Market Wrap: Cigarette draws back foreigners to NSE

Cigarette makers attracted the hawkish eyes of foreigners who executed block sales to move BAT shares at the NSE to a six week high of Sh508.

BAT was the top mover on the days trading accounting for 34.6per cent of total turnover piping the cigarette maker’s shares 0.4 percent a day on day rise.

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BAT is a foreign investor magnet that has been delivering an average of Sh35 in dividend per share an average of 91 percent dividend payout ratio.

BAT Kenya which serves 9 export markets within the African market that bring in half of its total revenue may gain on African Continental Free Trade Area as that seeks to lift trade barriers. It may, however, be upstaged by Phillip Morris which wants to buy Mastermind to enter the Kenyan and regional market

Safaricom was the second-best performer in the top movers list, up 1.1 percent, thus recouping the marginal losses shed in Thursday’s session.

If Thursday trading saw foreign investors leave, BAT reshaped the narrative of the week with a $1.8 million block trade (Sh180 million) making net buyers with inflows of S1.7 million (Sh170 million). Participation was titled towards foreign investors at 61.2 percent of total turnover

The indices recorded their third straight session gain with NASI up 0.4 percent and NSE25 up 0.2 percent. The benchmark index, NSE 20 bucked the trend to close 0.3 percent lower.

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