The performance at the Nairobi Securities Exchange was a first as both major indices recorded increased performance. Investor portfolio value went up and market capitalization increased by KES 4 Trillion. The 20-share index closed at 4160.49 and the All-share index at 92.66. Today we shall focus on the banking sector with specific attention to CFC Stanbic and Co-operative Bank.
- CFC Stanbic – The new shares that were introduced via a rights issue have started being traded. The institution was looking to raise KES 4 Billion but raised KES 4.5 Billion. The oversubscription by 12.5% may cause varied reactions at the bourse. The managing director Mr.Kitili Mbathi will today morning attend the bell ringing ceremony. We shall keep an eye on the shares price movement to check for any signs of volatility by local shareholders.
- Co-operative Bank – The bank just announced its financial results. Key increases included its profit after tax which stands at KES 5.7 Billion, a 47.18% increase from that of June. The counter closed at KES 12.55 having traded 1.4 million shares. The earnings per share currently stand at KES 1.37 per share. For today, we shall monitor the stock’s price and quantity movement in light of media coverage on the results.