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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Stocks rally boosts investors’ wealth at Kenya’s bourse       

NAIROBI (Xinhua) -- Investors’ wealth at the Nairobi Securities Exchange (NSE) has hit a new high boosted by rise in stock prices.

The wealth, measured by market capitalization, stood at 26.1 billion dollars on Thursday, having risen by about 2 billion U.S. dollars in five months and 6 billion dollars in a year-and-half.

Investors’ wealth fell to less than 20 billion dollars in mid-2016 as trading at the bourse hit the nadir, but has been on a climb albeit slowly to reach the new level.

Some of the stocks that have helped lift Kenya’s bourse market capitalization include Safaricom, Equity Bank, Kenya Commercial Bank (KCB), KenolKobil, Kenya Airways, East Africa Breweries Ltd, Barclays Bank, Cooperative Bank and Bamburi.

Analysts noted that a number of stocks have recorded double digit gains in the last one year, making them attractive for investors to sell them to cash in.

Kenya’s leading telecom Safaricom share price has surged by 56 percent to 0.29 dollars in the last one year, KCB by 76 percent to 0.45 dollars, Equity Bank by 43 percent to 0.43 dollars, KenolKobil by 14 percent to 0.15 dollars and Bamburi by 20 percent to 1.7 dollars.

Those leading in selling the stocks are foreign investors who in the last two weeks have cashed in raising outflows at the bourse.

Data from the NSE showed that last week, net outflows stood at 30 million dollars, a four-year high thanks to the share rally.

The foreigners have since cut their trading at the NSE after cashing in, on Thursday standing at a low of 35 percent.

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EARLIER REPORT:

Kenya’s stocks close week higher amid rise in turnover

NAIROBI (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) ended the week higher on Friday as both turnover and key indices surged, reversing a negative turn.

Turnover stood at 4.6 million U.S. dollars on a volume of 13.7 million shares, up from 3.6 million dollars from 10.9 million shares.

Safaricom, Kenya Commercial Bank (KCB), Centum and Co-operative Bank accounted for 85 percent of the total turnover.

The most traded counters were, however, Safaricom, KCB, Co-operative Bank, Equity Bank and Centum, moving 4.7 million, 2.7 million, 1.9 million, 1.3 million and 840,000 shares respectively.

The NSE 20 Share Index was up 9.97 points to close at 3,713.25 points while the NSE All Share Index (NASI) was up 1.59 points to close at 180.25 points.

At least 14 stocks that make up the 20 Share Index rose on Friday by between 0.5 percent and 6 percent, lifting the index. The stocks include Safaricom, Sasini, Nation Media Group and Centum.

Foreign participation stood at 45 percent, up from 35 percent on Thursday, as local investors dominated trading at 55 percent.

On the bond market, turnover went up by 7.1 percent to stand at 21 million dollars.

           

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