KCB share hits all-time high as telecoms lead in traded volume

 

A KCB banking hall. Some 15 million KCB shares changed hands last week. Photo/FILE 

By GEOFFREY IRUNGU

In Summary

• KCB share hit an all-time high of Sh51 and a low of Sh48.50 on a volume of 15 million shares.
• Investors appeared to have been buoyed by KCB’s financial performance.
• The firm recorded a 28.7 per cent growth in net profit to Sh3.9 billion in the first quarter of this year.

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The KCB Group stock hit an all-time high of Sh51 and a low of Sh48.50 on a volume of 15 million shares as the banking sector traded 45 million shares last week.

The sector made up 26.50 per cent of the week’s traded volume, but the telecommunications sector led in the number of shares traded at 48 per cent.

Investors appeared to have been buoyed by KCB’s financial performance. The firm recorded a 28.7 per cent growth in net profit to Sh3.9 billion in the first quarter of this year appearing to confirm another year of rich pickings.

Shares of the second largest lender by profit and market capitalisation, Equity Bank, were up 6.21 per cent to Sh38.50, having moved 17 million shares.

Equity reported a Sh3.87 billion growth in net profit, putting it neck and neck with its top rival. Barclays Bank, which is yet to release its first quarter results, moved 3.7 million shares and closed the week at Sh17.

“Most banking counters were in the green with Equity Bank, CFC Stanbic and Housing Finance adding 0.7 per cent, 3.9 per cent and 0.7 per cent respectively,” said Standard Investment Bank in an earlier note to clients.

The banks improved share prices came as the turnover for the four-day trading week rose to Sh3.74 billion from the previous week’s Sh3.6 billion, a statement from the Nairobi Securities Exchange noted.

In telecoms, Safaricom touched a high of Sh13.20 and a low of Sh13.00 on a volume of 82 million shares.

The bourse traded shares amounting to 170 million against 158 million posted the previous week.

The NSE 20-Share Index was up 0.06 per cent during the week to stand at 4959.91 points while the All Share Index (NASI) was up 0.92 per cent during the week to settle at 151.85 points.

The third most active sector in the course of the week was Energy & Petroleum Sector, which moved 24 million shares accounting for 14.11 per cent of the week’s traded volume. KenolKobil moved 22 million shares during the week and closed at Sh8.90.