Markets punish Centum as bourse value dips

The market on Friday was shaken by Centum’s surprise profit warning which saw its share dip 6 percent to a one year low from Sh40.25 to Sh37.75.

Another surprising counter was Stanbic Bank which picked up trading by both local and international investors pushing its share in market turnover to 21 percent ahead of Safaricom (SCOM 27.75). Its share price rose to a high of Sh92 in the week before closing trading at Sh90.

See Also: Bonus years dry up as Centum issues a profit warning.

This follows an announcement in March where Stanbic Africa Holdings Ltd (SAHL) laid out plans to increase its shareholding in Nairobi Stock Exchange-listed bank, Stanbic Holdings, to 74.9 percent from the current 60.0 percent, through a tender offer.

Over the week, the bourse traded a total of 172 million shares valued at Sh4.7 billion, against 143 million shares valued at Sh4.3 billion posted the previous week.

The market capitalization was however down Sh2.60 trillion down from Sh2.62 trillion as the NSE 20 share went down 2.63 percent to stand at 3602.33 points.

All Share Index (NASI) ended the week 2.62 points lower to settle at 176.74 while the NSE 25 Share index was down 38.20 points to stand at 4651.04.

STANLIB Fahari I-REIT is Kenya’s first Real Estate Investment Trust (REIT) traded 9 units this week up from 2 units last week raising turnover Sh19,00 to Sh3.5 million.

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