Banks were the top performers among the 10 largest firms at the NSE last month, led by Equity whose share price rose by 12.5 per cent to Sh42.75. KCB was up 8.6 per cent to Sh41.25 followed by DTB at 8.4 per cent to Sh194.

Market capitalisation at the bourse rose by Sh189 billion last month boosted largely by Safaricom, whose market value was up by Sh80 billion, and the late jump by Kenya Airways whose value rose to Sh77.2 billion from Sh8.5 billion after a debt-to-equity restructuring by the government and a consortium of local banks.

The surge has been largely aided by foreign investors who have been net sellers after withdrawing for most of the previous weeks.

“Equity turnover rose 36.7 per cent to $7.4m on increased foreign investor activity particularly on Safaricom and Equity Bank.

The two stocks jointly accounted for 82.9 per cent of total turnover,” SIB said on Monday.

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