Today on the Nairobi Securities Exchange we shall be watching whole counters,specifically the technology and telecommunications counter and the agricultural counter. Outside these sectors, special attention shall be paid to the Standard Chartered Bank stocks in light of the ongoing rights issue.
See a summary of last yesterday’s share trading here.
- Standard Chartered Bank – The counter closed at KES 213 yesterday. The ongoing rights issue has seen these rights trade at KES 89 on their first day, signalling a high demand, then at KES 53.50 yesterday. This Rights Issue is on the basis of One (1) New Share for every Thirteen (13) Existing Shares. Only the shareholders upon book’s closure on 19th September can take part.
- Agricultural Sector – Kenya is mainly an agrarian economy. Many trade benefits accrue from export of crops and horticulture. We shall be monitoring the sector’s reaction to news, international and local, and also compare volatility (if any).
- Technology and Telecommunications Sector – This sector has Safaricom Ltd and Access Kenya in it. The former was the highest traded by volume yesterday with 11.68 Million shares changing hands compared to Access Kenya’s 3700 shares. There is also ongoing matters of taxing mobile money transfer transactions that may see consumers pay more for the service. We shall be eyeing movements in share price to see if they reflect sensitivity to this.