Co-operative Bank shares top mover at bourse

Co-operative Bank of Kenya yesterday topped the charts as most traded share at the Nairobi Securities Exchange (NSE), by foreign investors riding on its improved financial performance in the first quarter of this year to push up traded volumes.

At the close of market activity, the bank’s counter moved 14.5 million shares at the price of Sh22 per share, ahead of KCB which sold 9.6 million shares. “The 3.4 per cent price gain on Co-op Bank was mainly as a result of foreign investor demand on the counter. Overall, in 2015, Co-op has been one of the top receivers of net foreign inflows. The trend can be attributed to increased investor engagement following the start of the lender’s transformation programme targeting improved operational efficiency, increased income and better cost management,” said Faith Waitherero, an analyst at Standard Investment Bank (SIB). In the first quarter of this year, Co-op Bank recorded a 30 per cent rise in profitability to Sh4.5 billion compared to Sh3.47 billion posted in the same period last year. The Bank’s total income was Sh 8.7 billion compared to Sh7.5 billion in the same quarter in 2014, a 17 per cent increase.