Absa share tipped to soar, slides marginally on change of ticker

The Absa Kenya Plc share price dropped marginally at the Nairobi Securities Exchange (NSE) on the day it changed its ticker from Barclays Kenya Plc as investors absorbed the new name.

The NSE real time stock tracker mapped Absa Kenya's share at Sh13.15 an hour to the close of market, a 0.75 per cent drop compared to Sh3.25 on Tuesday.

Even so, the which has maintained level head through the year is expected to return to the gaining gear as investors rush to reap from additional and enhanced financial products announced yesterday.

Speaking during the change of ticker, Absa Group chief executive Daniel Mminele said the lender is not just changing brand name and colours but is also bringing into the market competitive products that will offer services to customers and good returns to investors.

The new Pan Africa lender has instance introduced its asset management arm, which is expected to exploit various investment vehicles to bring value to customers and investors.

According to Absa Kenya Plc CEO Jeremy Awori, the Kenyan entity was among top four traders at NSE last year, with the Gold ETF product toping the chart.

The change of ticker comes just a week after the lender concluded re-branding in Kenya, an initiative which commenced early 2018.

The re-branding is expected in 12 countries across Africa where it has operating as Barclays.

The lender expected to complete the rebranding and transition process before June 2020.

Absa has been undergoing a transition after parting ways with Barclays Plc, which reduced its shareholding in the African financial services group to a minority stake in 2017.

The separation comprises the gradual replacement of services, primarily involving operational and information technology, provided to Absa.

In June 2017, Barclays PLC sold 187 million ordinary shares in Barclays Africa Group, which represents approximately 22 per cent of Barclays Africa’s issued share capital reducing its shareholding in Barclays Africa to below 50 per cent.