Market activity at the Nairobi Securities Exchange Plc (NSE) soared to a three month high Thursday on the back of increased trading volumes and renewed investor appetite. This is after President Uhuru Kenyatta refused to assent to proposals in the Finance Bill 2019 which sought to repeal the Interest Rates Cap law.
At the close of business, Equity turnover surged to a record KSh 1.9 billion with interest on banking stocks accounting for 88.8 per cent of this turnover.
Equity Bank shares led the movers with its share price rising by 4.3 per cent to KSh 37.60 on heightened foreign investor interest that saw the lender join the gainers.
Safaricom enjoyed foreign demand as the telco announced plans to release its 2019 half-year results on November 1st, 2019. Longhorn Publishers led the pack with its share prices rising 8.8 per cent to sell at KSh 7.44.
Market turnover rose by a massive 448.8 per cent to KSh 1.985 trillion compared to KSh 361.8 billion. Volume of shares traded was 51.3 million compared to 11.6 million the previous day on Wednesday. Foreign buying of shares was worth KSh 1.188 billion compared to KSh 182.9 million the previous day, representing 549.7 per cent increase.
Furthermore, foreign investors sold shares worth KSh 1.756 billion today compared to KSh 336.7 million yesterday even as the NSE migrated to its refurbished automated trading platform.
