Benchmark Indices
Equity indices recorded a bullish trend during the week with the NASI increasing by 1.81% to close the week at 93.94 from 92.27, NSE-10 rose 0.57% to close at 926.18 from 920.96 , while the NSE-20 rose 1.25% to close the week at 1,513.19 from 1,494.45.
Market Performance
Equity turnover increased by 16.47% to KES 1.35Bn up from KES 1.16Bn. The bulk of activity skewed on Safaricom at KES 1.08Bn, followed by Equity Group at KES 55.99Bn and KCB Group at KES 46.74Bn. Bamburi was the highest gainer appreciating 17.97% w/w to close at KES 41.35. Other top gainers included: Eaagads (+9.84% w/w) to KES 13.95 and BK Group (+9.09% w/w) to KES 36.00. The top losers included Eveready (-14.50% w/w), closing at KES 1.12, Home Afrika (-10.00% w/w) closing at KES 0.27, and Standard Group Plc (-9.89%) closing at KES 7.84.
Foreign Participation
During the week, foreigners remained net sellers recording net outflows amounting to KES 860.40Mn compared to net outflows of KES 69.83Mn recorded in the previous week. Bearish sentiments were mostly skewed on Safaricom, which recorded highest net foreigner sales in the week, amounting to KES 808.65Mn.
Weekly Highlights
Express Kenya Plc (XPRS)
Express Kenya announced a profit warning for the year ended 31st December 2023. The profit warning signaled expectations of a decline in current year net earnings of the current year by at least 25% compared to the previous year. Express Kenya recorded a decline in net earnings by 37.12% to a loss of KES 35.04 in HY’23 from a loss of KES 25.56Mn in HY’22. The board attributes the decline to low warehousing operations driven by decreased demand and slowing economic activity that have led to reduced income. The current share price at KES 3.99 represents a YTD loss of 15.29%.
Kakuzi Plc (KUKZ)
Kakuzi Plc announced a profit warning for the year ended 31st December 2023. The profit warning signaled expectations of a decline in current year net earnings of the current year by at least 25% compared to the previous year. Kakuzi Plc recorded a 65.57% decline in net earnings in HY’23 to KES 117.50Mn, down from KES 341.27Mn in HY’22. The board attributes the decline to expected losses from its Macadamia business line resulting owing to a decline in demand and price across global markets. The current share price at KES 385.00 represents a YTD gain of 0.00%.
