Business
Kenya’s Nairobi Securities Exchange in 2nd best performer in Africa & Middle East
Confidence that the economy will outperform 2011 and better the pace in 2013 also played a key role as this is an indication that companies will benefit from the improved economic conditions.
Uchumi Supermarket shareholders were the biggest beneficiaries of the price rally, closing the year more than double the opening price at KSh19.10 (US$ 0.22), up 148 percent.
The retail chain’s shares were relisted mid last year after a successful turnaround after the collapse of the firm in 2005.
Good financial results and expected regional expansion were key drivers.
And despite facing increased regulation, tobacco manufacturer British American Tobacco (BAT) doubled its share price on account of increased export business.
Pan Africa Insurance and the Kenya Commercial Bank closed the top five gainers list.
In all, a total of 36 out of 61 listed companies returned positive gains on their share price while 18 dropped.
Kenya Airways and East Africa Portland Cement were the top losers on account of poor financial results, wrangles with employees and, for Portland, boardroom wars.
Source: Daily Nation
