60,000 KCB shares traded since cross-listing

Over 62,000 Kenya Commercial Bank (KCB) shares have been traded on the Rwanda over the Counter (OTC) market since the bank cross listed in Rwanda.

Over 62,000 Kenya Commercial Bank (KCB) shares have been traded on the Rwanda over the Counter (OTC) market since the bank cross listed in Rwanda.

Olivier Kamanzi, the Executive Director of the Capital Markets Advisory Council (CMAC) that overseer and regulator of the operations of the market said that, the share prices on the OTC market have ranged between Rwf67-68 and the public’s response has been positive.

“The public responded positively and enthusiastically to the KCB listed shares during the early days of the listing but now they have decided to keenly watch the market,” said Kamanzi.

However, on regional stock exchanges, KCB shares have been registering slow performances with the Nairobi Stock Exchange (NSE) suffering a 25 percent drop.

Both the Uganda Stock Exchange (USE) and the Dar-el-salaam Stock Exchange (DSE) are also reportedly responding slowly to KCB share listing. The CMAC official, attributing information to KCB’s financial report, said that that the situation has started improving.

The share prices on the Rwanda OTC market have been ranging between Rwf67-68 for the period of two months that KCB has sold its shares to the public.

Kamanzi also said that, KCB has registered a 28 percent increase in its operating income from Ksh 8.9 billion to Ksh 11.4 billion according to the financial result in the first half the year.

The bond market at the Rwanda OTC platform is also registering interest from the public although there are no official applications.

“There are three to four companies that have shown the interest in the bond market although there is no official application that has been made and they are still confidential,” explained Kamanzi.

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