MACRO | AXYS Quarterly Insights - Q1 2022

    Activity in Q1’2022 slumped in the equities market with the benchmark indices declining 2.93% and 6.44% for NSE 20 and NASI, respectively. Equity turnover declined by 23.51% to KES 27.77Bn from KES 36.30Bn in the preceding quarter. The bourse’s market value declined by 6.46% to KES 2.45Tn from KES 2.59Tn in Q4’2021. This was attributed to an outflux of foreign investor participation in light of the Russia—Ukraine war. The biggest counters by market capitalization: SCOM, EQTY, KCB, EABL and COOP bank experienced the largest foreign participant sell-offs, dragging down activity and turnover at the bourse.

    Q2’2022 will likely see further exits by foreign investors from their positions, as uncertainty about the end of the Russia—Ukraine conflict persists. SCOM is set to begin its much-awaited entry into the Ethiopian market early in Q2. Also, the telco will be releasing its FY results, in which a strong financial performance is anticipated. Most banking counters will be paying out dividends to shareholders during the quarter with anticipated share price rallies on some of the highest dividend yield counters.


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    AIB-AXYS Africa Ltd is the fusion of two established companies; AIB Capital Limited and Apex Africa Capital Limited, both with over 25 years of experience in the Securities market. With the solid reputation and experience of the professional teams, we leverage talent and networks to better service businesses and investors looking to capitalize on the African growth story, and its vibrant financial sector.
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