,587.73.

Top losers included Car and General (10 percent), Athi River Mining (9.5 percent), Mumias Sugar (6.7 percent) and HomeAfrika (5.7 percent).
.

Bear run hits Kenyan large stocks, pushing down key indicator

NAIROBI (Xinhua) -- Kenyan large stocks declined on Tuesday sharply pushing down the Nairobi Securities Exchange (NSE) key index as a bear run hit the shares.

The NSE 20 Share Index went down 32.07 points to hit a low of 3,445.01 on Tuesday, down from 3477.08. The index has been on fast decline as foreigners exited some large stocks.

The indicator was pulled down by Athi River Mining Cement (10 percent), British American Tobacco (2.4 percent), Kenol Kobil (5.5 percent), and Kenya Airways (3.5 percent).

However, the NSE All Share Index went up to close at 178.14 from 177.72 while the 25 share index rose to stand at 4,607.33 from 4605.58.

The top traded stocks were Carbacid which moved 8.9 million shares, followed by Safaricom 7.8 million, Kenya Power 3.8 million, Cooperative 3.2 million and Kenya Commercial Bank 1.1 million shares.

           

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