Kampala, Dar es Salaam fail to attract any KCB shares
The Rwanda over the Counter (OTC) market has traded 600 Kenya Commercial Bank (KCB) shares this week.
It is the first time this week shares have been traded with each share costing Rwf162 down from Rwf167.
The Operations Manager of Rwanda Capital Markets Advisory Council (CMAC), Celeste Rwabukumba said that there have been 65,000 KCB shares traded since the Kenyan banking giants listed on the Rwandan bourse mid this year.
This means that there are about 3,000 shares traded in barely a month over those sold in August.
By closing of business on Wednesday in Kigali, 600 shares were traded in one transaction at the price of Rwf162 – down from Rwf165. However, these are the first shares to be traded since the week started.
The Rwanda over the Counter (OTC) which facilitates the trading of the listed shares on the market has been the most attractive market in the region.
“The KCB share prices have been ranging between Rfw162- Rwf165 since the cross listing of the bank shares and it’s comparably the highest in the region,” said Rwabukumba.
However, the Nairobi Stock Exchange (NSE) traded the highest volume of shares with a total of 999,200 shares traded on Tuesday alone.
The KCB shares traded within the range of Rwf156 high and Rwf151 low and closed at Rwf 153. The NSE all share index went down -0.18 points to close at 67.21.
Dar es Salaam Stock Exchange (DSE) and Uganda Securities Exchange (USE) did not trade KCB shares.
Rwabukumba the Operations manager of CMAC which oversees and regulators the operations of the market says that although the trading is slower than it was it is still stable within the expected performance.
Traders in Rwanda say there is no reason for panic because this market is still at its infancy, and that there will be big business as up to four local big companies are due to be listed.
Rwanda’s Over the Counter since its inception two years ago has only received KCB shares although it is expected that the government is set to offer its owned shares in four local companies to the public.
Among the companies which the government will offer its ownership include MTN Rwanda, CEMERWA the leading cement company, SONARWA the leading insurance institution and BRALIRWA the sole brewery company.
According to CMAC, bond market at the Rwanda OTC platform is also registering interest from the public although there are no official application.