Secondary Market: Trading in the secondary stock market declined as market participants held back further and took on a more cautious view on the back of the CBK announcement of an MPC meeting a month early on June 9th 2015.
Bond turnover declined from the previous day with volumes traded worth KES 1.24 Billion as compared to 2.09 Billion the previous day.
Money Market: The interbank lending rate edged up with liquidity remaining tight with the overnight rate extending its rise to 13.18%. The Kenyan shilling extended further weakening against the USD reaching a low of 98.31 (12:0pm GMT) on the back of increased pressure from end month corporate demand. The CBR benchmark rate is expected to be raised in next week’s meeting.
Upcoming Auctions
- 29th May 2015 – KES 1 Bn 91 day T-bills
- 3rd June 2015 – KES 3 Bn 182 and KES 4 Bn 364 day T-bills