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Kenya Re stock price drops as it tops NSE turnover

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Kenya Reinsurance corporation was involved in lots of activity at the Nairobi Securities Exchange (NSE) on March 21 as the reinsurer ranked as the highest volume mover, but saw its stock drop the most at the bourse.

At 8 million shares moved, Kenya Re ranked ahead of Safaricom in terms of stock activity. The giant telco that regularly ranks ahead of other firms in terms of shares moved at the bourse managed 7.7 million shares.

Kenya Re’s activity however was not enough to stop a 9.84% decline in stock price, with the reinsurer settling at Ksh11 at the trading floor on Thursday.

The reinsurer, who issued a profit warning earlier in the week, was followed by Kapchorua Tea who declined to Ksh69.75, a 6.38% slump while ScanGroup at a share price of Ksh11 receded by 5.98%.

At the volumes counter, NIC Group followed Kenya Re and Safaricom, with 1.4 million shares moved. NIC Group had on the same day announced a marginal profit rise in full year results for the year ended December 31, 2018.

In terms of Thursday’s top gainers, Uganda’s Umeme rose by 8.82% to end trading at a share price of Ksh7.40.

Sasini, Flame Tree Group, Total Kenya and Eveready East Africa also ranked among the day’s top gainers at the NSE.

The bourse also registered an improvement on the All Share Index counter, rising 0.44% to settle at 160.97.

NSE 20 Share Index registered a slight upsurge to settle at 2,855.63 while the NSE 25 Share Index was at 3,997.58, also an increase. This means all the indices counters were in the green zone at the trading floor on Thursday.

Investor wealth at the bourse rose slightly, posting Ksh2.4 billion on Thursday having flirted with the 2.4 billion mark during the previous trading session.

Total volume of shares traded at the NSE rose to 22 million, having posted 15 million on Wednesday. Turnover declined to Ksh498 million.

[See Also: No more safe deposit boxes at Barclays]

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Mike Njoroge
Mike Njorogehttp://www.businesstoday.co.ke
Mike Njoroge is the founder of Daystar Oracle and FootballTriangle. He is passionate about news, religion and sports. He can be reached at: [email protected]
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