The stock was the top loser on heavy trading as momentum generally slowed on the market’s gains seen earlier in the week.
ARM Cement shed 8.1 per cent Thursday on the Nairobi Securities Exchange to hit a four-year low as investors continue taking stock of the impending entry of a strategic investor in the shareholding.
The stock was the top loser on heavy trading as momentum generally slowed on the market’s gains seen earlier in the week.
“ARM Cement Ltd was the top loser of the day, edging down by 8.15 per cent to close at Sh31. This could have been on account of waning investor confidence,” said Genghis Capital in a market report.
While ARM has not yet revealed the identity of the institutional investor it is negotiating with, the prospective investor is reportedly India’s largest cement producer UltraTech.
Under the deal, the investor will make a $125 million (Sh12.7 billion) cash injection for allotment of preference shares that they have the right to convert into ordinary shares in 2023.
Other than ARM, the small-cap stocks of Sasini, Limuru Tea, National Bank and Mumias Sugar were prominent on the losers’ table with declines of 6.6, 5.5, 4.2 and 2.9 per cent to Sh18.30, Sh756, Sh15.80 and Sh1.65 respectively.
Longhorn and BOC Gases led the gainers at 7.1 and 6.2 per cent respectively to Sh5.25 and Sh101, while EABL was the top mover in turnover trading shares worth Sh284.9 million as it gained 1.9 per cent to Sh275. The NSE 20 closed at 3,785.
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