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HomeEconomyCorporateLonghorn Publishers’ stocks surge after bounce back

Longhorn Publishers’ stocks surge after bounce back

Extension of suspension from trading KQ shares to stay for further 9 months

Longhorn Publishers’ stocks edged up 3.5 percent Friday to emerge among top gainers on the Nairobi Securities Exchange (NSE) when it traded Ksh.4.14 per share on Friday.

This is after the publisher reported jump in profitability of Ksh.7.5 million for the year ended June 30, 2021 from a loss of Ksh.226 million recorded in 2020.

“There was the extended suspension of learning in schools and constrained consumer wallets. Kenya and Uganda begun the year with schools closure and movement restrictions as part of the pandemic containment measures,” said Longhorn Publisher in a statement Friday.

The day’s top gainer on NSE was Uchumi Supermarket whose stocks edged up 4.6 percent when it traded Ksh.0.22 per share.

It was trailed by Liberty Kenya Holdings whose stocks edged up 3.63 percent, trading at Ksh.8 per share.

Kenya Commercial Bank Group (KCB) stocks went up 3.41 percent to trade Ksh.48.55 per share. The lender came in Fourth among top five gainer after Longhorn.

TPS Eastern Africa ended the day 3.33 percent higher to close at Ksh.15.50 per share.

However, Limuru Tea’s stocks crashed Friday to emerge as day’s biggest loser after shading 8.57 percent of its stocks.

It was followed by CIC Insurance which dropped 2.87 percent to close at Ksh.71 per share.

A crash in CIC Group’s stocks comes three days after it launched a medical cover dubbed Seniors Mediplan targeting senior citizens from the age of 60 years.

Also Read:

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  2. WPP Scangroup emerges top gainer on NSE despite posting Ksh.1.7 billion loss
  3. Safaricom inks deal with NSE to let customers invest using Bonga points

While the joining age is capped at 80 years, the product will be offering in-patient, outpatient, dental, optical, and within East Africa the benefit of ambulance and air evacuation.

“As you age, medical care becomes more expensive. Senior citizens without a medical cover end up spending most of their hard-earned life savings to cater for medical expenses which drives people into abject poverty,” said CIC General Insurance Managing Director Fred Ruoro.

Jubilee Holdings shed 2.71 percent to close at Ksh.350 and 25 cents. HF Group was two percent down, while B,A.T Kenya shed 1.1  percent to close at Ksh.450 per share.

Safaricom was the day’s biggest mover, trading over 3.7 million shares worth more than Ksh.161 million.

Co-operative Bank moved more than 1.8 million shares, followed by Equity Group Holdings at over 1.5 million shares and KCB Group, slightly above 1.4 million shares.

Kenya Power closed the day moving nearly 1.3 million shares.

The power distributor has been caught up in new scandal over mismanagement.

On Thursday, three of Kenya Power board Members, KPLC acting CEO Rosemary Oduor, Chairperson Vivienne Yeda and former CEO Ms Imedla Bosire appeared before the National Assembly Committee for Energy chaired by David Gikaria.

The Committee demanded a conclusive and up-to-date report with regards to the management of KPLC by the board, where they are on the spot over a high number of meetings and perceived encroachment on the firm’s management.

To this end, the Kenya Private Sector Alliance, (KEPSA), is calling for urgent clean-up of the rot at the troubled Kenya Power.

KEPSA said a radical surgery of the monopoly power distributor is necessary to restore order, efficiency and accountability at the cash strapped state corporation.

“The grim reality we must confront and accept is that Kenya Power is in deep  financial trouble, trouble that has been building up over several years, and  trouble which is caused by a variety of factors which can be summarised as  mismanagement and poor governance,” said KEPSA in a letter.

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Lawrence Baraza is a prolific writer with competencies in Digital Media, Print, and Broadcast. Baraza is also a Communication Practitioner currently spearheading Digital content on Metropol TV's Digital Desk.

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