KCB Group Beats Safaricom At the Top Movers Spot on Tuesday at the NSE

On Tuesday, 14^th January 2020, KCB Group emerged the top mover of the day at the NSE, beating Safaricom, by over 0.82 million shares sold.

KCB Group sold 6.66 million shares on Tuesday and closed the day selling its stocks at 53.75 shillings, with a market capitalization of 172.59 billion shillings.

While the bank stock emerged the top mover on Tuesday, its price fell by 1.83 percent from Monday’s 54.75 shillings per share.

In September 2019, Kenya’s largest bank by assets, KCB Group, completed National Bank of Kenya (NBK) takeover, which is also listed at the NSE.

During the takeover, KCB Group proposed to make the acquisition through a share swap of 10 ordinary shares of NBK for every 1 ordinary share of KCB.

NBK shareholders who swapped their shares for those of KCB were then able to freely trade the new stocks at the NSE. This could be the reason why KCB’s stocks are selling in millions.

Safaricom came in second in the top movers’ category after KCB Group, having sold 5.84 million shares on Tuesday with a market capitalization of 1.31 trillion shillings.

Safaricom’s share price grew by 0.15 percent on Tuesday, closing the day at 32.70 shillings from 32.75 shillings on Monday.

Safaricom registered a turnover of 191.43 million shillings.

NCBA, Kenya Re and BBK followed in the top movers’ category, having sold 1.43 million, 873,600 and 788,700 shares respectively on Tuesday.

The table below summarizes the top movers at the NSE on Tuesday:

The top gainer at the NSE on Tuesday was Flame Group Tree, which gained 9.33 percentage points on its share price, having closed the day at 2.11 shillings from 1.93 shillings on Monday.

In the losers’ category, East Africa Portland Cement was the biggest loser on Tuesday, with its share price falling by 8.97 percent and closing the day at 13.20 shillings from 14.50 shillings on Monday.

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