$5.5 Million Grant Fuels Rally in Bank of Kigali Shares

Bank of Kigali Group Plc (BKG) shares on the NSE led the gainers on Friday with a 9.77% share price appreciation, closing the day at Ksh14.60 per share.

The price rally on the BKG counter at the Nairobi Securities Exchange came as details filtered that the Bank, considered Rwanda’s largest lender by assets, would provide more than US$5.5 million in form of grants to help small businesses stay open amid the COVID-19 pandemic.

According to Santos Musonera, Head of Business at BKG, some 400 small and medium-sized businesses are set to benefit from the grants. A total of 10,000 jobs are targeted by this program.

At the end of Friday, 2^nd October 2020, Bank of Kigali shares on NSE had 9.9 million trades in 1,015 deals, corresponding to a market value of Ksh237.4 Million.

Compared with the previous NSE trading day on 1^st October 2020, Friday’s data shows a 13% improvement in volume, 63% growth in turnover, and 26% improvement in deals. With the NSE market capitalization at Ksh2.11 trillion, the bourse ended Friday trading with 15 gainers and 19 losers.

Apart from BKG, other top price gainers included Jubilee Insurance whose price edged 9.68% to Ksh291.75, WPP ScanGroup Plc, which rose 7.14% to Ksh7.50, CIC which appreciated 3.79% to Ksh 2.19 after it picked a new external auditor and Eveready whose price was up 3.19% to Ksh0.97.

The worst-performing stocks were led by Home Afrika, Sasini, Stanlib Fahari Income REIT, Longhorn Publishers and Centum.

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The NSE 20 index fell 0.18% to 1852.17 from 1,855.53 while the NSE 25 was down 0.19% from 3,248.77 to 3,242.54. The NSE All-Share (NASI) edged up 0.24% to 140.22 from the previous 139.88.

The derivatives market had three contracts valued at Ksh115,250 concluded.

The secondary bond market had bonds worth Ksh2.71 billion transacted in 66 deals. This is compared to Ksh 2.83 billion achieved in 50 deals when markets closed Thursday.

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