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Kenyan Shilling Gains on Rand Post Friday Junk Status Credit Rating

BY Soko Directory Team · June 3, 2016 08:06 am

Currency

As the week progressed the shilling extended modest shedding against the US Dollar (USD) by 0.17% settling at 100.83 with gains buoyed by positive US personal spending data indicating a 1.0% jump last month, marginally above market expectations, coupled with the greenback remaining highly supported post US Fed chair’s Friday statement indicating that it would be a positive step for the Fed to raise rates “gradually and cautiously”.

Furthermore, the local unit shed by 0.12% against the Euro (EUR) despite data indicating that euro zone consumer prices remained in negative territory this month. On the regional front, the shilling advanced by 1.10% against the South African Rand (ZAR) to 6.37 in anticipation of Friday’s credit rating decision on whether it cut its rating to junk status.

Foreign Investor Participation

The foreign investors accounting for 85.34% of total turnover against 14.66% of local participation. Distributive activities took center-stage, resulting in net outflows worth KES 82.88Mn. Foreign investors accounted for 85.34% of the total NSE turnover as compared to 69.98% on Tuesday.

Foreign investors engaged in net distributive activities, resulting in net outflows worth KES 82.88Mn. East Africa Breweries Limited (NSE: EABL) was the day’s highest traded stock, recording a turnover of KES 213.33Mn to account for 22.35% of total market activity and 26.19% of foreign investor activity, followed by Kenya Commercial Bank (NSE: KCB) which recorded a turnover of KES 178.24Mn representing 18.67% of total market activity and 21.88% of foreign investor activity.

East Africa Breweries Limited (NSE: EABL) posted the day’s highest net inflows worth KES 2.40Mn and the day’s highest net outflows, worth KES Mn, were posted by Equity Group Holdings Limited (NSE: EQTY).

Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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