Shares of Housing Finance Group PLC, a multi-dimensional financial services provider, on Monday, closed at Ksh 3.76 per share on the Nairobi Securities Exchange, recording a 9.94% gain over its previous closing price of Ksh 3.42.
This has been attributed to speculations that insurance group Britam Holdings mulls at selling part of its 48.2 per cent stake in HF Group.
HF Group began the year with a share price of Ksh 3.32 which has since gained 13.25% on that price valuation at Ksh 646 million. Its market capitalisation stands at KSh1.34 billion.
HF is up by 9.94% after Britam announced plans to sells part of its stake, which could help its long term recovery depending on the buying bank. However, the rally is driven by speculation as the details of the transactions are still in the workshttps://t.co/I18exvj1Gu pic.twitter.com/gO5F1s8syQ
— Kenyan Wallstreet (@kenyanwalstreet) March 22, 2021
In January, it received a cash injection of Ksh1 billion from Britam Holdings, to strengthen the Group’s core activities.
“The capital will also boost HF Group’s strategy focusing on end-user financing for affordable housing and create opportunities for Kenyans in the middle-income bracket to own homes,” HF said in a statement.
Other gainers on Monday include Trans Century (+7.14%), ScanGroup (+4.73%) and Umeme (+4.23%).
The losers were led by East African Cables with an end-of-day price depreciation of 5.8% at Ksh 1.30 per share, followed by Flame Tree Group Holdings (-5.43%), Stanbic Holdings (-3.23%) and Liberty Kenya Holdings (-2.97%).
Safaricom recorded the highest volume of 7.9 million traded shares, followed by Equity Group Holdings (2.27m), Kenya Power & Lighting Company (1.86m) and Trans Century (674,100).