Market Turnover Dips To 1.29 Billion Shillings on Thursday

By Soko Directory Team / August 10, 2018



Shilling Secondary Turnover Gikomba Market

Market turnover dropped on Thursday to 1.29 billion shillings from 2.33 billion shillings dominated by trades on the 8-year paper.

Financial analysts expect a decrease in the demand on the long end of the curve as the regulator announced a 10-yr paper for the month of August. This is after the market has been starved of a similar tenor with most recent issues being of longer duration.

Trading volumes will be adversely affected with most investors shying off waiting to get into the primary. Demand on the infrastructure bonds remains high with no supply.

The shilling continued to hold at average levels of 100.40 while KES liquidity continues tightening with interbank rate averaging 8.21 percent on volumes of 11.38 billion shillings. This has impacted on T-Bill subscription which touched 13.77 billion shillings, a 57.36 percent performance with yields falling on the 182-day and 364-day tenors.

Investor apathy continued showing on the 91-day paper which received 602.78 million shillings bids with a paltry 9.03 million shillings bids competitive.

As the week comes to an end, market analysts expect a quiet market in today’s trading session with the prices on the counters exhibiting a downward bias.

Activity is expected to be concentrated on banking counters, in anticipation of the 1H18 results that are expected to be released in a coming couple of weeks.

Safaricom’s share price is expected to oscillate within current levels until late this month when the books close for the dividend.



About Soko Directory Team

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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