By Samuel Sanya
Holding Stanbic Bank shares right now is similar to holding ready cash in your wallet going by the astronomic demand on the counter.
Stanbic Shares have finally reached sh30 per share price, up from sh25 per share last week. That means for every one million shares held, shareholders stand to make an additional sh5million shillings in just under a half hour.
There is outstanding demand for 59 million Stanbic shares at the sh25 per share, but with outstanding supply remaining much lower at 16 million shares at sh30 per share, there all indications that the share price will be firmly entrenched at sh30 per share in the near future.
Stanbic has the 8th lowest Price to Earnings ratio of 11. 75, indicating a small variation between the prevailing price and potential dividend earnings, which is a good thing for the markets.
There were deals for 630,000 shares on the Stanbic counter worth sh18m by the close of business on Monday. There was no trading on Tuesday as the country celebrated the Islamic holiday of Eid al-Adha.
The All-Share Index slightly went up to sh1667, from sh1661 with the Local Share Index going up more exponentially closing at sh259.97 from sh246.6.
Umeme was the second busiest counter, closing deals for 21,000 shares worth sh7.8m at sh365 per share. Demand for some 250,000 shares remains outstanding at the current price with outstanding supply currently flat.
National Insurance Corporation sold 201,000 shares worth sh7.035m at sh35 per share. Outstanding supply for three million shares continues to outweigh outstanding demand at nil increasing downward pressure on the stock’s price.
dfcu Bank was the only other active counter, trading 3,900 shares at sh1,035 per share. The banks half year financial results are continuing to provide positive demand momentum on the bank’s counter.