The Nairobi Securities Exchange (NSE) has issued a review of constituent stocks for its 20 Share Index, which sees Mumias Sugar dropped from the list of the 20 benchmark stocks.
The selection to the price-weighted NSE 20 Share Index is based on a criteria of market capitalisation, shares traded, liquidity and turnover during the period under review.
According to the NSE, a company qualifying for inclusion on the index must have a free float of at least 20 per cent, and should ideally be a blue chip with superior profitability and dividend record.
The new entrants have been among the best performing stocks over the past one year in price appreciation.
CfC Stanbic is currently up by 109 per cent in price over the past one year, having closed trading Monday at Sh130 per share. Britam is up 107 per cent with the share appreciating to Sh17.60 per share as it becomes the only listed insurer on the index.
Centum’s price gain over the year stands at 70 per cent at a price of Sh40.25. The investment firm has been increasing its real estate presence and has made a takeover offer for fellow listed firm Rea Vipingo.
Troubled Mumias Sugar has seen a price decline of 34 per cent over the last one year to Sh2.90 per share, bogged down by uncertainty over Comesa safeguards and a management shakeup.
Uchumi has also been on a freefall at the market, with the share shedding 40 per cent in price to Sh12.70 over the same period. Only Kakuzi has seen a price gain of 74 per cent to close Monday at Sh150 per share, though the counter was among the less traded at the bourse in 2013.
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