Foreign buyers target Britam as locals buy into Safaricom billion shillings profits

Investment firm Britam Holdings (BRIT Sh15.80) gained the most in yesterday’s trading and moved the largest amount of shares pulling through 41.1 million shares with a 6.8 bump in share price.

According to Standard Investment Bank traders, foreign investors turned net buyers after 16 consecutive sessions of outflows, registering net inflows of $3 million mostly targeting Britam (inflows of $6.2 million), consequently pushing the insurer to be the top traded counter in today’s session.

See also:  Safaricom profits grow 14 percent to Sh55billion as Bob returns

Britam and Safaricom (SCOM Sh29.00) accounted for 70.8 percent of the market-boosting overall market turnover which rose to Sh1.6 billion from the previous session’s Sh667 million, the number of shares traded stood at 76.9M against 21M posted yesterday.

After posting Sh55 billion in net profits and increasing its dividend payout to Sh1.1 per share, Safaricom actively moved 17.9 million shares increased its dividend payout to Sh1.1 per share ridding on local investor buying which gained the share 2.7 percent upside.

The Banking Sector had shares worth Sh219 million transacted which accounted for 13.23 percent of the day’s traded value.

This comes as news of Treasury Chief Administrative Secretary Nelson Gaichuhie, stating that the National Treasury is drafting a law that will recommend a flat rate that will factor in a window for adjusting the rate charged depending on the risk profile of the borrower.

Barclays Bank saw 7.6 million shares valued at Sh89 million changing hands at an average of Sh11.7 while Equity Group Holdings was up fifty cents to Sh51.50 moved 1.2 million shares valued at Sh63 million. Standard Chartered Bank moved 105,000 shares worth Sh22 million and closed at Sh210.00.

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