After surging between October 16 and October 19, KenolKobil shares seems to be witnessing a correction at the Nairobi bourse.

Yesterday, KenolKobil (KENO Sh15.3) was the top mover after moving a large block of 373.5 million shares although the price was lower than the Sh15.85 seen in last week’s Friday closing. Read aslo:

• Will local investors save the NSE
• New proposals to attract listing at the NSE

KenolKobil has dominated trading since October 15 announcement on listing of 79.0 million shares on the Nairobi Stock Exchange (NSE) under the KenolKobil Employee Share Option Plan (ESOP).

The counter opened trading at 13.95 and dipped to close October 16 at Sh13.00 its lowest in one and a half years as investors responded negatively to the news.

However last week the stock rallied and by Thursday KenolKobil and Safaricom (SCOM Sh23.75) jointly accounted for 81.7 percent of total turnover on local investor demand.

KenolKobil recorded its highest turnover Sh410 million ($4.1m) since March 2018 when activity was driven by anchor shareholder rearrangements.

The total NSE market turnover soared to Sh6 billion with Olympia Capital Holdings (OCH Sh2.05) gaining 7.9 percent) while Diamond Trust Bank (DTK Sh145) lost 8.8 percent).

NSE may delist at least 12 companies due to poor performance and corporate governance challenges.

They will be moved to the recovery board along firms struggling with negative working capital making it difficult for them to pay their short-term debt and meet daily financial obligations.