Movers & Shakers: January 02, 2014

Kenya: NSE 20 -0.33%, USD 3.3m

The market started the first trading day of the new calendar year on the back foot with the NSE 20 index falling -0.33% to close at 4,910.7. Activity was also rather subdued as value traded amounted to $3.3m. Equity Bank drove activity as foreigners dominated sales (98.8%) in the counter with a few crosses going through as a total of 3.56m shares changed hands. Kenya Commercial Bank was also rather active as foreign purchases (97.6%) drove the name higher as a total of 1.05m shares traded. There was not much on the go in Safcom as 3.5m shares traded. ARM Cement retreated 2.8% as management was quoted by the Business Daily as saying they were preparing to open a cement plant in South Africa.

Nigeria: ASI -0.24%, USD 24.5m

The market started the year off on a decent note from an activity point of view as value traded amounted to $24.5m. Crosses in a few big names drove turnover with Oando ($3.28m), Zenith Bank ($2.54m), First Bank ($2.54m), ETI ($2.04m) and UBA ($1.81m) being at the top of the list. After Tuesday’s late rally, there was a severe case of profit taking in Zenith Bank as the name fell -8.76% to close at 25.00 which in turn drove the Banking Index -1.20% lower. Consumers (-1.08%) also ended the day lower thanks to the likes of Dangote Sugar (-3.42%), Nigerian Breweries (-1.72%) and Nestle (-1..50%).

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