Last Friday we looked at the changes in stock price that arise from change in CEO. The best examples for that were KenGen and KCB. Both, on the same day, announced the hunt for new CEOs since the current ones were resigning. KenGen shares went up 5 cents, barely a material movement for the counter. KCB shares increased in price by 25 cents and saw over 2 million stocks changing ownership for the day. Shareholder confidence was more evident in the latter as opposed to KenGen.
Here are the shares we will be closely watching in today’s trading at the Nairobi Securities Exchange:
- Uchumi Supermarket – The supermarket is looking to raise KES 1.5 billion in an upcoming share offer. 2 weeks ago, the finance minister Njeru Githae said in an interview that the government is ready to take up any shares that remain unsubscribed in the supermarket’s rights issue due next year. The government currently has a 13.4% stake in Uchumi and is looking to expand its say.
- TPS Serena Eastern Africa – Serena hotel, no doubt worth a visit whether for food or for “food”. Unfortunately for them. The counter is trading at an almost year-low of KES 38.50. Considering it is the only listed hotel on the securities, and a significant contributor to the hotel and tourism industry, one would expect better returns. We shall keep an eye out for any change in their share price.