The Co-operative Bank has gained Sh1.1 billion in Nairobi Securities Exchange (NSE) Sh192 billion jump in paper wealth in just one week.
This is after local investors picked up falling stocks that had slumped on foreign investor exits.
According to Egyptian brokerage firm EFG Hermes Director, Kenyan stock prices had declined rapidly.
“In the process, companies have become very cheap relative to their recent trading multiples and when weighed against the macro risks they become attractive,” he said.
“This has led to new buying from both local and international investors,” Head of Equities Kenya, Muathi Kilonzo said.
Listed companies on the stock market are recovering from a slump in share prices that were weighed down by a reduced appetite for emerging markets after a jump in interest rates in the developed markets.
Safaricom shares have gained Sh136.2 billion within the week to push the company’s market capitalisation to Sh1.06 trillion up from Sh927.5 billion a week earlier. The telco suffered one of the worst routs in the market that saw it slump to Sh23.01 which made the counter that has sustained profitability over the years very attractive.
EABL has gained Sh23.3 billion over the week, KCB share value rose by Sh10.4 billion while Equity shareholder paper wealth jumped Sh15 billion.