On Friday, diversified investment firm, TransCentury held its 26th annual general meeting at the Nairobi Securities Exchange, with investors upbeat about its future performance after bouncing back to profitability in the first six months of 2024.
During the AGM, the firm’s major shareholder, Kuramo Capital expressed interest in writing off part of $10.5 million (close to Sh1.4 billion) loan to the infrastructure investment company as part of strategy to jumpstart it after previous losses.
The announcement saw the firm move 122,800 shares at NSE to close the day at Sh1.26, having gained 2.4 per cent compared to the previous trading day. The firm’s share has gained more than 100 per cent since the beginning of the year, with pundits expecting it to restore its former glory as a premier firm.
Kingdom Securities has recommended a buy and hold. Olympia Capital, formally Dunlop Kenya, a holding company for six firms dealing in construction materials and cleaning chemicals in Kenya, Botswana and South Africa was the top gainer for the week after reporting growth in the full-year results unveiled on Friday in Botswana.
The firm’s net profit rose to BWP 3.66 million (Sh35 million) compared to BWP 2.25 million (Sh21.4 million) a year ago.
Both East African Portland Cement and Home Afrika continued with their bullish streaks sustained since late last year to emerge as second and third top gainers respectively.
Insurance counters at the Nairobi bourse were less attractive during the week, with Britam and Kenya Re-emerging as top losers after their profits for 2024 dropped.
Generally, the bourse recorded a marginal increase in activities after lower trading that saw investors lose close to Sh50 billion in paper wealth the previous week.
The NASI and NSE 20 share price indices increased by 0.4 per cent and 0.5 per cent, respectively, while the NSE 25 share price index decreased by 0.3 percent during the week ending March 27.
Market capitalisation increased by 0.4 per cent to Sh2.05 trillion while equity turnover and total shares traded, decreased by 52.3 per cent and 54.5 per cent, respectively.
Yields on Treasury Bills continued to drop, attracting less bids from investors who had decamped from Money Market Funds in the previous week leading to an oversubscription of government papers.
According to the CBK bulletin, the Treasury bill auction of March 27 received bids totaling Sh14.7 billion against an advertised amount of Sh24 billion, representing a performance of 61.4 per cent.
Interest rates on the 91-day, 182-day and 364-day Treasury bills declined to 8.7, 9.05 and 10.41 per cent respectively.
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