Movers and shakers in the money market

Up just three per cent year to date, the NASI shed a further 2.2 per cent last week. Also declining for the second week in a row, the NSE 20 Index was down 1.8 per cent (4.5 per cent shy of 2014’s low of 4,764.11 points). Equity turnover recorded the second-highest turnover for 2015 as trading increased on large caps, with foreign investor participation at 74.6 per cent.

Following block trades done within the week, Co-op Bank recorded the highest net inflows, while for the fourth consecutive week, Safaricom recorded the highest net outflows. Though down 4.1 per cent, the telecom is still one of 2015’s best-performing counters.

Up 19.6 per cent, Crown Berger continued its positive run driven by its 2 for 1 bonus announcement. After touching an all-year low of Sh45.50 the previous week, Equity Bank edged 5.9 per cent higher as local investors took advantage of lower prices. Following book closure for its one-for-two bonus issue, Pan Africa Insurance closed 11 per cent above its bonus-adjusted price of Sh82.

Following book closure for dividends last week, East African Cables fell 5.5 per cent. On foreign investor selling, Barclays Bank dropped 3.4 per cent and EABL 5.9 per cent. The Government raised excise duty remission for beer to 90 per cent (up from 50 per cent) for all beer with at least 75 per cent content of sorghum, millet and cassava.