NSE: Movers and shakers

The NSE 20 index declined 0.6 per cent last week, touching a 2015 low of 5,078.74 points within the week. The NASI was up 2.1 per cent (+6.3 per cent year to date [YTD]), riding on Safaricom (+22.4 per cent YTD) and KCB’s (+12.3 per cent YTD) performance. Foreign investor participation reduced to 50.9 per cent from 58.7 per cent. After seven consecutive weeks of net selling, foreign investors turned net buyers as they took advantage of the cheaper market.

KCB attracted the highest net inflows, while Equity Bank had the highest net outflows and shed 2.6 per cent (-6 per cent YTD). The lender’s 10-country expansion plan may have attracted negative sentiment, considering its five subsidiaries contributed 4.8 per cent of profits in 2014.

Driven by foreign-investor demand, Flame Tree Group was a surprise gainer, closing 15.5 per cent higher ahead of FY14 results. Jubilee Holdings edged up 9.6 per cent on local investor interest. The insurer is trading on a bonus share issue of 1 for 10, with books closure subject to approval. Eveready notched 3.8 per cent higher on news of the company planning a joint venture with chemical manufacturer Orbit Chemicals.

Crown Berger, trading on a profit warning, shed 13.7 per cent, while Home Afrika (also trading on a profit warning) extended losses made the previous week. KQ shed 6.6 per cent (-19 per cent YTD), making it one of the worst-performing stocks so far this year.