Barclays Bank Kenya counter stable amid announcement of new name
Local investors reacted to Barclays change of name to potentially ABSA Kenya limited by moving 4.48 million shares worth 49.8 million inching the lenders market share up to 11.25 despite the dip in revenues.
Only 0.8 percent of the traded volumes were by foreign investors who seem to have adapted to the withdrawal of Barclays Bank PLC from the Barclays Africa Group.
Barclays Bank CEO Jeremy Awori said that despite the tough environment the lender had delivered decent results and ensured investors got a Shilling for each share as dividends.
A final dividend of KES 0.80 has been declared, which combined with the interim dividend of Sh0.20, make a total dividend for FY17 at Sh1.00 (unchanged from FY16).
Barclays Africa Group has issued a notice to change the Group’s name to ABSA Group Limited at its.
In the market, Kenol Kobil attracted more dollars with the highest net foreign inflows of $504,700 and accounted for the biggest mover on Thursday.
Safaricom led the bleeding with $1.6 million in dollar outflow. The telcos accounted for 22 percent of market share.
This comes even as Citi analysts warned that proposed regulation of consumer prices in the telecoms sector is likely to eat into the market leader’s earnings.
