Scroll to top

Daily Market Report – 16th June 2020

- June 16, 2020 - 0 comments

Click to share

Market Commentary:

  • The All Share Index gained by 1.0% to close the day at 144.74. We attribute this to gains in large cap counters: Safaricom (+1.6% to KES 30.95), EABL (+0.9% to KES 170.00), Equity (+0.3% to KES 34.95) and KCB (+1.3% to KES 35.95). The NSE 20 index gained marginally by 0.1% to close at 2,025.55 as majority of the counters recorded price gains.
  • As anticipated, Britam declined by 9.7% to KES 9.62 which we attribute to profit taking activity. Kenya Power declined by 8.0% to KES 2.18 following its profit warning announcement for FY2020 results. Foreign investors were net buyers with foreign purchases at 66.8% of the day’s purchases against foreign sales at 58.9% of sales


News Highlights:

Kenya Airways Set to Resume Passenger Flights

 Kenya Airways is set to offer passenger flights once the government allows local and international flights.
 The airline was forced to halt passenger flights in March owing to travel restrictions put in place to curb the spread of the Covid-19 pandemic.
 According to management, these flights are expected to resume later in the third quarter of the year.
 Business is expected to begin on a low capacity as travel restrictions are likely to lift slowly and it may take some time to regain passenger confidence.

 This will definitely be a positive development which may offer some reprieve to the airline in a year that has seen significant loss of business and revenue.



Long Term Buy- KCB, Equity, Absa, Stanbic, NCBA

Hold- Safaricom

Sell- Stanchart, Bamburi, H

Related posts

Post a Comment

Your email address will not be published. Required fields are marked *