Stanbic share price continues declining
Feb 01, 2007
STANBIC Bank’s share price continued its downward trend, closing at sh135 from last week’s closing price of sh205.
By Paul Busharizi
STANBIC Bank’s share price continued its downward trend, closing at sh135 from last week’s closing price of sh205.
Trading in Stanbic shares dominated the market with about 1.7 million changing hands on a day when they opened at sh165, traded between sh150 and sh140 before closing the week sh70 lower than last week.
“There is a lot of selling pressure, which is not meeting demand and therefore forcing the price down,†Renaissance Capital’s general manager Rumbidzayi Nyabadza said.
“People are paying school fees and there is little demand from Kenya,†he said.
Brokers could not predict the range within which Stanbic’s shares would trade next week but they expect the price to stabilise.
Stanbic was listed on the exchange last week, jumping by 200% to sh205 from the Initial Public Offer of sh70.
The British American Tobacco, Bank of Baroda and dfcu counters saw some action with their share prices remaining unchanged from Tuesday’s at sh465, sh1,000 and sh450 respectively.
The turnover was sh297.4m, while the all share index dropped by 3.9% to close at 918.65 points.
East African Breweries, Jubilee Holdings, Kenya Airways and New Vision did not record any activity at the Uganda Securities Exchange.
STANBIC Bank’s share price continued its downward trend, closing at sh135 from last week’s closing price of sh205.
Trading in Stanbic shares dominated the market with about 1.7 million changing hands on a day when they opened at sh165, traded between sh150 and sh140 before closing the week sh70 lower than last week.
“There is a lot of selling pressure, which is not meeting demand and therefore forcing the price down,†Renaissance Capital’s general manager Rumbidzayi Nyabadza said.
“People are paying school fees and there is little demand from Kenya,†he said.
Brokers could not predict the range within which Stanbic’s shares would trade next week but they expect the price to stabilise.
Stanbic was listed on the exchange last week, jumping by 200% to sh205 from the Initial Public Offer of sh70.
The British American Tobacco, Bank of Baroda and dfcu counters saw some action with their share prices remaining unchanged from Tuesday’s at sh465, sh1,000 and sh450 respectively.
The turnover was sh297.4m, while the all share index dropped by 3.9% to close at 918.65 points.
East African Breweries, Jubilee Holdings, Kenya Airways and New Vision did not record any activity at the Uganda Securities Exchange.