South African Rand at 2-year Low

Currency

The Kenyan shilling performed on a mixed reaction against all its major international and regional peers, advancing against four and shedding against three. The shilling extended further gains against the US Dollar by 0.14% to 101.83, maintaining with stability on both the supply and demand ends. Further gains amounting to 4.67% were registered against the South African Rand reaching 6.68; representing a two year low following the dismissal of the finance minister Nhlanhla Nene as South Africa faces further credit downgrades to junk status and rising debt levels. He was replaced by David Van Rooyen. However, the shilling shed 0.07% and 0.27% against the Euro and Sterling Pound respectively; with the Bank of England left the key rate unchanged due to low oil prices and subdued wage growth keeping a lid on inflation.

Foreign Investor Participation

The foreign participation edged down during Wednesday’s trading session, accounting for 74.99% of total turnover against 25.01% of local participation. Sell off activities did not offset buy side, resulting in net inflows worth KES 40.71Mn relative to KES 84.79Mn net inflows on Wednesday.

Foreign investors accounted for 74.99% of the NSE turnover as compared to 75.67% on Wednesday. Foreign investors engaged in net accumulative activities, resulting in net inflows worth KES 40.71Mn.

East Africa Breweries Limited (NSE: EABL) was the day’s highest traded stock, recording a turnover of KES 128.55Mn to account for 29.71% of total market activity and 39.61% of foreign investor activity, followed by East Africa Breweries Limited (NSE: EABL) with a turnover of KES 90.36Mn representing 20.88% of total market activity and 27.84% of foreign investor activity.

Safaricom Limited (NSE: SCOM) posted the day’s highest net inflows worth KES 16.56Mn and the day’s highest net outflows, worth KES 0.32Mn, were posted by Standard Chartered Bank Kenya Limited (NSE: SCBK).