5 Stocks Account For 92.34 Percent Of NSE’s Wealth

5 Stocks Account For 92.34 Percent Of NSE’s Wealth

The Nairobi Securities Exchange (NSE) is running courtesy of 5 major stocks, with the majority of them being commercial banks. On Thursday, the NSE hit a three-year all-time high with the giant telecommunications; Safaricom leading the way.

Since Mid-May, investors at the NSE have gained 207.5 billion shillings. The market has been warming up to the opening up of the economy after President Uhuru Kenyatta lifted the lockdown and restriction on movement in and out of the country.

Read More : A Beginner’s Guide On How To Invest In The Kenyan Stock Market The market has been gaining for five days in a row, gaining 2.7232 trillion shillings according to data from NSE with the gained last seen in April 2018.

Safaricom is currently trading at 41.35 shillings per share, a 1.55 percent increase from Wednesday. Equity Bank was at 45.30 shillings per share on Thursday, a 1.00 percent rise from Wednesday.

KCB Group was at 42.25 shillings per share on Thursday, a 0.59 percent rise from Wednesday while the East African Breweries Limited was selling at 180 shillings per share.

The Cooperative Bank of Kenya was trading at 13.45 shillings on Thursday, a 2.89 percent rise from Wednesday. The five stocks accounted for 92.34 percent of the additional paper wealth.

Read More : When Should You Enter and Exit the Stock Market?

At the same time, Safaricom’s value has increased by 158.26 billion shillings since May 19, followed by Equity by 14.34 billion shillings.

On the other hand, the value of KCB Group has grown by 7.23 billion shillings while that of Cooperative Bank has grown by 7.04 billion shillings, The East African Breweries’ wealth has grown by 4.74 billion shillings. The rest of the counters added Sh15.9 billion.

The stock market in Kenya has taken a hit when Covid-19 came knocking. Foreign investors panicked and started selling their investments with the future being unknown due to the sweeping pandemic. But things are now getting back to normal. More Articles From This Author

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