Market Turnover at NSE Hits 3.18 Billion Shillings on Tuesday
Market turnover for Tuesday closed at 3.18 billion shillings which were higher than the previous day’s 1.87 billion shillings.
Trades were across the yield curve, with the market skewed heavily on bids. The regulator stayed out of the market citing a square market as the overnight rate shed off 122 bps to average at 2.33 percent.
An announcement made by treasury that it is about to issue a new Eurobond is causing a recasting of positions as markets prepare for a looming jump in external debt.
The shilling lost to the USD closing the day at 101.70, this being an eight-month low last experienced in February, partly caused by demand from manufacturers and importers.
Market activity is still expected to remain subdued with interest expected on Safaricom, Equity and KCB whose prices, for three consecutive sessions have steadied at current levels.
Safaricom was unchanged in yesterday’s trading session at 23.50 shillings and is expected to oscillate between 23 and 24 shilling levels in today’s session.
Re-opened Bond
The Central Bank of Kenya (CBK) has opted for a bond re-opening over a tap sale to raise Sh32 billion, an issue expected to receive cool reception due to low interest rates.
The bank re-opened the 15-year Treasury bond that closed last week with a coupon rate of 12.75 percent, with the sale ending Tuesday.
This is the first time the CBK has chosen reopening over a tap sale (unchanged terms) in a month a primary bond auction has been held.
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