Nation Media Group Shares Rally To a Six Month High

Shares of Nation Media Group (NSE; NMG) on Wednesday’s trading closed at a six month high of Sh 102, up 3.55% from the previous day’s closing price of Sh 98.5.

During the day’s trading session, the counter was trading in the range of Sh 99-106 before closing at Sh 102, which was last seen in Early November 2016.

Since 2nd Feb of this year, the counter has rallied by 37.7% from a low of Sh 74 per share. However when compared to the highs of Sh 318 posted in 2013, its a completely different story.

The media house, which is the largest in East and Central Africa recently released its full year 2016 results, having reported a decline of 24 per cent in earnings to Sh 1.635 Billion. However, NMG still maintained a dividend payout of Sh 10 per share, making it one of the highest dividend yielding stocks in the history of the Nairobi Securities Exchange.

Meanwhile, Books for Nation Media Group’s final dividend will close on 9th June 2017 while the payment will be made on 31st of July.

The company’s annual General Meeting will be held on 23rd June at Kenyatta International Conference Centre, Nairobi.

Africa Sokoni