NSE flat as KPC and ALP REIT listings reshape market activity

NSE indices closed flat on March 26, with the NASI at 706.42, the NSE 20 at 3,448.73 and the NSE 25 at 5,189.97. March trading was shaped by new listings: Kenya Pipeline Company debuted at KSh9.30, up 3.3% from its IPO price after a 105.7% oversubscription, while Business Daily said the stock became the market’s 6th-largest listing. ALP REIT also joined the exchange as the NSE’s 1st US dollar-denominated security after a 115% oversubscription, according to Dabafinance and African Markets. In trading flow, Business Daily reported M-Pesa Ziidi Trader handled 62% of NSE share orders, while Standard Media said Absa Bank Kenya’s profit rose 10% to KSh22.9 billion, reinforcing the financials theme.