Markets: BK shares go down on first week of trading

Bank of Kigali (BK’s) shares slipped in the first week of trading at the Rwanda Stock Exchange (RSE) as they closed at Rwf172 down from Rwf191. The lender was listed on the secondary market last week on Thursday with shares closing at Rwf190 from the Rwf125 Initial Public Offering (IPO) price before bouncing to Rwf192 on Friday.

Bank of Kigali (BK’s) shares slipped in the first week of trading at the Rwanda Stock Exchange (RSE) as they closed at Rwf172 down from Rwf191.

The lender was listed on the secondary market last week on Thursday with shares closing at Rwf190 from the Rwf125 Initial Public Offering (IPO) price before bouncing to Rwf192 on Friday.

BK became the second local listing after its IPO was oversubscribed by 274 per cent.

Celestine Rwabukumba, the Operations Manager of Capital Markets Advisory Council (CMAC) said that these are normal market prices.
“Market prices go up and down and this is the way they react; so it’s a normal procedure. Tomorrow, shares might close above Rwf172,” Rwabukumba explained.

Rwabukumba further observed that the trend should not cause any alarm.

According to yesterday’s market report, Bralirwa’s shares closed at Rwf246 unchanged from last week’s closing price.

The listing of BK last week, makes it the fourth listing on the RSE following the cross-listing of Bralirwa, Kenya Commercial Bank and Nation Media Group.

According to the market report from RSE, KCB and NMG last transacted at Rwf175 and Rwf1, 200 respectively.

“The total turnover was Rwf2, 249,000 from 9,500 BK shares traded at Rwf172 and 2,500 BRALIRWA shares traded at Rwf246 all in five deals,” the report stated.

Ends

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