At today’s trading at the Nairobi Securities Exchange, we will be closely observing the following share counters:
- CIC Insurance Group – After tumbling on all consecutive days from their second day of trading since the shares were listed on the NSE one and a half weeks ago, shares in Kenya’s leading co-operative insurer now appear to be on an upturn, having gained a total 11 percent on Thursday and Friday to close last week’s trading at KES 4.50 which is 16 percent lower than their highest ever price of KES 15.25. We at Pesatalk believe that the share is undervalued, and will watch it in today’s trading to see if it edges up further.
- AccessKenya Group – Reports have revealed that for the first time, company founders and directors Jonathan and David Somen have been buying shares in the company through the NSE since November last year, increasing their combined stake in the company to 26.26% from 21.78% (Business Daily). This move could boost investor confidence in the share and positively affect its performance. The share has shown steady performance this past two months, trading above KES 4.50 per share compared to as low as KES 3.50 in March this year. We will observe the counter in today’s trading to see how it fairs.
- NIC Bank – For a sixth consecutive day, NIC shares climbed on Friday to reach historic high of KES 38.25 this year. The bank’s shares appear to be reacting to the nearing rights issue due to begin in August, which will be Kenya’s second biggest of this year. Read more on the rights issue here. Pesatalk will keep you updated on the rights issue as it nears.