- The All Share Index retreated by 0.7% to close at 137.56. We attribute this to price declines in large cap counters, notably Safaricom (-1.2% to KES 28.30) and EABL (-1.0% to KES 173.00), on the back of foreign selling interest. Turnover declined by 38.3% to KES 696.5 million from the previous trading session. Banking sector counters, however, witnessed demand, resulting in marginal price gains across majority of the counters. With regard to the banking counters, we expect price stability to sustain. KenGen extended its upward trend, gaining 1.1% to KES 5.38. Overall, foreign investors emerged net sellers in today’s trading session accounting for 89.8% of the day’s sales against 34.3% of purchases.
Britam Launches Tele-Health Platform
Through Britam’s Tele-health platform outpatient clients can now access medical treatment from home using short message service (SMS).
Britam has harnessed its IT capability and partnered with Strathmore University to provide the service.
Through the platform patients can consult with doctors, get diagnosed and receive home delivery of medicine. Prescriptions will be sent through an SMS link that can be downloaded at a pharmacy therefore smartphones are not necessary.
The service primarily targets low income patients as well as patients in the Small and Medium Enterprise (SMEs) sector and has been launched with an aim to curb the spread of the Covid-19 virus.
The cost of this medical service is yet to be disclosed but according to management it will be cheaper for clients than the usual consultation.
As the COVID-19 pandemic necessitates virtual consultation we are optimistic about the company leveraging its digital capabilities to increase its service offering.
Other than the near term benefit of offering remote healthcare during the pandemic, the product has potential to offer long-term benefits to the company, encouraging renewal and uptake of the firm’s micro insurance products.
Long Term Buy- KCB, Equity, Absa, Stanbic, NCBA
Sell- Stanchart, Bamburi, HF