Here are the five listed stocks that defied NSE bear run
SEE ALSO :New market will let you bet on stocksAnother share, Kenya Airways has defied the turbulence in company’s performance to gain by 22 per cent to stand at Sh6 per share. The firm posted another record loss of Sh26.23 billion loss in July. Despite the flight cancellations, pilot strikes and high temperatures in boardroom, the share has survived to become second highest gainer of the year. Wambugu pegs this rally on speculative retail buyers who love price movements. Maurice Oduor, an investment manager at Cytonn Investment says that the entry of former Safaricom CEO Michael Joseph as board chairman of the airline had excited buyers. “KQ is an issue of strategy and governance jumbled together. It is too early to put in money because we have never seen Michael Joseph in aviation sector. He is only riding on telecommunication legacy,” said Oduor. Voice and data company, Safaricom followed the gainers club with 15 per cent gain so far. From a 38 per cent growth in net profit for the full year ended March, the firm posted a 32 per cent growth in earnings to Sh23.9 billion for the 2016 half year.
SEE ALSO :NSE boosts traders with new marketThis, added to the issuance of a special dividend to investors strengthened the share. It has remained the top mover for many trading sections this year. It currently averages Sh18.75. Also in green is Longhorn Publishers (eight per cent gain) and British American Tobacco (BAT) with seven per cent gain. The two are trading at an average of Sh4.85 and Sh840. Loghnorn share has been supported by the successful rights issue that raised Sh533 million it invested in various activities, notably digital books. This was on a back of a 70 per cent jump in half year earnings. Cigarette maker BAT recorded a 17 per cent hike in full year profit after tax to Sh4.9 billion followed by a July announcement that half year profit had grown by another 10.7 per cent.
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