Last week, the NSE experienced a flat activity on the NASI, with other market indices declining. The NSE 20 was down 4.38 points, closing the week at 1858.87 basis points, while the NSE 25 was down by 0.18 points to close the week at 3586.44 points following a decline in some companies trading flat like Bamburi Cement and Unga Group.
- News of Unga group internal restructuring dropped its share price by 11.95% for the week.
- Bamburi cement decline could be a market correction but also a result of a few corporate actions. The company had its book closure on May 16 and announced a first and final dividend on Ksh 3 per share. The payment for the dividend will be due on July 15 2021.
- We had a price gain on NMG 10.6% closing the week at Ksh 16.65.
- Safaricom winning the Ethiopia telecom licence bid drove its share at the beginning of this week. However, the Ethiopian expansion will raise its liabilities, and returns might take up to 5 years.
- StanChart’s net interest income fell by 2%, while loan and advances dipped by 6%. Its profit after tax grew by 19%.
- Co-op bank Profit after tax fell by 3.7% to 3.5 B attributed to higher provisioning.
- Absa profit after tax grew by 23.7% in Q1, which pushed activity for the week. Interest income fell by 0.3%, while income from govt securities fell by 1.8%. Loan loss provisions grew by 24.9% to 1.4 billion.