NIC Bank stock top gainer at bourse as benchmark index falls on declining valuations

NIC Bank was the top gainer in Nairobi Securities Exchange (NSE) last week, closing at a two-and-a half month high of Sh27.

The lender had opened the week at Sh21 a share, but gained 27 per cent even though the traded volumes on the stock halved compared to the previous week.

Other significant gainers during the week included power generator KenGen and TPS Eastern Africa, both up 11 per cent to Sh6.55 and Sh20.75 a share respectively.

Declining valuations

Insurer Sanlam ended the week 10 per cent higher at Sh27.50.

“NIC Bank, whose weekly volumes traded declined 50.5 per cent week-on-week, topped the gainers list and closed the week at its two and a half month high of Sh27. Gaining for the second week in a row, Sanlam Kenya was among the top gainers at 10 per cent week-on-week, on withdrawal of its financial year 2016 profit warning,” said Standard Investment bank in their weekly share report.

The benchmark NSE 20 share Index shed 2.9 points during the week to stand at 2948, due to declining valuations of major stocks in the market.

Safaricom ended the week 2.4 per cent down at Sh18.05, while major bank stocks of KCB and Cooperative Bank closed 3.9 per cent and 3.6 per cent lower respectively at Sh24.50 and Sh12.05.

Weekly turnover stood at Sh2.7 billion on a volume of 143 million shares, down from Sh4.1 billion on 216 million shares posted the previous week.

Market capitalisation stood at Sh1.81 trillion on Friday, falling by Sh5 billion from the previous week.