Nairobi, June 21 -- Absa Bank Kenya's share price jumped 4.59 percent on Friday, representing a gain of Sh7.33 billion as investors reacted to Absa Group Limited's bid to raise its stake in the Kenyan subsidiary at a premium price of Sh34.5.

The Nairobi Securities Exchange-listed firm's stock touched a high of Sh33 and closed trading at an average price of Sh30.75, giving it a market value of Sh167 billion.

The lender's stock rose from Sh29.4 on Thursday when its market capitalisation stood at Sh159.6 billion.

The price jump has slightly narrowed the gap with Absa Group's offer which is seen as a bullish signal on the target firm's future prospects.

A total of 3.49 million shares changed hands on Friday, valuing the deals at Sh107.5 m...