Total Kenya shares jump as flights resume
Total Kenya Ltd (TOTL) shares popped up more than 2% on Wednesday (July 15) to close at Ksh24.50. The shares of fuel vendor jumped as domestic flights resumed following a months-long pause because of the coronavirus situation.
Kenya Airways, which the government is in the process of absorbing, made its first flights from Nairobi to Mombasa and Kisumu. Kenya Airways owns regional airline brand Jambojet.
Notably, Total Kenya shares have jumped more than 4% from its previous closing before President Uhuru Kenya rolled back some coronavirus restrictions. For example, the president lifted lockdowns on the commercial cities of Nairobi and Mombasa, paving the way for more vehicles to return the road.
Total Kenya sells fuel that power motor vehicles and aircrafts. It also sells engine lubricants used in motor vehicles and jets. The lifting of lockdowns on Nairobi and Mombasa and the return of flights promise to boost demand for the company’s products. Only domestic flights have currently resumed. International flights will return in two weeks.
At Ksh24.50 a share currently, Total Kenya stock still trades 11% below its Ksh27.50 price at the beginning of the year.