NSE rakes in Ksh.16 billion on curfew termination

The Nairobi Securities Exchange (NSE) market cap surged by Ksh.16.2 billion on Thursday to reach Ksh.2.763 trillion on the backdrop of orders vacating the 10pm-4am curfew.

The rise in market cap which represent the total value of shares traded at the bourse signals better company valuations as investors’ price in optimism from yet another loosening of COVID-19 containment measures.

During Thursday’s trading session, equity turnover more than doubled to a high of Ksh.1.609 billion from a lower Ksh.780.8 million on Wednesday.

With all three key indexes on the rise in the session to go along the high turnovers, this mirrors increased demand for shares by investors and the subsequent rise in share prices on the exchange.

The Nairobi All Share Index (NASI) closed the day up 1.04 points while the NSE 20 & 25 indexes gained 1.65 and 17.56 points respectively to close at 1961.32 and 3848.81 points respectively.

A total of 25.1 million shares exchanged hands in the session from a lower 23.6 million shares previously.

Alcoholic beverages manufacturer East African Breweries Limited (EABL) was among the day’s top movers and gainers with its share price rising by 3.03 per cent to Ksh.170 per a share.

Other top gainers in the session were Home Afrika, Fahari Investment Real Estate Investment Trust (I-REIT), Sameer Africa and British American Tobacco (BAT).

EABL had seen its revenues chewed up by COVID-19 containment measures which at one point shutdown the operations of bars before subsequently restricting their operating hours.

On Wednesday during the Mashujaa trade celebrations, President Uhuru Kenyatta vacated the night-time curfew with the government subsequently clarifying bars were allowed to operate beyond the 7pm threshold.