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Kenyan Shilling registers new low against Pound

BY · June 22, 2015 07:06 am

Williamson Tea Touches a New High of KES 400

The week closed on a subtle note as all major indices faced south despite the advancers outweighing the decliners. The NSE-20 share index depreciated by 0.37% to 4778.63 points as the NASI lost 0.26% to 162.40 points. Market capitalization followed suit edging down by 0.26% to KES 2.271Bn despite showing some improvement in the previous trading sessions.

Equity turnover contracted by 57.70% to KES 0.603Bn following declined trading activities from the local investors and significant dip in shares traded on both the large cap and small cap counters.
Williamson Tea Kenya Ltd (NSE: WTK) touched a new high of KES 400.00 following heightened pressures ensuing from the buy side as investors sought to increase their shareholding ahead of the book closure for both the dividend payment (KES 40.00) and their bonus issue (1:1) which is set for 30th June 2015.
This comes in the wake of tea companies reporting declined volumes from their production which has impacted heavily on their revenues leading to a decline in their profits.

Tea production is also reported to be on a losing streak following the dry weather conditions pushing the auction prices to as high as KES 291 against KES 198.95 traded last year. Farmers are abound to reap big in the near term but at the same time we portend this to be a detriment to the tea companies due to the declined volumes which are exerting more pressure on the prices hence a possibility of reporting further cuts on their revenue lines in the next financial year.

NSE Equity Market Highlights

Safaricom Ltd (NSE: SCOM) was the most traded stock accounting for 31.11% of the total value traded as East African Breweries Ltd (NSE: EABL) lagged behind accounting for 27.58% of the days traded value.

Car and General (K) Ltd (NSE: C&G) capped the gainers list propping up by 10.00% to KES 44.00. The Limuru Tea Co. Ltd (NSE: LIMT) followed suit registering a 9.87% gain to KES 1,135.00 settling in as the day’s second best gainer.

British-American Investments Co. (Kenya) Ltd. (NSE: BRIT) was the major slacker of the day losing 3.57% to KES 20.25. Olympia Capital Holdings Ltd (NSE: OCH) rescinded by 2.91% to KES 5.00 on account of a thin but significant volume of 1000 shares.

Foreign Investor Participation

Foreign investor participation accelerated during Friday’s trading session accounting for 62.89% of total turnover against 37.11% local participation. Investors engaged in distributive activities; resulting in net outflows worth KES 64.48Mn compared to net outflows worth KES 72.82Mn on Thursday.

Foreign investors accounted for 62.89% of the NSE turnover as compared to 47.81% on Thursday.

Distributive activities outweighed accumulative activities, resulting in net outflows worth KES 64.48Mn relative to net outflows worth KES 72.82Mn on Thursday.

Safaricom Limited (NSE: SCOM) was the day’s highest traded stock, recording a turnover of KES 126.67Mn to account for 21.01% of total market activity and 33.40% of foreign activity whilst East African Breweries Limited (NSE: EABL) followed with a turnover of KES 161.02Mn representing 26.70% of total market activity and 42.46% of foreign activity.

Centum Investments (NSE: ICDC) posted the day’s highest inflows of KES 11.83Mn, whilst Safaricom Limited (NSE: SCOM) posted the day’s highest outflows worth KES 54.38Mn.

Kenyan Shilling registers new low against Pound

Performance: The Kenyan Shilling recorded a mixed performance against major peers during Friday’s trading session. The shilling extended further losses against the US Dollar (USD) following data indicating that US factory activity had spurred in June, jobless claims had declined and US consumer prices were up. The USDKES shed 0.34% to register at 98.53.

The Kenyan Shilling registered a new low against the Sterling Pound shedding 0.15% to a new low of 156.23, with UK public sector net borrowing data indicating positive results. However, the shilling registered gains against the Euro (EUR) gaining 0.44% to 111.46 as concern over a Greek exit weighed in following unsuccessful meetings, with fear surmounting on a possible debt default amounts.

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