In BriefMarkets

When Uchumi makes cents

Uchumi Supermarkets, a retailer that has barely any operational outlet was the biggest gainer at the Nairobi Securities Exchange underlying the dearth that has hit the market, which is now being moved by speculation.

The former retailer gained 9.52 percent in Monday’s trading closing the market as the top gainer with stocks valued at 23 cents.

Crown Paints was the second gainer at the bourse raising 9.4 percent to trade at Kes39 while TransCentury which is currently embroiled in a winding up suit with listed lender Equity Bank closed top three with an 8 percent gain to trade at 54 cents.

Market activity on Monday was dominated by Banks and Safaricom  which traded 1.9M shares valued at Kes.28.1M representing half of the day’s trading.

The banking sector that moved 36 per cent of traded volumes saw shares worth Kes22.9 million exchange hands led by Equity stock, KCB and Absa Kenya.

The Nairobi Securities Exchange stuck in a multi-year trough with stocks plunging on exiting foreign investors. The decline has seen blue chip firms like Safaricom lose nearly 40 percent of its value since the end of last year.

On Monday. TPS Serena took the biggest hit losing 9.4 percent to trade at Kes11.5 followed by HF Group and EA Portland.

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