At today’s trading at the Nairobi Securities Exchange, we will be closely observing the following share counters:

• Diamond Trust Bank – The bank’s pre-tax profit for the six months to June this year increased 34 percent to 2.16 billion shillings from 1.62 billion shillings in the same period last year according to official unaudited statements. The bank is currently conducting a rights issue that opened two weeks ago and is set to close next week. The share has been showing fluctuating performance this month, hitting a one-year high of KES 104 per share and going as low as KES 88 per share. In light of the bank’s profit announcement, we will watch the counter in today’s trading to see how it fairs.
• Standard Group – Paul Melly has resigned as CEO of the media conglomerate after serving the company for the last seven and a half years according to an official press release by the company made available yesterday. The press release says that he “…has been instrumental in the Standard Group’s dramatic business transformation, growth and positioning as a media house of growing influence.” The share closed yesterday with no change at KES 25.00 similar to last week. We will watch the counter in today’s trading to see if the CEO’s resignation affects the share’s performance.
• NIC Bank – Shares in one of Kenya’s fastest growing banks gained for a seventh consecutive day at the NSE yesterday, to close at their highest price in more than a year at KES 38.75 per share from KES 38.25 last week. On August 27^th this year, NIC will begin Kenya’s third rights issue of this year targeted to raise 2.07 billion shillings to boost the bank’s ongoing strategic expansion. The bank is currently active in Uganda (NIC Bank Uganda) and Tanzania (NIC Bank Tanzania). We will continue to watch the NIC share in light of this nearing rights issue.