Closing Bell: Eaagads Top Gainer At The NSE After Releasing Half Year Results
Eaagads Limited (EGAD) was the top gainer at the Nairobi Securities Exchange (NSE). The counter registered a massive gain of 54.88% to end the day at KES 63.50. Its weighted average price for the day was KES 53.16. If you were observing the market you would have noticed the wild swings in the share price today, it touched a high of KES 100 and a low of KES 35.00 between morning and evening.
Eaagads announced its half year results in the dailies today. The coffee grower posted a KES 12 million in profit in the six months to 30th September 2014. An improvement from the KES 58 million loss posted at the same time last year.
The company attributed the profits to improved coffee prices which enabled revenues in the six months to rise to KES 42 million from KES 25.4 million last year. The management's cost control measures enabled the cost of production to drop to KES 45.8 million from KES 56 million in the same period.
We also note that the directors of Eaagads are of the view that the increase in coffee prices would be maintained in the second half of the financial year. The company states that is when it will offer the bulk of its coffee for sale.
The winners:
The other top gainers were: East African Portland Cement Company (PORT), Kenya Airway's Limited (KQ), Carbacid Investments Limited (CARB), and Standard Group Limited (SGL). Each closed at KES 67.00, 8.50, 22.75 and 39.75 respectively.
Read: Standard Group Rebounds At The NSE
The losers:
The counters that shed the most value were: British American Tobacco Kenya Limited (BAT), Eveready East Africa Limited (EVRD), Co-operative Bank of Kenya Limited (COOP), Crown Paints Kenya Limited (BERG), and Athi River Mining Limited (ARM). They ended the day at KES 900.00, 3.70, 19.00, 121.00 and 85.00 respectively.
Market snapshot
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As at 3.10 pm today. (Market close)[/caption]
Most shares traded:
Safaricom Limited (SCOM), Mumias Sugar Company Limited (MSC), Equity Bank Limited (EQTY), Kenya Commercial Bank Limited (KCB), and Barclays Bank of Kenya (BBK). Over 12.5 million Safaricom shares changed hands today representing 46.9% of all shares traded.
Indices
The NSE 20 share index appreciated today, it gained 0.41% to 5166.45. While NSE All Share Index (NASI) fell 0.34% to 162.07.
