Kenya Commercial Bank (KCB) Group shares cross listed on the Rwanda Over-The-Counter (OTC) market rose slightly by 4.6 percent or Rwf 7 to close at Rwf160 on Friday from Rwf153 as local investors reacted to the upward trend on the Nairobi Stock Exchange (NSE).
Pierre Celestin Rwabukumba, the Operations Mangers of Capital Market Advisory Council (CMAC) told Business Times that investor reaction on the OTC market was a good indicator for the country’s nascent bourse that has no local company listed on it.
“The rise was largely a result of the price change on the NSE. Investors who want to sale refer to it (NSE). We compare and put a margin on that price. That’s how market forces normally work,” Rwabukumba said.
The ROTC market recorded a turnover of Rwf160,000 out of 1000 KCB shares traded in one transaction. At the end of the trading session, 9,415 shares were on offer with no buyers.
On the NSE, KCB shares slightly gained this week, trading between Ksh20.00 (Rwf153) and Ksh20.75 (Rwf159) before closing at Ksh20.25 (Rwf155) on Thursday.
Market indicators show that volumes continued to be low throughout the week. At the close of business on Thursday, the NSE All share index had risen 0.04 points to close at 68.41.
The Dar-es-Salaam Stock Exchange (DSE) and the Uganda Securities Exchange (USE) did not trade KCB shares.
The bond market on the Rwanda bourse remained silent in about five months.
At the close of the business yesterday, Rwf2 billion worth of Government bonds were on offer at Rwf99.8 with two bids of Rwf2 billion and Rwf5 million for the same bonds at 94.00 and 97.80, respectively.
There were also BCR bank bonds worth Rwf150 million on offer at Rwf100.50.