BUSINESS

KenGen Shares Defy Trading Halt to Emerge Top Gainer at NSE

Share
KenGen Managing Director Peter Njenga
KenGen Managing Director Peter Njenga
Share

Kenya Electricity Generating Company (KenGen) shares emerged as the top performer at the Nairobi Securities Exchange (NSE) this week, defying a temporary suspension in trading.

According to the weekly market report, KenGen’s stock price jumped nearly nine per cent to close at Ksh 9.98. This surge placed the power producer among the biggest gainers, second only to Safaricom Plc, which remained the most traded counter.

Safaricom, which marked its 25th anniversary during the week, led market activity with 40.6 million shares worth Ksh 1.13 trillion, accounting for 40 per cent of the total market capitalisation. KenGen followed with 6.13 million shares traded, valued at Ksh 65.8 billion.

Earlier in the week, NSE had halted trading of KenGen shares after denying reports that it had approved the release of the company’s unaudited financial results.

KenGen remains one of the most valuable firms on the exchange and is known for offering strong returns to investors. The company reported a 79 per cent rise in net profit for the half-year ending December 31, 2024, to Ksh 5.3 billion. Cost-cutting measures and improved operational efficiency drove this growth.

The firm is the leading electricity generator in Eastern Africa, controlling over 60 per cent of Kenya’s total installed generation capacity. Its 1,785MW output comes mainly from hydro (826MW), geothermal (754MW) and wind (25.5MW) sources, with the remainder from thermal energy.

Overall, the NSE recorded improved performance during the week. The NASI, NSE 25 and NSE 20 indices gained 1.37, 2.1 and 1.61 per cent, respectively, by the close of trading on October 23.

Market capitalisation and equity turnover rose by 1.36 and 56.7 per cent, while total shares traded declined by 4.8 per cent. Government short-term securities were oversubscribed, with the Central Bank of Kenya receiving Ksh 25.4 billion in bids against the ksh 24 billion on offer, representing a performance rate of 105.9 per cent.

Bond turnover in the secondary market also grew by 27.2 per cent to Ksh 38.4 billion, up from Sh30.2 billion the previous week.

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

PAST ARTICLES AND INSIGHTS

Related Articles
The Konza transformer substation in Kenya
BUSINESS

KETRACO Signs Ksh40.4B PPP Deal to Expand Power Transmission Network

The Kenya Electricity Transmission Company Limited has sealed a major Public Private...

An aerial view of parts of Upper Hill, the richest district in Nairobi city. PHOTO/@Africa_Archives/X
BUSINESS

Govt Rolls Out Major Expansion of Nairobi Central Railway Station

Plans are underway to transform Nairobi Central Railway Station into a modern...

President William Ruto, DP Kithure Kindiki and Truphena Muthoni at State House. PHOTO/@WilliamsRuto/X
NEWS

Ruto Honours Tree-Hugging Activist Truphena Muthoni With Ambassador Role and Brazil Trip

President William Ruto has stepped in to back environmental advocate Truphena Muthoni,...

Raghav Gandhi CEO, Africa Logistics Properties
BUSINESSSMART MONEY

Africa Logistics Properties Launches Real Estate Investment Trust

Africa Logistics Properties Holdings Limited, (ALPH) has been granted approval by the...