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Capital Markets

Stock market surges ahead of Barclays results

Barclays Bank Kenya is expected to announce its full-year results on February 13, 2013. Share prices of blue-chip firms on the Nairobi Securities Exchange hit a two-year high, driven by anticipation of full-year results. Photo/FILE
Barclays Bank Kenya is expected to announce its full-year results on February 13, 2013. Share prices of blue-chip firms on the Nairobi Securities Exchange hit a two-year high, driven by anticipation of full-year results. Photo/FILE 

Share prices of blue-chip firms on the Nairobi Securities Exchange (NSE) hit a two-year high, driven by anticipation of full-year results that start Wednesday morning with an announcement by Barclays.

The NSE 20-Share Index hit 4,633 points, up 22 points from Monday, a level last seen in January 2011.

The all-share index rose 0.87 points to 109.23, showing the investment tide affected most listed shares.

In its daily report, the NSE said the market was buoyed by the sale of EA Breweries shares, pushing the turnover to Sh983 million on a volume of 41 million shares, up from Sh506 million on 21 million shares posted on Monday.

Among the major gainers Wednesday were AccessKenya, whose shares rose by 8.55 per cent to Sh6.35, and Williamson Tea of Kenya, which rose by 4.48 per cent to Sh210 a share. The price of Crown Paints shares increased by 4.29 per cent to Sh42.50 each.

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Major losers were Express Kenya shaving off 7.14 per cent to reach Sh3.25 a share and book publisher Longhorn, which lost 8.91 per cent to Sh9.20.

Ahead of the results, investors are betting on the companies likely to perform well and those that may disappoint.

Most activity was on the telecommunication and technology sector where 25 million shares representing 62.23 per cent of the day’s volume were transacted. Safaricom closed ten cents higher to Sh5.70 on a volume of 25 million shares. The banking sector was the second most active.

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