Kenyan Shilling Strengthens For Third Consecutive Day
Kenyan Shilling Strengthens For Third Consecutive Day
The Kenyan Shilling (KES) reported gains across the board during Wednesday’s trading session.
The USDKES strengthened by 0.19% to 101.11 (12:30pm GMT) as traders held positions while the MPC meeting took place. Tight liquidity in the money market has provided good support to the local exchange rate. The strongest gain of 0.97% was reported against the Euro (EUR), whilst regionally the strongest gain was posted against the Rand (ZAR) as the KES garnered 0.94%, although the ZAR has recovered from 14-year lows on the back of a trade surplus.
The Kenyan Market Slips To a Two-and-a-half Year Low
The local bourse took a further turn for the worst as record lows were registered mid-trading week. Both indexes on the Nairobi Stock Exchange dropped, with the NSE-20 plummeting 0.60% to 4317.23 and the NSE All Share Index shedding a further 0.29% to close the trading day at 145.82.
Equity turnover and market capitalisation both illustrated a similar story as the former decreased by 1.42% to KES. 1853Mn- in 1,800 deals- and the latter lost 0.29% to close at KES. 2,041Bn. The market breadth, an unbiased measure of the market performance, showed that conditions slightly improved; as the number of stocks that advanced, 18, rose by 2. However the number of stocks that declined, 20, remained unmatched this week; highlighting that the value declining also outweighed the slight increment.
The market reached a two-and-a-half year low today, of 4317.23 points, as significant participants Safaricom and Kenya Commercial Bank shed value for the third consecutive day; the former stock accounted for 63.85% of the previous day’s trade, while the lender accounted for 23.86% of today’s. The mobile service provider dropped by a further 0.36% to close the trading day at KES. 13.95, thus loosing 9.8% over the past week, while KCB slumped a further 2.13% to close at KES. 46; despite healthy financial results.
Several other companies, however, produced disappointing results; most notoriously Kenya Airways. With the inaugural flight of China Southern Airlines- to Kenya from Guangzhou- the Kenya airline will see an increase in competition on one of its profitable routes; as the China-based airlines targets both passengers and cargo.
Equity Market Highlights
Equity Group Holdings Ltd (NSE: EQTY) climbed one place to close as the most traded stock, accounting for 41.4% of the total value traded; as investors begun profit taking on positive financial results. Kenya Commercial Bank Ltd. (NSE: KCB) was second accounting for 23.86% of the days traded value.
Sameer Africa Ltd. (NSE: FIRE) climbed to dominate the top gainers list, scaling 8.89% to KES 4.90. E.A Portland Cement Co. Ltd (NSE: PORT) registered a 7.41% gain to KES 58.00, curving in as the day’s second best gainer.
Marshalls (E.A) Ltd. (NSE: MASH) dropped to claim the day’s top loser, shedding 8.40% to KES 12.00. Express Kenya Ltd. (NSE: XPRS) followed a close second as it retreated by 7.07% to KES 4.60.
Foreign Investor Participation
Foreign investor participation remained robust during Wednesday’s trading session accounting for 89.15% of total turnover against 10.85% local participation. Foreign participants reversed positions to engage in distributive activities; resulting in net outflows worth KES 55.36Mn compared to net outflows worth KES 16.63 Mn on Tuesday.
Foreign investors accounted for 89.15% of the NSE turnover as compared to 90.65% on Tuesday. Sell side activities outweighed accumulation, resulting in net outflows worth KES 55.36Mn relative to net outflows worth KES 16.63 Mn on Tuesday.
Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 756.17Mn to account for 40.80% of total market activity and 45.77% of foreign activity whilst Kenya Commercial Bank (NSE: KCB) followed with a turnover of KES 417.02 Mn representing 22.20% of total market activity and 25.24% of foreign activity.
Kenya Commercial Bank (NSE: KCB) posted the day’s highest inflows worth KES 3.29Mn whilst Safaricom Limited (NSE: SCOM) posted the day’s highest outflows worth KES 62.53 Mn.
- January 2024 (238)
- February 2024 (227)
- March 2024 (190)
- April 2024 (133)
- May 2024 (157)
- June 2024 (145)
- July 2024 (136)
- August 2024 (154)
- September 2024 (212)
- October 2024 (255)
- November 2024 (70)
- January 2023 (182)
- February 2023 (203)
- March 2023 (322)
- April 2023 (298)
- May 2023 (268)
- June 2023 (214)
- July 2023 (212)
- August 2023 (257)
- September 2023 (237)
- October 2023 (264)
- November 2023 (286)
- December 2023 (177)
- January 2022 (293)
- February 2022 (329)
- March 2022 (358)
- April 2022 (292)
- May 2022 (271)
- June 2022 (232)
- July 2022 (278)
- August 2022 (253)
- September 2022 (246)
- October 2022 (196)
- November 2022 (232)
- December 2022 (167)
- January 2021 (182)
- February 2021 (227)
- March 2021 (325)
- April 2021 (259)
- May 2021 (285)
- June 2021 (272)
- July 2021 (277)
- August 2021 (232)
- September 2021 (271)
- October 2021 (305)
- November 2021 (364)
- December 2021 (249)
- January 2020 (272)
- February 2020 (310)
- March 2020 (390)
- April 2020 (321)
- May 2020 (335)
- June 2020 (327)
- July 2020 (333)
- August 2020 (276)
- September 2020 (214)
- October 2020 (233)
- November 2020 (242)
- December 2020 (187)
- January 2019 (251)
- February 2019 (215)
- March 2019 (283)
- April 2019 (254)
- May 2019 (269)
- June 2019 (249)
- July 2019 (335)
- August 2019 (293)
- September 2019 (306)
- October 2019 (313)
- November 2019 (362)
- December 2019 (318)
- January 2018 (291)
- February 2018 (213)
- March 2018 (275)
- April 2018 (223)
- May 2018 (235)
- June 2018 (176)
- July 2018 (256)
- August 2018 (247)
- September 2018 (255)
- October 2018 (282)
- November 2018 (282)
- December 2018 (184)
- January 2017 (183)
- February 2017 (194)
- March 2017 (207)
- April 2017 (104)
- May 2017 (169)
- June 2017 (205)
- July 2017 (189)
- August 2017 (195)
- September 2017 (186)
- October 2017 (235)
- November 2017 (253)
- December 2017 (266)
- January 2016 (164)
- February 2016 (165)
- March 2016 (189)
- April 2016 (143)
- May 2016 (245)
- June 2016 (182)
- July 2016 (271)
- August 2016 (247)
- September 2016 (233)
- October 2016 (191)
- November 2016 (243)
- December 2016 (153)
- January 2015 (1)
- February 2015 (4)
- March 2015 (164)
- April 2015 (107)
- May 2015 (116)
- June 2015 (119)
- July 2015 (145)
- August 2015 (157)
- September 2015 (186)
- October 2015 (169)
- November 2015 (173)
- December 2015 (205)
- March 2014 (2)
- March 2013 (10)
- June 2013 (1)
- March 2012 (7)
- April 2012 (15)
- May 2012 (1)
- July 2012 (1)
- August 2012 (4)
- October 2012 (2)
- November 2012 (2)
- December 2012 (1)