Pound Gains on Positive Political Climate

Currency

The Kenyan Shilling extended a second day’s trading with a weakening boas against most of its major international and regional peers. The shilling marginally shed 0.03% against the US Dollar (USD) extending its advance to 101.27 , though relatively stable levels have been the norm as importer dollar demand has been matched by inflows from NGO’s and exporters.

Future trends indicate that the Dollar will remain at a more stable level noting recent comments by St. Louis (US) Federal Reserve President, James Bullard, indicating that he believes that there will only be one rate hike this year from the US Fed, infusing a less hawkish stance that will dampen the mood towards the greenback.

Further shedding was registered against the Sterling Pound (GBP) by 0.96% to 132.41 as the Pound registered broad based gains on account of a more stable political climate with the anticipated entry of a new Prime Minister, Theresa May MP, later this afternoon.

Foreign Investor Participation

The foreign investors accounting for 60.72% of total turnover against 39.28% of local participation. Accumulative activities took center-stage, resulting in net inflows worth KES 54.78Mn. Foreign investors accounted for 60.72% of the total NSE turnover.

Foreign investors engaged in net accumulative activities, resulting in net inflows worth KES 54.78Mn.

Equity Group Holdings Limited (NSE: EQTY) was the day’s highest traded stock, recording a turnover of KES 123.18Mn to account for 20.85% of total market activity and 34.34% of foreign investor activity, followed by Safaricom Limited (NSE: SCOM) which recorded a turnover of KES 73.69Mn representing 12.48% of total market activity and 20.55% of foreign investor activity.

Barclays Bank of Kenya (NSE: BBK) posted the day’s highest net inflows worth KES Mn and the day’s highest net outflows, worth KES 96.52Mn, were posted by Kenya Commercial Bank Limited (NSE:KCB).