Kenya: CIC and Diamond Trust Bank replace Kenya Airways and Standard Chartered in NSE 20
Wednesday, 20 April 2016 15:15
Kenyan insurer CIC Insurance and Diamond Trust Bank replaced Kenya Airways and Standard Chartered Bank Kenya in the NSE 20, an index that list first 20 stock capitalizations on Nairobi Securities Exchange. Due to their poor performances and investors losing interest, the two firms had to exit the index.
Contrarily to these two, CIC Insurance keeps growing. On March 11, 2016, it forecast that its medical insurance premiums would grow by 30%. The firm closed 2015 with a net profit of Sh1.4 billion, against Sh1.09 billion the year before.
As for Diamond Trust Bank, its net profit in 2015 grew by 16% and the bank should improve its earnings after signing with Jubilee Insurance an agreement this year.
On Wednesday April 20th, 2016, the index showed a 0.13% increase. But since it started plunging on March 1, 2015, NSE 20 has been struggling to take off. Presently, its performance represents only 24.7% of market’s global performance, against 50.46% for the NSE All Share Index.
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