There was mixed reactions to the bourse’ performance yesterday because the 20-share index and the All-share index took to different routes. The former closed at 4162.79 points, down 9.09 while the latter at 93.18 points, up 0.05. It essentially translates to the locals gaining more from trading than foreigners. This is because whereas locals invest in all the publicly listed companies without much bias, foreigners prefer to invest only in those with large market capitalization. The 20-share index in this case.
the counters we are watching today have experienced two separate occurrences; one with increased profit while the other with awards (recognition). We shall check which of the 2 is likely to have a greater effect on the company’s share price.
- NIC Bank – The financial institution just released their Q3 results and has recorded a 35% growth in profit. The amount is equal to KES 2.39 billion, up from KES 1.77 billion for the same period last year. It caused an immediate increase in stock price yesterday to KES 41.25 with a volume of 294,900 traded. We shall keep an eye on the stock price change for the day.
- Scan Group – The group CEO Mr. Bharat Thakrar won Forbes Africa AD Awards an event held alongside the All Africa Business Leaders Awards (AABLA). Also key to note is that the company’s stock price has risen to KES 65 from the year’s beginning price of KES 42. The series of awards to the group CEO may increase confidence by investors in the company and drive the stock price upwards, albeit slowly. We shall also keep an eye on this stock’s price movement.