The OTC market keeps momentum as KCB share gains

The Rwanda Over The Counter (OTC) market kept momentum on Friday as more investors participated in purchasing and selling Kenya Commercial Bank (KCB) shares, on prospects of increased demand.

The Rwanda Over The Counter (OTC) market kept momentum on Friday as more investors participated in purchasing and selling Kenya Commercial Bank (KCB) shares, on prospects of increased demand.

Following the launch of the bank’s cross-listing on the Rwanda OTC market on Thursday, market reports suggest the share gained by Rwf7 on the second day of trading.

The Capital Market Advisory Council said the Rwanda OTC market recorded a turnover of Rwf 1,206,600 and a total of 7,200 KCB shares were transacted in seven deals.

The bank’s share opened at Rwf167 and closed at Rwf170 per share.  

KCB cross-listed all its 2.2 billion ordinary shares which were already crosslisted on the Uganda Securities Exchange (USE) and the Dar Es Salaam Stock Exchange (DSE) from 2008. 

 At the close of the session, KCB counter had no buyers or sellers.

However, the bond market was quiet as no transactions were recorded.  At the close of the business, Rwf2 billion worth of government bonds were on offer (sellers) at Rwf99.8 and there were two bids (buyers) 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. 

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