The benchmark NSE 20 share index was up 98.8 points to close at 5406 points yesterday, while the NSE All Share Index extended its all-time high by 2.5 points to close at 165.3 points.
Price rallies in the banking and insurance counters helped the Nairobi Securities Exchange record its largest single-day gain in 18 months and breach the 5400-point mark for the first time since September 6, 2008.
The benchmark NSE 20 share index was up 98.8 points to close at 5406 points yesterday, while the NSE All Share Index extended its all-time high by 2.5 points to close at 165.3 points. Some 10 counters chalked up major gains yesterday. They included Equity Bank, KCB, Standard Chartered, Britam and Jubilee Holdings.
Others touching high marks included Centum, NSE, Kakuzi, Limuru Tea, and Kenya Orchards.
“A few select stocks trading high volumes are driving the current rally. Short term upward momentum is riding on high liquidity and increased investor appetite,” said Genghis Capital analysts in a market note.
The investment bank, however, cautioned the current share price rally has pumped select stocks to unusually high price-to-earnings multiples, exposing downside risk in case of cumulative distribution.
Among the banks, Equity closed at Sh58.50, KCB at Sh60 and Stanchart at Sh347. Britam and Jubilee closed the day at Sh36.50 and Sh433 respectively. Centum, which has been the big gainer over the past few weeks closed at Sh77 with the agriculture stocks of Limuru Tea and Kakuzi settling at Sh800 and Sh199 respectively.
The NSE counter continued to gain closing at Sh27 from Friday’s Sh25.
