A trading monitor at the Nairobi Securities Exchange. FILE PHOTO | NMG
Traded turnover at the Nairobi Securities Exchange (NSE) fell by
a quarter in the first quarter of the year compared to a similar period
in 2018 as investors reduced their activity on large bank stocks.
Market
data compiled by Standard Investment Bank shows that turnover stood at
Sh45.3 billion in the first three months of the year compared to Sh61
billion in similar period of 2018. Among the often traded blue-chip
firms that dominate activity at the bourse, the most pronounced decline
in turnover was on large banks and the suspended KenolKobil
stock.
KenolKobil
investors had moved shares worth Sh456 million before the stock was
suspended from trading on February 21 to facilitate reconciliation of
books during the takeover by French firm Rubis Energie.
The stock has remained under suspension after Rubis achieved a
97 percent acceptance rate for the offer, thus setting the stage for
compulsory acquisition of the balance of shares and eventually
delisting.
In the first quarter of last year, the oil
marketer’s shareholders had traded Sh9.5 billion worth of shares, which
in that period was only second to Safaricom’s
Sh17.4 billion.
The telco’s turnover has defied the trend among the large counters to trade Sh18 billion in Quarter 1 of 2019.
Equity
moved shares worth Sh5.9 billion in the quarter, compared to Sh9.3 billion in 2018 Q1.
KCB’s
fell from Sh7.8 billion to Sh4.9 billion, while Co-op dropped from Sh1.54 billion to Sh511 million.
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