Blog Archive

Monday, November 06, 2006

City Trust hit KES 500 (6 Nov 2006)

I don't know if this is a joke, an error or the real deal but the NSE pricelist had the following for City Trust (listed under AIMS)...

  • Low Price for the day = 120/-
  • High Price for the day = 500/-
  • Avg Price for the day = 407/-
  • Shares traded = 2,600
  • Previous Price = 91.50
That is a humongous 350% increase over the previous price...

There was a dividend of KES 3.10 announced.

Does anyone have any idea what is going on?
Does anyone have access to City Trust's results?

15 comments:

Baltic Amber said...

I'm beginning to feel sorry for you. it sounds like trying to trade on the NSE is quite literally, a painful experience!

coldtusker said...

LOL... I started blogging coz of the shenanigans on the NSE. I was trying to vent after numerous unsuccessful attempts at contacting the NSE, CMA, Newspapers...

Well, even if I can force them to improve one teeny bit...

Imagine a price differential of 380/- on the same stock on the same day... more so... this is a difference of 400%...

Anyway, I hope someone who has an intimate knowledge of what happened can help...

RC said...

I wonder what these guys we trust our money are??

Typo or for Real??

bankelele said...

The trade is under review by the CMA. I think it was supposed to be stage managed by more traders, but some panicked - leaving the initial punters high and dry

odegle said...

sometimes i feel like all the trade in the NSE is stage managed to clean money or maybe to raise money for specific projects. even though pple dont agree with me, am a little sceptical regarding the fast pace at which parastatals are being auctioned at the NSE. something is not right

odegle said...

i have been reading and hearing of many cases where brokers tell their clients that certain shares will stop rising at certain price levels. eg that sameer will stop at 35 and start declining. am told some of these 'predictions' have happened with clinical precision. how is this posible? really. how can brokers so easily tell the peak and troughs of shares with such precision. isnt this a case of price fixing?

Baltic Amber said...

odegle:

it's called insider trading. It's illegal in America. Is it illegal in Kenya? Does anyone care?

for the majority of the population..the "game" is rigged.

mwasjd said...

Maybe someone wanted the City Trust Shares that badly that they were duped into offering 500/- for the few 2600 that were on offer. Maybe some unscrupulus broker took advantage of a buyer who wanted to pay anything for any shares.
But honestly a 300+% rise on an alternative index share in one day for reporting a 3.50/- dividend definately smells of a rat, a big fat smelly one!!!!

pesa tu said...

Am not surprised by City Trust such kind of behaviour is common in emerging markets like ours.

@ Everyone: Remember the guys who bought KPLC at ksh 330 in the late nineties still have their investments under water.

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