Shares of insurer Sanlam Kenya Plc jumped 7.1 percent Friday on the Nairobi Securities Exchange (NSE) to trade Ksh.12.9 per share from Ksh.12.05 Thursday after the company reported a merger deal with Germany’s Allianz.
Sanlam began the year with a share price of Ksh 11.55 and has gained 11.7 percent on that price valuation, ranking it sixth on the NSE in terms of year-to-date performance.
In the week, Sanlam and Allianz said they have agreed to combine their current and future operations across Africa to create the largest Pan-African non-banking financial services entity on the continent.
The joint venture is set to house both firms’ African business units, in all countries on the continent apart from South Africa, and Namibia which is set to be included at a later date.
Sanlam emerged third among top five gainers on the bourse after East Africa Cables limited-top after it gained 10 percent to trade Ksh.1.1 per share.
Liberty Kenya Holdings followed with 9.02 percent, to sell at Ksh.5.8 per share. Uchumi Supermarket traded Ksh.0.19 per share, a 5.56 percent gain.
Crown Paints ended the day with 2.91 percent up to close at Ksh.40.7.
British Oxygen Company (B.O.C) Kenya sank 7.41 percent to close at Ksh.75 per share.
Trans-Century PLC shed 5.17 percent to sell at Ksh.1.1, while Carbacid Investments PLC shed 4.6 percent to trade Ksh.11.4 per share.