Absa trades over 2 million shares after a Ksh.3 billion investment at Tatu City

Absa trades over 2 million shares after a Ksh.3 billion investment at Tatu City

Absa Bank closed Thursday, March 24, 2022, when it moved  2, 465, 800 shares to emerge as the top mover on the Nairobi Securities Exchange (NSE).

The performance is likened to the lender’s announcement of a Ksh.3 billion credit facility for Kenya Wines Agency Limited (KWAL) to help fund the construction of its distillery plant at Tatu city.

The bank said it received authorization to lend the money via a competitive market offer and that it has already made the loan accessible for usage.

“The facility becomes available as the project continues and they draw it when they achieve milestones of the project,” said James Agin, the regional corporate banking director at Absa.

KWAL is building a plant to boost production and extend its product line in the alcoholic beverages sector with an investment of Ksh.4 billion in Tatu city.

The bank was trailed by Safaricom who moved  2, 465, 300 shares on the bourse.

Safaricom was on March 23 voted as the best brand in Kenya which is loved by women, followed by its mobile money utility M-Pesa.

Other top movers on the bourse were CIC insurance which moved 939, 600 shares followed by KCB Group at 923,100 then finally NCBA Group which moved 571, 900 shares as fifth among the day’s top mover.

For top gainers on NSE for Thursday trading, Liberty Kenya Holdings stocks went up by 9.31 percent to trade Ksh.6.34 per share to emerge as the top gainer. It was trailed by East Africa Portland Cement whose stocks went up by 8.83 to trade Ksh.6.9 per share.

Umeme limited shares gained 8.83 points followed by Uchumi supermarket whose stocks surged by five percent. Stanbic Holding closed the day 3.9 points higher to close at Ksh.104.25 per share.

This even as Sameer Africa stocks crushed by 5.28 percent to close the day as top loser. It was followed by Home Africa whose stocks plummeted 5.26 percent when its stocks retailed at Ksh.0.36 per share.

Sasini’s stocks dropped by 3.67 followed by Eveready East Africa at 3.41 percent.

Flame Tree Group closed the day as a top loser when it shade 3.23 points to trade at Ksh.1.2 per share.  

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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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