It was a tough year in 2017 for the Kenyan stock market after it incurred losses due to the prolonged electioneering period that saw the NSE index become negatively affected.
However, in 2018, the market is seemingly taking a stance against the backdrop evident through the following top performers between January 2 and February 23, 2018. Out of the top 10 listed are banks.
According to Prime Securities, a firm that works with Suntra Investment Bank, Unga Group Limited registered the best performance closing with 42.8 shillings on February 23, a 47.4 percent gain from 29 shillings in January.
With a 32.6 percent gain, Total Kenya Ltd also recorded one of the best performances to close at 31.5 shillings in February compared to 23.75 shillings at the beginning of the year.
Barclays Bank of Kenya registered the best performance among the five banks. It closed February with a gain of 31.7 percent selling at 12.65 shillings per share from 9.60 shillings at the beginning of the year.
Equity Group Holdings, on the other hand, closed the month with a price of 52.5 shillings per share representing a 31.25 percent gain from 40 shillings per share in January.
Kenol Kobil came in fifth on the list of the best performers since 2018 began with a gain of 23.5 percent and a price per share of 17.6 shillings compared to 14.25 shillings on January 2.
Closing with a gain of 22.3 percent and a price per share of 19.5 shillings was the Co-operative Bank of Kenya, which at the beginning of the year recorded 15.95 shillings per share.
NIC Bank came close with a gain of 21.3 percent. Its performance improved from 34 shillings price per share in January to 41.25 shillings on February 23.
KCB Group is another bank that showed improved performance with a gain of 20.5 percent, an improvement from the change in price per share of 42.75 shillings and 51.5 shillings in January and February respectively.
Safaricom Plc also recorded improved performances of 19.0 percent and 18.7 percent respectively. Car & General price per share increased from 21 shillings to 25 shillings during the period while Safaricom showed an improved performance with 31.74 shillings price per share compared to 26.75 in January.