This archive report was first published on 11 December 2019.
Published on December 11, 2019, the Nairobi Securities Exchange (NSE) saw a surge in trading, with banking stocks dominating the market.
Equity Group Holdings led the charge, moving 7 million shares valued at KSh366.5 million between KSh51.25 and KSh52.25. KCB Group also made significant moves, with its shares down 25 cents to KSh50.75, and 1.38 million shares valued at KSh70 million transacted.
The sale of Safaricom and Equity Group Holdings shares boosted turnover at the Nairobi bourse, which soared to KSh1.1 billion from KSh464 million.
According to Fitch Ratings, credit growth is stronger among Kenya's biggest banks, which are adequately capitalized, well-funded, and profitable. However, the sector's asset quality has worsened, with the non-performing loans (NPL) ratio reaching 12.9% as of April 2019.
Despite this, the NPL ratio has since fallen slightly, and credit growth is expected to further improve following the repeal of the rate cap law, which had led to credit rationing.
The NSE 20 share Index was down 8.61 points to stand at 2600.17, while the All Share Index NASI picked up 0.16 points to stand at 160.15. The NSE 25 Share index was up 1.77 points to settle at 3940.20.
Safaricom was the day's biggest mover, with 15 million shares valued at KSh454 million changing hands at between KSh29.80 and KSh30.25, representing 40.47% of the day's traded value.
