Today on the Nairobi Securities Exchange we shall maintain our watch on Standard Chartered Bank, in light of ongoing rights issue. Also on our watch are the EA Portland Cement and British American Tobacco counters.
See a summary of last yesterday’s share trading here.
- British American Tobacco – The shares closed at KES 450, the highest price it has seen in 5 years. In January 2008, the shares had dipped to KES 88 and have seen a steady increase since. Amongst the factors that contribute to the company’s increased profits is the sale of products to Egypt which has seen the company’s revenue shoot up. Investors reaction to this has led to increasing market capitalization at a steady pace. We shall be watching this trend to see if it will hit an even higher price today.
- EA Portland Cement – The counter saw only 600 shares traded but, it made the highest gain yesterday having edged up 7.26% to close at KES 48. The shares have been on a losing streak since April-May where the price had stabilized at KES 60. The highest price it hit this year is KES 64 later in June. We shall be looking to see if yesterday’s trend shall be maintained.
- Standard Chartered Bank – The counter maintained a price of KES 213 for the third consecutive day. The ongoing rights issue has seen these rights trade close at KES58, a dip from the first day’s going price of KES 89. 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.