This archive report was first published on 20 September 2019.
Kenya Power's share price plummeted 11.46% on September 19, 2019, making it the biggest loser at the Nairobi Securities Exchange (NSE) that day.
The company's share price closed at Ksh3.09, down from Ksh3.49 the previous day.
Despite the decline in Kenya Power's share price, the NSE witnessed a significant increase in turnover, reaching Ksh1 billion, up from Ksh332 million the previous day.
The surge in turnover was largely driven by the sale of Barclays Bank and Kenya Commercial Bank (KCB) Group shares, which dominated the day's trading.
Barclays Bank led the day with 13 million shares changing hands, while KCB traded 11.8 million shares valued at Ksh472 million.
Kenya Power attributed the expected decline in net earnings to an increase in non-fuel costs as part of its strategy to generate cheaper and cleaner renewable energy.
On the NSE, the All Share Index (NASI) edged down 0.08 points to 144.22, while the NSE 20 Share Index declined 5.17 points to 2426.48.
The Banking Sector accounted for 81.61% of the day's traded value, with Equity Group Holdings remaining steady at Ksh37.95.
Kenya Power had issued a profit warning on September 19, stating that its net earnings for the financial year ended June 30 were projected to decline by more than 25% compared to the same period last year.
