Deals 4,415 with a turnover of Kshs. 1.87 billion [$29.7 million]
Avg price 7.47
Volume 250.9 million shares
Commentary: Bullish break out. Heavy Buy side demand. 8-10 range next week. Foreign Selling top 555,000,000/= [They must be near flat]
Courtesy of Rich.Co.Ke [NSE data vendor]
– The Central Bank directive that requires refund cheques to be banked in applicants bank accounts (not endorsed to brokers or third parties) will require many applicants to open bank accounts, just to receive their money.
It is a boost to banks, since the initial Safaricom prospectus document contained the option of applicants receiving refunds of less than 5,000 shillings ($80) to get their cash via M-pesa. However no one meets that amount as even the lowest application investor of Kshs. 10,000 is getting at least Kshs. 7,500, but which is still an amount Safaricom (instant value to mobile phone) is better able to handle and process than a bank cheque that clears after a week.
– Equity Bank applicants’ refunds are already in their accounts where they have been used to offset the IPO loans. Other banks should also state their policies on IPO loans where investors have only utilized 22% towards shares, while paying interest rates on the full 100% loan
Refunds to Bonds
Try your luck at Bonds if NSE Equities are too volatile: The second tranche of the 7 year Barclays Bank bond is available to investors up to July 9th, minimum application amount is 100,000 shillings ($1,585) at fixed or floating rates and can be traded at the NSE thereafter. (details at firstname.lastname@example.org)