WEEK 7: UNGA GROUP UP 46.15% AT NAIROBI STOCK MARKET

Apparently in anticipation of take over bid, Unga Group at the Nairobi Securities Exchange closed up by Ksh 13.5 or 46.15% per share.

The Kenyan Capital Market Authority within the week had asked investors to be cautious in investing in Unga Group shares confirming only that a notice of intention to take over was served on Unga board of directors on the 7th of this month.

It said this was yet to be followed by formal offer statement, offer document and shareholders circular.

More importantly, it said, Unga board is also under obligation to appoint an independent adviser to advice on acceptability once a formal offer is made and after considering minority interests.

However, in spite of this explanation, Unga Group closed yesterday Friday at Ksh 42.15 per share, up Ksh 0.25 thus leading to total of Ksh 13.5 increase on previous Friday's Ksh 29.25 per share.

Through the week it recorded deals for 494,000 shares worth Ksh 20.9m.

It was a week the All share index recorded marginal 0.18% or 0.29 points increase as it closed at 180.25 helped greatly by 1.59 points rally yesterday Friday.

Trading activities were down in week 7 compared to week 6. A total of 98m shares were traded valued at Ksh 2.7bn compared to 215m valued at Ksh 6.6bn  in week 6.

The banking sector accounted for Ksh 1.4bn or 52.59% of total value for the week led by Equity Group with deals for 12m shares worth Ksh 526m iancluding Friday's 1.33m shares all traded at between Ksh 42.25 and 43.50 per share.

The other major contributors within the sector were KCB Group which hit week high of Ksh 46 and low of Ksh 44.75 per share while witnessing deals worth Ksh 422m and NIC which chipped in Ksh 185m traded value within the week.

Of course, Safaricom paced on individual level with deals for 18.8m shares at between Ksh 28 and 30 per share worth Ksh 546m.

It was followed by Ken Kobil in which 17.816m shares worth Ksh 267m and Equity Group.

Top drop in price was recorded in Olympia as it dropped 10.45% from Ksh 3.35 to Ksh 3.30 per share part of that yesterday Olympia went down Ksh 0.10 per share.

The bond market was also down considerably in week 7 as traded value came to Ksh 13.3bn compared to Ksh 18.7bn previously.


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