Market Turnover Rises to 1.3 Billion Shillings During Tuesday’s Trading

By Soko Directory Team / April 19, 2017

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Market turnover rose to 1.3 billion shillings on Tuesday is driven by trades in the 10-15 year tenors. Demand remains high on the 7 – 5-year tenors with supply quite limited.

Investors, on the other hand, expect the yields on these tenors to continue coming off as the CBK continues to starve the market of duration, as a tool to manage the rates.

The bond auction for the April issue closed yesterday with the sentiment being more conservative than we had originally forecasted, results are expected later this evening.
Corporate News:

Kenya Power & Lighting Co. Ltd (NSE: KPLC) has renewed its agency agreement (terminated in 2015) with Posta Corporation of Kenya.

The termination resulted from claims by KPLC of non-remittance of collections from customers by Posta. The deal will prop bill collections for KPLC through the approximately 600 Posta outlets and increase the convenience of payments for customers. Among other services will include payment for power re-connection and new electricity connectivity.

Trading Expectation:

According to Genghis, the market expects to see continued inflows and price rally on KCB Group Ltd (NSE: KCB) on Wednesday as investors garner to participate in the dividend book closure, come 24th April.

This sentiment is echoed across other banking stocks, with Standard Chartered Bank Kenya Ltd (NSE: SCBK), Equity Group Holdings Ltd (NSE: EQTY), Housing Finance Group Ltd (NSE: HFCK) and I&M Holdings Ltd (NSE: I&M) closing their books soon as well.

East African Breweries Ltd (NSE: EABL) maintains a BUY recommendation with foreign investors pushing the stock price to KES 242.00.We expect to see high trades volumes in today’s session.



About Soko Directory Team

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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