The benchmark index for local counters dropped by 1.60 per cent or 2.16 points after Bank of Kigali counter shed Rwf10 during Monday’s trading session. According to the Rwanda Stock Exchange (RSE) daily market report for Tuesday January 23, the Rwanda Share Index fell to 132.81 points from 134.97 points on Monday. The All Share Index dipped 0.23 per cent to 133.11 points, down from 133.42 points. The BK counter closed at Rwf290, a decline from Rwf300 during the previous trading session on Monday.
The lender recorded a total turnover of over Rwf385.3 million from 1,328,900 shares traded in two deals, the report shows.
The drop in BK share price also affected the RSE market capitalisation, which fell to Rwf2.928 trillion from Rwf2.935 trillion on Monday.
However, Pierre-Celestin Rwabukumba, the chief executive of RSE, described it as “normal”. “For a counter to drop Rwf10 on a liquid market and for a company like Bank of Kigali is “normal”… This is a normal course of business,” he told The New Times yesterday. But he added that market forces always come into play. “Stockholders might have had pressing needs…sometimes people need money urgently – and this is January – may sell their shares anytime, but within the framework allowed by the law,” he said.
Meanwhile, other counters closed as follows: Bralirwa Rwf149; I&M Bank Rwf95; Crystal Telecom Rwf65; Equity Bank Rwf350; Nation Media Group Rwf1,200; KCB Rwf340 and Uchumi Supermarkets Rwf104.