Saturday, June 28, 2014

BAT Kenya top gainer at Nairobi bourse trade

Money Markets
 
BAT has the most generous dividend at the Nairobi Securities Exchange. Photo/FILE
BAT has the most generous dividend at the Nairobi Securities Exchange. Photo/FILE 
By CHARLES MWANIKI, cmwaniki@ke.nationmedia.com
In Summary
  • The trading on the stock mainly came from local institutional investors, with the company seeing 391,500 shares traded Thursday at a wide price range of between Sh605 and Sh680.
  • The share has now gained 15 per cent over the past five trading sessions spanning one week, rising by Sh88.
  • The counter has the most generous dividend at the stock exchange, paying out its entire net earnings as dividend to shareholders.

BAT Kenya moved shares worth Sh266 million during trading at the Nairobi Securities Exchange Thursday, with the active demand helping the share lead the market in gains at five per cent to touch a new one-year high of Sh679.

 
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The trading on the stock mainly came from local institutional investors, with the company seeing 391,500 shares traded Thursday at a wide price range of between Sh605 and Sh680.
“The buyers may likely be taking long positions on the stock with an eye on the high dividend yields,” said Kestrel Capital analyst Kuria Kamau.
The share has now gained 15 per cent over the past five trading sessions spanning one week, rising by Sh88.
The counter has the most generous dividend at the stock exchange, paying out its entire net earnings as dividend to shareholders.
In the last financial year, shareholders received a dividend of Sh33.50 per share. The company had been bracing itself for another hit through higher taxes in the 2014-15 Budget, but the governments tax-silent budget spared it immediate ‘’sin tax’’ increases.
Analysts have previously said that institutional investors would likely increase their exposure in equities once the country concluded its Eurobond Issue, with an eye on a fall in interest rate yield on government securities as the State borrows less from the domestic market.
Other top gainers Thursday included ScanGroup and Housing Finance, which closed 4.4 per cent up each at Sh47 and Sh41.25 respectively, with Unga Group up four per cent at Sh32.50.
Kenya Airways, which announced reduced net losses of Sh3.4 billion this week, shed 2.8 per cent to close at Sh10.55 as more local investors exited the counter.
Kakuzi was, however, the day’s leading decliner at 8.1 per cent to close at Sh136, with Standard Group down five per cent to Sh33 and I&M Holdings losing 2.8 per cent to close at Sh139.
Safaricom was the day’s top mover with shares worth Sh300 million traded, though it shed 1.2 per cent to close at Sh12.40. Equity Bank closed at a new one year high of Sh45, trading 2.1 million shares.
The NSE All Share index was down 0.14 points to close at 149.5, while the NSE 20 Share index gained 10 points to 4,856 reflecting gains in the big cap counters.
Total equity turnover stood at Sh887 million, up from Sh808 million registered on Wednesday.
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