EABL share price surges 7.6pc as trade closes for Easter holidays
EABL last week commissioned a 20,000 square metre warehouse in Ruaraka that was built at a cost ofSh1.5 billion. Photo/Diana Ngila
East African Breweries Limited recorded gains as the market closed for the Easter holidays, with the brewer seeing a 7.6 per cent share price surge during the week.
The share closed at an improved Sh284 from Sh264 last Friday. This represents a Sh15.8 billion gain in the valuation of the company to Sh224.6 billion.
“Local institutions continued being on the sell side of EABL while foreigners bought,” said Standard Investment Bank in a market report.
Foreign buyers on the counter averaged 70 per cent of the turnover during the week.
EABL last week commissioned a 20,000 square metre warehouse in Ruaraka that was built at a cost of Sh1.5 billion in a move that will help the brewer cut its distribution costs and improve its supply chain.
Kenya Re also had heavy trading by foreign investors, with the counter moving higher to close the week 6.1 per cent up at Sh19.95 ahead of 2013 full year results which are due within the next two weeks.
Kenya’s reinsurance sector has been attracting increased interest from investors, with DEG getting an 11 per cent stake in Zep Re and Britam reportedly looking at a 30 per cent stake in Continental Re Kenya.
Other insurance counters recording gains during the week included Liberty Holdings—up 7.5 per cent to Sh18.75- and Pan African Insurance which was up 7.2 per cent to Sh134.
Safaricom ended the week at an all time high closing price of Sh13.20, with investors on the counter enjoying a gain of 3.5 per cent during the week to bring the counter’s price increase in the past one month to 10 per cent.
The counter touched a trading high of Sh13.40 on Wednesday and Thursday.
On the other hand, the construction and allied segment saw a drop in share prices, especially on cement counters.
East Africa Cables, whose majority owner Transcentury registered a 12.5 per cent decline in turnover in 2013, went in to the Easter break 2.9 per cent down at Sh15.30.
The NSE 20 Share Index, boosted by big cap gainers, was up 15.67 points during the week to close at 4921, while the NSE All Share Index was up 2.97 points to stand at 148.1 points.
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