Currency
During Thursday’s trading session the Kenyan shilling extended further weakening against most of its comparative peers. The local shilling marginally advanced against the US Dollar by 0.08% to close at 102.28 as doubts linger on the Fed rate hike policy outlook for 2016 following weak US service sector data. However, the local unit shed by 1.00% against the Sterling Pound (GBP) following the Bank of England’s decision to keep rates held at their record lows of 0.5%, though it cut the economic growth forecast for the UK. On the regional front, the shilling weakened by 0.66% and 0.29% against the Ugandan (UGX) and Tanzanian shilling (TZS) respectively.
Foreign Investor Participation
The foreign participation edged up on Thursday’s trading session, accounting for 73.80% of total turnover against 26.20% of local participation. Sell off activities did not offset buy side, resulting in net inflows worth KES 526.00Mn relative to KES 185.67Mn net inflows on Wednesday.
Foreign investors accounted for 73.80% of the NSE turnover as compared to 64.73% on Wednesday. Foreign investors engaged in net accumulative activities, resulting in net inflows worth KES 526.00Mn.
East Africa Breweries Limited (NSE: EABL) was the day’s highest traded stock, recording a turnover of KES 217.33Mn to account for 30.49% of total market activity and 41.32% of foreign investor activity, followed by Safaricom Limited (NSE: SCOM) with a turnover of KES 153.13Mn representing 24.48% of total market activity and 13.10% of foreign investor activity.
East Africa Breweries Limited (NSE: EABL) posted the day’s highest net inflows worth KES 57.62Mn and the day’s highest net outflows, worth KES 6.19Mn, were posted by Equity Group Holdings Limited (NSE: EQTY).
Research by Genghis Capital.