KenolKobil trades Sh6.1bn shares in a week of takeover bid

Capital Markets

 

KenolKobil #ticker:KENO moved 403 million shares valued at Sh6.1 billion in the trading week ended October 26 as Capital Markets Authority (CMA) flagged the counter for possible insider trading activity.

Data from Nairobi Securities Exchange (NSE) show that the share commanded 75.3 percent of the entire market’s traded value, edging out Safaricom #ticker:SCOM and banking stocks that usually commands the volumes.
This was on account of the Tuesday’s takeover bid announcement made by French firm Rubis Energies.

The announcement drove up the share making it change hands at between Sh14.50 and Sh21.75.

On Tuesday alone, the share had traded 373.45 million shares valued at Sh5.71 billion with Sh5.63 billion being bought by foreign traders.

Trading on the counter was on significant rise between October 15 and October 23, prompting CMA to put a freeze on the suspected accounts to allow for investigations into what it described as “potentially irregular trading.”

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