Kenyan companies cross-listed on the Dar es Salaam Stock
Exchange (DSE) are reporting mixed results as the market remains
unpredictable.
Whereas Kenya Airways
and Uchumi are struggling to interest buyers, KCB Group, East African
Breweries Ltd (EABL) and Jubilee Holdings are growing interest.
Kenya
Airways (KQ) started the week with its shares trading at the lowest
price since listing 15 years ago. KQ shares opened at Tsh55 ($0.024) and
closed the week at Tsh50 ($0.022), continuing a downward trend, that
began two years ago. The shares, which once traded at Tsh140 ($0.061),
had already dropped in value to Tsh75 ($0.033) by May 24, when the
airline announced the departure by the end of the year of chief
executive and group managing director Sebastian Mikosz.
Nation
Media Group’s share price dropped from Tsh870 ($0.38) to Tsh850 ($0.37)
on Monday, but by close of business on Friday it had risen to Tsh870
($0.38)
Uchumi Supermarkets Ltd is
still the worst foreign performer at the DSE, with a capitalisation of
Tsh1.82 billion ($800,000), the lowest of all 27 listed companies.
Uchumi's
share price has been stuck at Tsh5 ($0.0022) and is still unable to
invite any bids or offers. The situation is a far cry from October last
year when Uchumi was the top gainer at DSE. It was still maintaining a
decent momentum at the turn of the year, but it has been downhill since
then.
For the performing companies, KCB shares were
trading at Tsh1,120 ($0.49) on Monday, having stumbled since April to
hit Tsh860 ($0.37) by mid-September but were at Tsh1,150 ($.50) by close
of Friday. KCB is also listed on the Uganda Securities Exchange and the
Rwanda Stock Exchange. Its market capitalisation on the DSE rose from
Tsh2.6 trillion ($1.15 billion) in December 2018 to Tsh3.4 trillion
($1.5 billion) currently.
This is
despite a recent report in which KCB's Tanzanian branch management
predicted possible “headwinds that may arise largely from economic
policy uncertainty with stunted private sector growth”.
Meanwhile,
despite its share price taking a beating over the course of the year,
Jubilee Holdings has also maintained a strong presence on the DSE floor.
The firm began 2019 with a healthy Tsh9,650 ($4.2) share price, but
dropped to Tsh7,850 ($3.42) by close of business Friday.
EABL
has also had a tough year on the Dar bourse, but by Friday its share
price was holding steady at Tsh4,400 ($1.92), up from Tsh3,920 ($1.71)
in January.
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