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HomeMARKETSSTOCKSJubilee Insurance Deal With Allianz Triggers Investor Interest

Jubilee Insurance Deal With Allianz Triggers Investor Interest

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The sale of a majority stake in Jubilee Insurance’s general business to Allianz SE, a German multinational, aroused investor interest in the firm’s counter at the Nairobi Securities Exchange(NSE) this Wednesday, 30th September 2020.

Local investors homed in on Jubilee, pushing it to be a top gainer of the day. Its share price climbed to Ksh242 from the previous Ksh220, an increase of 10%. A total of 300 shares changed hands resulting in a turnover of Ksh73,600 in two deals.

Jubilee Holdings’ insurance business remains healthy with its half-year 2020 financial results showing that its general business accounted for 28% of the group’s gross written premiums while contributing 36% towards the profit mix.

Jubilee has been sprucing up its general insurance business, including a review of loss-making accounts, ensuring faster settlement of claims in motor insurance, retention of a profitable business book and process re-engineering across the board.

Safaricom was the prime mover at the bourse with a volume of 16.26 Million shares, at a price of Ksh29.70. Activity on this counter was dominated by foreign investors at 97.3%, resulting in a turnover of Ksh483.24 million in 159 deals.

Others in the top 5 movers were BK Group(3.10 Million), KenGen(1.58 Million), Equity(1.12 Million and Kenya Reinsurance(657,100).

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Apart from Jubilee, other top price gainers included TPS Serena, which was up 9.71% to Ksh16.95, Stanbic Holdings up 7.59% to Ksh 81.50, NSE which rose 3.60% to Ksh8.64 and Flame Tree Group Holdings whose share price was up 3.15% to KSh 1.31.

The top 5 price laggards were led by BK Group, which was down 6.90% to Ksh12.15. It was followed by Olympia Capital Holdings, WPP Scangroup, Uchumi and Absa NewGold (ETF), which fell 2/73% to Ksh1960.

The NSE 20 Share Index was down 5.22 points to 1844.99 from the previous 1850.21 while the NSE 25 Share Index shed 1.93 points to 3252.25 from the previous 3254.18. The NSE All-Share Index(NASI) was down to 140.00 from the 140.09 points level on Tuesday.

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BT Correspondent
BT Correspondenthttp://www.businesstoday.co.ke
editor [at] businesstoday.co.ke
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