A recently unveiled Coop Bank branch
A share of the Nairobi
Securities Exchange-listed lender, Co-operative Bank Group, has gained close to
Sh4 since the year began, with the price hitting close to a
nine-year high on Friday.
Data from the NSE shows that the bank’s share price closed among top five gainers, hitting Sh20.30, just 20 basis points shy of its all-time high of Sh20.50 recorded in 2016.
The last week’s performance saw Co-operative Bank cement its position as the sixth most valuable stock at the Nairobi bourse with a market capitalisation of Sh119 billion, investors having gained Sh1.10 or 5.7 per cent over its previous closing price of Sh19.20.
Market analysts at African X Changes say that shareholders can be optimistic, knowing that the stock has accrued 20 per cent over the past four-week period — the15th best on NSE.
It is the seventh most traded stock on the NSE over the past three months, having a total volume of 66.5 million shares—in 10,624 deals—valued at Sh1.18 billion over the period, with an average of 1.06 million traded shares per session.
However, Home Afrika maintained its dominance in year-to-date performance, with its share price having gained 265 per cent in value in the past 365 days. On Friday, it gained 8.87 per cent to settle at Sh1.35.
Other stocks that have gained massively in the past year includes NSE at 162 per cent, Kenya Re 148 per cent, CIC 147 per cent, HF Group 144 per cent and Jubilee Insurance at 75.9 per cent.
The Nairobi bourse recorded improved performance during the week under review, with the NASI, NSE 25 and NSE 20 share price indices increasing by 3.5 per cent, 2.56 per cent and 4.71 per cent, respectively.
Market capitalisation, total shares traded and Equity turnover increased by 3.51 per cent, 109.45 per cent and 217.01 per cent, respectively.
Investors continued to show interest in government securities despite a further decline in yields for 91-day and 182-day Treasury bills.
Data from a weekly bulletin by the Central Bank of Kenya shows that the Treasury Bill auction of September 4 received bids totalling Sh33.9 billion against an advertised amount of Sh24 billion, representing a performance of 141.2 per cent.
“Interest rate on the 91-day and 182-day Treasury bills declined while interest rate on the 364-day Treasury Bill had a marginal increase,’’ CBK said in the weekly report.
Bond turnover in the domestic secondary market decreased by 23.76 per cent during the week to Sh50.2 billion compared to 65.9 billion the previous week.
In the international market, yields on Kenya’s Eurobonds further decreased by 23.12 basis points on average, attributed to the credit upgrade on the sovereign bond by S&P in August.
