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Wednesday, February 7, 2007

NSE on a Slight Upturn after Bear run

Market slows down price fall
Story by WACHIRA KANG’ARU Publication Date: 2/7/2007

There were no major price changes yesterday as the market showed signs of slowing the price slide that has characterised it for weeks.
The NSE 20-Share Index, an indicator of price movement, shed a marginal 4.73 points to stand at 5628.88, against 30.04 points that fell off on Monday.
The index shaved-off 297.96 points last week to settle at 5663.65, completing reversal of gains made since the year began. Only CFC Bank returned a double digital fall (10 per cent) as it attempted to regain normal price after a surged to Sh900 from low of Sh131.
The increase was triggered by news that the bank was on the verge of sealing a merger with Stanbic Bank. Equity Bank gained the most, adding 9 per cent or Sh19 to Sh217, selling 155,000 shares.
Lower value
The number of shares that exchanged hands rose to 5.6 million against 4.6 million but at a lower value of Sh343 million against Sh351 million traded on Monday.
The bond market returned to activity, after failing to record any transaction on Monday, to sell bonds worth Sh389 million.
On individual counters Mumias Sugar moved 1.5 million shares at between Sh40 and Sh43 to average Sh40.25, dropping a shilling and fifty cents.
The sugar manufacturer’s share price has been on a decline since the secondary offering by the Government last month.
The 91 million shares were sold to the public at Sh49.50 to raise Sh4.5 billion for Government budgetary support.
ICDC Investments moved 727,000 shares at between Sh27.25 and Sh32.50, while Barclays Bank shed 50 cents to stand at Sh76.00 with 351,000 shares realised.
KCB, up Sh4 to Sh228, moved 127,000 shares, while Kenya Airways topped up three shillings to Sh105, moving 104,000 shares.
Kenya Power and KenGen remained firm, trading at Sh280 on 19,000 shares and Sh22 on 857,000 shares respectively.
Sasini Tea eased four shillings to close the day at Sh132 on a volume of 22,000 shares. Scangroup fluctuated at between Sh21.75 and Sh24.25 on a volume of 619,000 shares.
In the alternative investment market Kapchorua Tea dropped three shillings to Sh122 selling 1,600 shares while Standard Group moved 8,000 shares at Sh62.50.

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