Shilling Continues Rally on Impressive Week

The shilling made slight gains against the US Dollar, by 0.10%, as the latter announced positive economic data (in the form of Initial Jobless Claims) after the markets closed; thus the shilling closed trading at 102.20. Across the pond, positive sales data coupled with foreign investors angling back towards developed markets (after a sustained period in emerging markets) resulted in the Sterling Pound rallying against the Kenyan shilling by 0.32%- to 155.97. The Euro and South African Rand illustrated a similar story as the shilling shed 0.29% and 0.05% against both currencies, respectively. On the regional front the local currency performed better garnering 0.61% and 0.41% against both the Ugandan- and Tanzanian shilling (respectively).

Foreign Investor Participation

The foreign participation marginally slumped during Thursday’s trading session, accounting for 62.05% of total turnover against 37.95% of local participation. Sell off activities were unable to offset buy side, resulting in net inflows worth KES 26.15Mn relative to KES 78.84Mn net outflows on Wednesday.

Foreign investors accounted for 62.05% of the NSE turnover as compared to 69.88% on Wednesday. Foreign investors engaged in net distributive activities, resulting in net inflows worth KES 26.15Mn.

Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 50.52Mn to account for 13.19% of total market activity and 21.25% of foreign investor activity, followed by Kenya Commercial Bank Limited (NSE: KCB) with a turnover of KES 133.81Mn representing 19.25% of total market activity and 31.03% of foreign investor activity.

Safaricom Limited (NSE: SCOM) posted the day’s highest net inflows worth KES44.93Mn and the day’s highest net outflows, worth KES 10.10Mn, were posted by Kenya Commercial Bank Limited (NSE: KCB).