Market activity at the Nairobi Securities Exchange (NSE) showed a notable uptick on Thursday 19th March, with total equity turnover increasing by 49.3% to KES 569.83 million, up from KES 381.65 million recorded in the previous session. This surge in trading activity reflects a heightened participation despite the prevailing downward trend in prices. Nonetheless, foreign investor activity remained a key drag on the market, with net outflows widening significantly to KES 118.65 million compared to KES 15.01 million in the prior session, underscoring continued external selling pressure.
On the equities performance front, Olympia Capital Holdings led the gainers’ chart with a 4.6% growth to close at KES 7.80. It was followed by Home Afrika Limited, Express Kenya Plc, BK Group Plc, and Satrix MSCI World Feeder ETF, which posted gains ranging between 1.9% and 2.4%. These gains highlight selective investor interest in mid- and small-cap counters.
Conversely, the losers’ segment was led by Eaagads Limited, which declined sharply by 4.4%. Other notable losers’ included Equity Group Holdings, KCB Group, Standard Group PLC, and Limuru Tea Plc, all of which recorded losses exceeding 2%, reflecting broad-based selling pressure across multiple sectors.
NSE Indices in the Red
The Nairobi All Share Index (NASI) closed the trading session on a weaker footing, reflecting subdued investor sentiment during a shortened trading week ahead of the Eid al-Fitr holiday. The benchmark index declined by 0.9% to settle at 209.42 points, weighed down primarily by losses in key large-cap stocks. Notably, Equity Group Holdings, KCB Group, East African Breweries Limited, and Safaricom PLC registered declines of 3.2%, 2.9%, 0.5%, and 0.5% respectively, exerting significant downward pressure on the overall market performance.
A broader look at market indicators reveals a general decline across key indicators. Market capitalization edged lower by 0.9% to KES 3.472.96 trillion, while the NSE 10 Index, NSE 20 Index, and NSE 25 Index fell by 1.3%, 0.7%, and 1.2% respectively. The banking sector index also declined by 1.6%, reflecting weakness within the banking segment of the market. Additionally, foreign investor participation declined, with foreign buys dropping to KES 59.61 million and foreign sales rising to KES 178.26 million, further amplifying the net outflow position.
Despite the bearish tilt, some counters recorded gains, such as BK Group Plc, British American Tobacco Kenya, and Nation Media Group, which rose by 2.0%, 0.9%, and 0.3% respectively, providing partial support to the market. These advances, however, were insufficient to offset the broader declines experienced among blue-chip stocks.
In terms of trading activity by counter, KCB Group emerged as the most actively traded stock, recording a turnover of KES 115.31 million. It was followed by Safaricom PLC, which posted a turnover of KES 106.15 million, reinforcing their dominant position in market liquidity and investor focus.
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