Turnover in the bond market stood at Sh95.2 billion, the highest amount in the last two years.
Two weeks before the August 4th referendum, the stockbrokerage and investment banking fraternity is confident that the Nairobi Stock Exchange fundamentals are strong to maintain a bullish run.
According to Michael Gichohi, Chairman of the Kenya Association of Stockbrokers and Investment Banks (KASIB), stock prices are fairly stable with some counters registering strong gains.
“Had the referendum been perceived as a threat to market activity, by now key indicators and prices on most counters would be going down,” he says.
The NSE 20 Share index, the key barometer for measuring market activity, has already gone up by about 40 per cent from 3,200 points in January to 4,345 points.
As at June 30 market capitalisation stood at Sh1,109 billion ($13.8Bn) compared to Sh910 billion ($11.3Bn) at the end of January, buoyed mainly by the return of retail investors to the market. The foreign board counter was active with a turnover of Sh3 billion on a volume of 276 million shares.
Active stocks in terms of volume were Safaricom, Equity Bank, Kenya Commercial Bank and Co-operative Bank. Turnover in the bond market stood at Sh95.2 billion, the highest amount in the last two years.
