This archive report was first published on 1 November 2019.
On November 1, 2019, the Nairobi Securities Exchange (NSE) reached a 13-month high, driven by a surge in banking stocks.
Market capitalisation hit Sh2.435 trillion by close of trading, a level last seen in September 2018 when the value of NSE cap stood at Sh2.44 trillion.
The NSE 20 Share Index rallied to 2643 points, with banking stocks leading the way. KCB traded 15 million shares, pushing the lender's price to Sh51.75, the highest since April 2018. Equity Bank traded 14.4 million shares to close at Sh46.5, a level last seen in August 2018.
Safaricom rallied to close at a 19-month high of Sh29.75 ahead of the announcement of its half-year results. Analysts expect a surge in profitability, driven by increased M-Pesa and fixed data revenue.
AIB Capital predicted a 10 per cent growth in earnings per share (EPS) and a seven per cent growth in revenue.
