KCB counter ends months of inactivity

Months of inactivity for cross-listed financial services firm, KCB Bank Group, could be over after the firm traded 1,000 shares worth Rwf370,000 on Friday at the Rwanda Stock Exchange (RSE) at Rwf370 each. The counter was also active yesterday, with 1,500 of its shares exchanging hands, the RSE daily market report indicates. Edwina Mulanga, the KCB custodian services manager, said yesterday’s transaction, which raked in a total of Rwf555,000 shows that demand for the company’s shares is gaining momentum. She added that cross-listed shares barely trade at the bourse because they are more active in their primary listing countries. “Some of the shareholders transfer their stocks to the Nairobi Stock Exchange where they are traded fast because it is more active,” Mulanga said. On the other counters, Crystal Telecom continued its dominance at the bourse yesterday, trading a total of 71,200 shares worth Rwf8.4 million. The counter traded at Rwf129, higher than the Rwf112 closing share price on Monday last week. Bank of Kigali transacted 500 shares, raking in Rwf140,000. The lender’s share price was however unchanged during the week at Rwf280. Bralirwa closed at Rwf325 yesterday, down from Rwf333 per the previous Monday. The brewer traded 300 shares worth Rwf97,500. The RSE Share Index shed 1.35 points, from 208.94 points on Monday last week, to 207.59 points yesterday, mainly due to the Rwf8 fall in Bralirwa’s share price.

News

KCB counter ends months of inactivity