In its semi-annual review of its Kenya Index Series, index compiler FTES Russell confirmed Uchumi Supermarkets’ addition to the FTSE NSE Kenya 15 Index, while also announcing the removal of Mumias Sugar from the same Index.
FTSE NSE Kenya 15 Index
The FTSE NSE Kenya 15 Index consists of the top 15 stocks trading on the Nairobi Securities Exchange ranked by market capitalisation. Kenyan supermarket chain Uchumi Supermarkets will be included in the Index after market close this week on Friday. It has a market capitalisation of KES 109.5 million and has seen its share price increase by 3.45% year-to-date (YTD).
Mumias Sugar Company, the largest sugar manufacturer in Kenya, will be removed from the FTSE NSE Kenya 15 Index. The company is being removed from the index due to its shares being suspended on the Nairobi Securities Exchange since October 2019 as it battles with the Kenya Revenue Authority over a KES 100 million bond that it owes to them. Mumias Sugar must pay this bond in order to resume selling its ethanol.
FTSE NSE Kenya 25 Index
There were also changes to the FTSE NSE Kenya 25 Index, which represents the performance of the 25 most liquid stocks trading on the NSE, in the form of four inclusions and four exclusions.
- Standard Chartered Bank Kenya Ltd
- I&M Holdings Plc
- British American Tobacco (Kenya)
- Sanlam Kenya
British American Tobacco Kenya was recently added to the MSCI Frontier Markets Small Cap Index last month.
- Total Kenya Ltd
- National Bank of Kenya
- East Africa Plc
- Olympia Capital Holdings Ltd
Changes to both Indexes will becoming effective after the close of business on Friday 19th June 2020.