By James Anyanzwa
Share prices at the Nairobi Securities Exchange (NSE) maintained an upward trend after posting a new high this year.
On Tuesday, the NSE 20-Share index rose for the sixth session running as retail investors bet on agricultural stocks due to favourable weather.
The main NSE 20-Share index gained 1.32 points to settle at 3,845.93, while the All-Share Index, the broader measure of stock performance, remained relatively unchanged at 83.85 points.
On Monday, NSE 20-Share index rose 20 per cent to 3,844.61 points.
According to data from NSE, turnover rose to Sh325 million from the previous day’s Sh188 million while the number of shares traded climbed to 19 million from 9.5 million.
Investors are eyeing stocks of blue chip companies, especially banks, ahead of first-half results.
According to analysts at the AIB Capital, banking and selected manufacturing sector stocks viewed as income stocks are expected to drive market activity ahead of the half-year and end year earnings reports that have started trickling in.
“Both foreign and local investors are expected to participate actively as they look out to earn capital gains on expected rallies and income from interim and final dividends,” said Ronald Lugalia, investment analyst at AIB Capital Ltd.
“Foreign investor interest remains strong on East African Breweries, Safaricom and British American Tobacco. Bamburi is also expected to continue receiving strong support from local institutions,” he said.
According to analysts at Standard Investment Bank, equity turnover remained flat during the session with local investors and foreign investors accounting for 50 per cent each of trades.
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