KCB Rwanda Set for KES 1Bn Capital Injection from International Finance Corporation

By Soko Directory Team / Published April 14, 2016 | 7:05 am



KCB Group Named 2017 Kenya’s Bank of the Year

Equities

On the third day of trading, the market closed on a mixed note as all market indicators closed in the green territory, apart from NSE 20 share index which depreciated by 0.40% to close at 3909.47 points. The NASI revved up by 0.04% to 144.78 points while the NSE 25 Share Index edged up by a marginal 0.01% to close at 4153.10 points. Market capitalization expanded; 0.04% to KES 2.041Tn whilst equity turnover advanced by 14.94% to KES 484.51Mn. Market breadth, a measure of market performance, indicated that the performance had favoured the losers, with the number of decliners -27 outweighing the number of advancers -10.

KCB Rwanda is set for a KES 1 billion capital injection from International Finance Corporation (IFC) to boost their lending to small businesses and the housing sector. The proposed investment will consist of two senior loans denominated in US dollars and Rwandan Franc (RWF). The two sectors (housing and SME sector) are potential growth drivers for the East Africa nation, thus the investment will provide dollar funding to the bank, to support the long-term USD needs of SMEs, whilst the RWF tranche will provide the bank with long-tenured local currency funding to spur mortgage lending. KCB Group (NSE: KCB) is also in the process of conducting a cash call to raise KES 10 billion. We remain bullish on the stock, on account of its strong profitability over the years.

Equity Market Highlights

KCB Group Ltd (NSE: KCB) was the most actively traded stock today accounting for 48% of the total market value traded activity. Equity Group Holdings Ltd (NSE: EQTY) also registered robust levels of activity, accounting for 24.88% of the total market turnover.

TPS Eastern Africa Ltd (NSE: TPSE) emerged as the top gainer of the day advancing by 5.26% to close at KES 25.00. Nairobi Securities Exchange Ltd (NSE: NSE) followed closely, gaining 4.59%, to close the day at KES 28.50.

Marshalls (E.A.) Ltd (NSE: MASH) capped the top losers chart at the end of the day, slumping by 9.84% to close at KES 8.25. Flame Tree Group Holdings Ltd (NSE: FTGH) declined by 6.67% to close at KES 7.00.


Article by Genghis Research.




About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system.Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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