KCB shares retreat 4.2 percent

Shares of Kenya’s banking conglomerate, Kenya Commercial Bank (KCB) fell Monday. The shares fell by Rwf6, or 4.2 percent, from Rwf144 on Friday to Rwf138 in Monday morning trading where the Rwanda Over The Counter (ROTC) market recorded a turnover of Rfw138,000 from 1000 KCB shares that were traded in two transactions. The shares closed at Rwf138. At the end of the session, there were no offers or bids. Friday on the Nairobi Stock Exchange (NSE), a total of 241,400 shares were traded. KCB shares traded within the range of Kshs18.00 (Rwf131) and Kshs17.65 (Rwf128) and closed at Kshs17.75 (Rwf129). The NSE All share index went down - 0.15 points to close at 95.09. Media and market reports in Kenya suggested that KCB rights issue being sold in the secondary market has dropped 50 percent since trading began, opening a window for investors to acquire more shares at a lower price. The rights issue gives holders the privilege to buy two shares for every five held, at a discounted price of kshs17 which is cheaper than the market price oscillating in between khs18.25 and khs18.75. The rights issue began trading at a price of khs1 on July 1, and was trading at 50 cents on Friday. The bond market was quiet as no transactions were reported. At the close of business, there were no buyers or sellers. Ends

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KCB shares retreat 4.2 percent