Ever since the Nairobi Securities Exchange crossed the 4000 mark, the bourse has been on a sharp upward spiral. Yesterday, this saw the 20-share index edge up 3.93 points to close at 4147.28 points but down 0.11 points for the All-share index to close at 91.67
COUNTER WATCH
- Kenya Airways – Core reasons for watching this counter is the airline’s operating activities. They announced on Tuesday that they plan to increase the frequency of flights between Nairobi and Johannesburg. This comes at a time when Malawi has supposedly locked out Kenya Airways from the Lilongwe route. We shall look out for mixed reactions (if any) on the bourse and the total cash transacted over the counter.
- British American Tobacco – Nothing speaks blue-chip more than this company’s stock. Returns to shareholders are unparalleled (KES 30 per share) and share price is well over double what it started with 1 year ago. They are currently trading at KES 467 compared to KES 204 one year ago. The stock crossed the KES 460 mark this week and is fast approaching the KES 500 milestone. We shall be monitoring the stock’s price movement to see if it will draw even closer to the milestone price.
- Equity Bank – The bank has persistently featured amongst the top traded counters by volume over the weeks. Yesterday, over 2 million stocks changed ownership at an average price of KES 24.25, a small step away from the year high of KES 24.50. Positive reactions from the local investors may be a delayed reaction from news of the appointment of Mr. Julius Kipng’etich as the Chief operational Officer. We shall keep an eye on the volumes traded for the day.