National Bank Introduces a Premium Banking Product

On Tuesday’s trading session, the bourse was characterized by varied drifts on the indices and improved trading levels as portrayed by the value of transactions. The NSE-20 share index lost ground by 0.70% to close at 3829.91 points while the NSE All Share Index advanced slightly by 0.25% to perch at 137.27 points.

Equity turnover and market capitalization remained on the green, as the former increased significantly by 402.02% to close at KES 1.022 billion and the latter garnered 0.20% to close at KES 1,929.88 billion. Market breadth, showed a slight improvement as the number of stocks that declined -16 were outweighed by the number of stocks that advanced -17.

National Bank of Kenya (NSE: NBK) is set to introduce a premium banking product which is intended to offer custom –made service to high net worth individuals. The bank joins a list of other banks proving the premium banking service in efforts to fast track the segment of high net worth customers. In addition, the bank is leveraging on this new product to capture the increasing expatriate and the foreign investor community in Kenya.

In other news, Co-operative Bank (NSE: COOP) has partnered with digital money transfer provider, Simba, to offer international money transfer services to its customers in the United Kingdom. This service currently supports UK-Kenya transfers but plans are underway to expand it. The service will escalate diaspora remittances as well as add an extra benefit of providing the bank with deposits.

Equity Market Highlights

Safaricom Ltd (NSE: SCOM) was the most actively traded stock today accounting for 43.75 % of the total market value traded activity. Kenya Commercial Bank Ltd (NSE: KCB) closed in second place, accounting for 20.07% of the days traded value.

Longhorn Publishers Ltd (NSE: LKL) topped the gainers list for the day propping up by 8.79 % to close the day at KES 4.95. Eveready E.A Ltd (NSE: EVRD) appreciated by 7.84%, to close at KES 2.75.

Standard Group Ltd (NSE: SGL) led the losers pack plummeting by 7.03 % to close at KES 29.75. WPP Scangroup Ltd (NSE: SCAN) lagged behind, losing ground by 5.88% to close at KES 24.