KCB Group inched towards the Ksh200 billion value at the Nairobi Securities Exchange after registering more gains in trading yesterday. It traded 3.17 million shares to close the day at Ksh64, up 1.6% and taking its valuation to Ksh190 billion.
With Equity Bank shedding 25 cents to Ksh48 in trading on Monday, it means KCB is now valued higher than its rival by Ksh13.26 billion, an increase of Ksh3.9 billion from Friday’s valuation difference of Ksh9.35 billion.
KCB’s recent price gains have come as demand on the counter grows on foreign investor demand, at a time when there is selling pressure from this class of investors on the Equity stock. “KCB touched a 52-week trading high of Ksh65 on sustained foreign investor buying… contrary to the previous session, foreign investors were net buyers on most large caps,” said Standard Investment Bank in a market report.
The only other gaining banking stock was CfC Stanbic (up 0.8 per cent to Sh126), with the balance nine counters all in the red. KCB dominated the first trading session of the week, accounting for a third of the day’s total market turnover which stood at Ksh615.16 million. In total, 29 counters in the market dropped in share price on Monday, compared to 15 which gained in value.
The other top counters —Safaricom and East Africa Breweries gained 0.6% and 2.5% respectively to Ksh16 and Ksh333, helping the main NSE 20 share index close higher by 12 points at 5136. The number of traded shares, however, dropped threefold to 13.4 million from Friday 38 million.
The day’s top gaining counter was Flame Tree Group, which closed 8% higher at Ksh9.40, followed by Jubilee Holdings 3.8% up to Ksh540. Car & General was the leading loser, dropping 9.6% to Ksh45, followed by Kakuzi which shed 8.9% to Ksh255.
(BUSINESS DAILY)
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