Kenyan Shilling Weakens Against Major Peers

The Kenyan shilling ended Wednesday’s trading having shed against all of its regional and international peers. The shilling shed against the US Dollar (USD) by 0.30% to 103.30 following data indicating that the US retail sales rose by 0.1%. Further shedding was registered against the Sterling Pound (GBP) by 0.84% to settle at 158.14 after the UK unemployment rates fell to their lowest level since mid-2008, having declined 5.4% between June and August 2015.

Further shedding was registered against the Euro (EUR) by 0.52% to 118.01. On the regional front, the shilling exerted weakening against the South African Rand (ZAR) by 0.84% following the announcement of the transaction sale of SAB Miller, with South African investors holding up to 10% of total shares, indicating inflows as much as USD 10 Bn.

Foreign Investor Participation

The foreign participation increased during Wednesday’s trading session, accounting for 91.32% of total turnover against 8.68% of local participation. Sell off activities were able to offset buy side, resulting in net outflows worth KES 8.26Mn relative to KES 18.83Mn net inflows on Tuesday.

Foreign investors accounted for 91.32% of the NSE turnover as compared to 70.74% on Tuesday. Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 8.26Mn.

Equity Group Holding Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 951.63Mn to account for 63.55% of total market activity and 69.59% of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) with a turnover of KES 216.91Mn representing 14.49% of total market activity and 15.86% of foreign investor activity.

Equity Group Holding Limited (NSE: EQTY) posted the day’s highest net inflows worth KES 5.99Mn and the day’s highest net outflows, worth KES 15.02Mn, were posted by Kenya Barclays Bank of Kenya (NSE: BBK).