Equity Bank's market capitalisation now stands at Sh183.2 billion. PHOTO | FILE
What you need to know:
Equity Bank ended the week at an improved Sh49.50 a share from the previous week Sh47, while KCB chalked up a decline of 1.6 per cent from Sh64 to Sh63.
Equity Bank last week closed the gap on KCB at the top of the bank valuation table following a 5.4 per cent gain.
The bank ended the week at an improved Sh49.50 a share from the previous week Sh47, while KCB chalked up a decline of 1.6 per cent from Sh64 to Sh63.
KCB, still the top lender by capitalisation at the Nairobi Stock Exchange, is now valued at Sh188 billion, with Equity at Sh183.2 billion.
The valuation gap between the two banks had grown to Sh23.6 billion—Equity at Sh170.3 billion and KCB at Sh193.9 billion— on April 16, when Equity slumped to an eight-month low of Sh46 as KCB’s rose to an all-time high of Sh65 a share.
Strong local investor buying in the early part of last week and foreign trading towards the end of the week however buoyed Equity, allowing it to close the gap.
“Equity Group Holdings has traded strongly conveying regained investor credence,” said Genghis Capital in a market report.
Bank stocks in general are expected to start regaining some momentum as they gear towards first quarter earnings announcements, having gone through a lull post full-year results and some book closures for dividends.
PAYE Tax Calculator
Note: The results are not exact but very close to the actual.
