Previously the NSE20 had been above the 5,000 level on
Commercial and Services
COOP Bank released first half earnings before the opening bell yesterday morning. COOP Bank accelerated its net loans and advances +32.689%, accelerated profit before tax plus 15.062% and profit after tax plus 0.266%.
This deceleration between profit before tax and profit after tax was due to an increase in its effective tax rate (+1,050 bps y/y to 30.2%) following the expiry of the bank's grant of a lower tax rate for the five-year period between 2008 and 2013, as a benefit following its listing on the NSE in 2008.
Clearly if you stripped out the tax effect, growth was pegged at around 15%. COOP Bank firmed 0.26% to close at 19.05 and traded 191,800 shares. Interestingly there were buyers for six times the volume traded at the closing bell.
The positive price catalyst was the news that the capital markets regulator has approved
Industrial and Allied
HomeAfrika rallied 3.703% to close at 4.20 and was trading at session highs of 4.30 +6.17% at the finish line.
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