Investors have reduced their activity on large bank stocks.
In the first quarter of last year, KenolKobil’s shareholders had traded Sh9.5 billion worth of shares.
The stock has remained under suspension after Rubis achieved a 97 percent acceptance rate for the offer.
Traded turnover at the Nairobi Securities Exchange (NSE) fell by a quarter in the first quarter of the year compared to a similar period in 2018 as investors reduced their activity on large bank stocks.
Market data compiled by Standard Investment Bank shows that turnover stood at Sh45.3 billion in the first three months of the year compared to Sh61 billion in similar period of 2018. Among the often traded blue-chip firms that dominate activity at the bourse, the most pronounced decline in turnover was on large banks and the suspended KenolKobil #ticker:KENO stock.
KenolKobil investors had moved shares worth Sh456 million before the stock was suspended from trading on February 21 to facilitate reconciliation of books during the takeover by French firm Rubis Energie.
The stock has remained under suspension after Rubis achieved a 97 percent acceptance rate for the offer, thus setting the stage for compulsory acquisition of the balance of shares and eventually delisting.
In the first quarter of last year, the oil marketer’s shareholders had traded Sh9.5 billion worth of shares, which in that period was only second to Safaricom’s #ticker:SCOM Sh17.4 billion.
The telco’s turnover has defied the trend among the large counters to trade Sh18 billion in Quarter 1 of 2019.
Equity #ticker:EQTY moved shares worth Sh5.9 billion in the quarter, compared to Sh9.3 billion in 2018 Q1.
KCB’s #ticker:KCB fell from Sh7.8 billion to Sh4.9 billion, while Co-op #ticker:COOP dropped from Sh1.54 billion to Sh511 million.
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