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Stock Watch

Co-operative Bank and Equity Group Among Top Gainers Today

BY Juma · August 31, 2016 01:08 pm

Co-operative Bank was the top gainer of the day at the NSE. The lender gained 10.00 percent at the price of 11.00 shillings per share tied at the same position with Eveready East Africa with a gain of 10.00 percent at the price of 2.20 shillings per share.

See the table below:

1

The image below shows how the top gainers fared on:

2

Analyzing the top gainer of the day: Co-operative Bank

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Co-operative Bank had a volume of 3.73 million, a total turnover of 41.05 million and its 52-week range stands at 9.75-23.00.

Umeme was the top loser of the day with 9.34 percent at the price of 16.50 shillings per share followed by Standard Group with a loss of 8.00 percent at the price 23.00 shillings per share.

See the table below:

4

The image below shows how the top losers of the day fared on:

5

Analyzing the top loser of the day at the NSE: Umeme:

6

Umeme had a volume of 100 and a total turnover of 1,650.00 while its 52-week range stands at 15.00-24.00

The table below shows the most traded in shares of the day led by Kenya Commercial Bank which posted a volume of 24.46 million and a market capital of 81.25 billion:

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The bourse in Focus for Tuesday

Dismal performance continued to dominate the market on Tuesday’s trading session. The bourse was characterized by varied drifts on the indices and waning trading levels as depicted by the value of transactions. The NSE-20 share index declined marginally by 0.22% to close at 3116.82 points while the NSE All Share Index closed on the red, waning by 0.13% to perch at 133.32 points. Equity turnover and market capitalization followed suit, as the former decreased significantly by 6.36% to close at KES 1.812 billion and the latter tumbled by 0.13% to close at KES 1,919.90 billion. The A/D ratio strengthened to 0.86x from 0.57x.

Kenya Re Ltd (NSE KNRE) announced their HY16 results recording a 4.1% y-o-y growth in Profit after Tax (PAT) to KES 1.57Bn with an EPS of KES 3.7. Net earned premiums increased 13.9% y-o-y to KES 6.72Bn, following a 14.4% y-o-y increase in gross written premiums (GWP) to KES 7.09Bn despite a 23.2% increase in reinsurance premium ceded to KES 377.38Mn. Total income increased by 19.2% y-o-y to KES 8.22Bn as income across all segments improved.

On the other hand, total expenses increased by 25.9% y-o-y to KES 6.01Bn. This was attributed to a 30.8% y-o-y increase in net insurance benefits and claims to KES 3.55Bn, an 18.5% y-o-y increase in cedant acquisition costs to KES 1.91Bn and a 23% y-o-y rise in other expenses to KES 557.76Bn. Going forward, Kenya RE is seeking to increase its premium income through its subsidiary in Lusaka Zambia that will cater for southern Africa markets as well as through the new branches in Cote d’ivoire which will cater for West Africa Market.

Currencies

On Tuesday, the Kenyan shilling delved further into the red, shedding points against an additional international comparable – to register losses against five of the seven currencies in its basket. The local currency weakened against the US Dollar, for a second consecutive day, to close trading at 101.39.

The 0.01% shed on the day could be attributed to support lent to the dollar as a result of Fed Chair Janet Yellen Jackson Hole symposium; the greenback hovered at fresh 2-week highs against its own basket of currencies. The GBPKES pair shored up a significant 1.08% as the Bank of England on Tuesday released lower-than expected data on the net lending to individuals.

The BoE showed that net lending rose by GBP 3.8Bn (in July) in comparison to a forecast of GBP 4.9Bn – as mortgage approvals and lending in the month fell more than expected. The shilling followed suit against the Euro, rallying by a significant 1.15%, as a result of investors remaining cautious of Core Consumer Price Index and Unemployment rate for the month to be released at midday tomorrow. On the regional front, the shilling weakened against the South African rand by 0.98%, as concerns that the finance minister – Privan Gordhan – could be facing imminent arrest and expectations of a rate hike in the U.S.

 

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it. (020) 528 0222 or Email: info@sokodirectory.com

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