Investors Diary

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Tuesday, February 13, 2007

Stock Market Bullish Again

Stock Exchange on the rebound
By Washingtton Gikunju

After weeks on dull and slow business, which analysts called ‘January effect,’ the Nairobi Stock Exchange (NSE) has started showing signs of improved activity.
In Monday’s trading, turnover improved to Sh406 million on 4.6 million shares, against Sh377 million on 5.3 million shares traded on Friday.
"This cannot yet be said to be a complete turnaround, but it is evident that the market is now beyond the cooling off and price correction phase, the trading environment is going to be more stable in the coming days," said Mr Chris Mwebesa, the NSE chief executive.
The NSE 20 share index gained 78.14 points to close the day at 5895.18 points.
Market capitalisation also rose to Sh816 billion, an improvement on Friday’s closing figure of Sh814 billion.
After announcing a 120 per cent increase in profits to Sh1.1 billion and Sh2 per share dividend, the Equity bank shares rose by Sh17 (7.4 per cent) to trade 560,000 shares at Sh248.
Mumias was the most heavily traded counter, moving 667,000 shares at reduced price of Sh36.25, Sh6.50 less than Friday’s price.
Meanwhile, the NSE has a new look website, more informative website with up to date information.

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