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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenyan bourse key index picks marginal gain

NAIROBI (Xinhua) -- The Nairobi Securities Exchange’s (NSE) indicative index on Tuesday picked up gains boosted by rise in share prices of selected large stocks.

The NSE 20 Share Index rose 6.48 points to settle at 3,280.46 from 3,273.98. The stocks that recorded gains to lift the index included Athi River Mining (9.8 percent), Scangroup (8.4 percent) and Kenya Airways (3.3 percent).

Some 15 million shares were traded during the session down from a total of 41 million shares valued at 6.8 million U.S. dollars on Monday.

Safaricom was the day’s biggest mover with 3.75 million shares down from 9.5 million shares in the last session as the price declined to 0.28 dollars.

Other top movers were Kenya Commercial Bank (2.5 million shares), Scangroup (2 million), Barclays Bank (1.6 million) and Athi River Mining (1.5 million).

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EARLIER REPORT:

Kenyan bourse slows down in Q2 after large stocks lose

NAIROBI, (Xinhua) -- The Nairobi Securities Exchange (NSE) recorded a decline in the second quarter of the year following drop in share prices of large stocks.

The equities market dropped 8.8 percent from a bullish run of 10.6 percent in the first quarter, NSE revealed in its data released on Monday.

The decline in share prices was mainly in the banking sector stocks due to various banks closing their books for dividends and counters beginning to trade ex-dividend.

The large capitalization stocks in the sector that declined included Equity Bank, Kenya Commercial Bank, Cooperative Bank and Diamond Trust Bank, which went down 14.4 percent, 11.9 percent, 10.7 percent and 9.1 percent respectively.

A majority of foreign investors during the period held net-selling positions, exiting the market at expensive valuations, as the rally had brought the market above its historical earnings average.

In the three months, the markets’ indices recorded mixed performance, with the NSE 20 Share Index recording a negative turn.

             

 

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