Oct 17 Morning Bell: NIC Bank Among The Top Decliners At The NSE
Today at the Nairobi Securities Exchange (NSE):
NIC Bank Limited (NIC) had shed 4.48% from yesterday's closing price as at 11.15 am today. The lender was exchanging at KES 64.00 compared to Thursday's close of KES 67.00. The bank's rights issue opens on October 23 and closes on November 17th. At KES 49.25 the rights will be offered at a discount compared to NIC's current price.
"Given that the rights are being offered at a discount, existing shareholders may have seen this as an opportunity to engage in profit taking. This is because they will be getting additional shares at a discount. This may explain the drop in prices." Said Silha Rasugu a Research analyst at Genghis Capital Limited.
The 6 month share performance for the bank is given below:
The winners
Umeme Limited (UMME), Kapchorua Tea Company Ltd (KAPC), Home Afrika Limited (HAFR), Kenya Orchards (ORCH), and Kenya Electricity Generating Company - Kengen - (KEGN) are the companies whose share price had appreciated the most.
The losers
Eaagads Limited (EGAD), Carbacid Investments Limited (CARB), NIC bank, Safricom limited (SCOM) and Unga Group Limited (UNGA) and National Bank Of Kenya Limited (NBK) had declined the most in share price.
Market snapshot
As at 11.30 am today.
Most shares traded
Mumias Sugar Company Limited (MSC), East African Breweries Limited (EABL), Equity Bank Limited (EQTY), Kengen and Home Afrika were the five most traded shares. Over 600,000 Mumias sugar shares had changed hands in the morning.
