Secondary Market Turnover Rises To KES 1.69 Billion

Secondary market turnover rose to 1.69 billion shillings from 1.09 billion shillings in Thursday’s session according to stats from Genghis Capital.

The spike in the secondary turnover was mainly attributed to infrastructure bonds and trades across the short to medium term tenure of the yield curve.

The regulator was in the market looking to inject liquidity of up to 5 billion shillings in the market while the average interbank rate shot to 3.82 percent from 3.76 percent on volumes of 15.41 billion shillings.

The Kenyan shilling held against the USD to close at an average of 100.97, this was, however, a drop by 0.004 percent. Against the Sterling Pound, the local currency strengthened 0.53 percent to end the session at 132.65 shillings to the pound, a 4.40 percent on a year-to-date basis.

Against the Euro, the shilling strengthened 0.45 percent to close at 116.66 shillings to the Euro. The shillings are also still 5.37 percent on a year-to-date basis.

The market gained slightly on Thursday, with selling pressure beginning to cool off as the week comes to an end.

Market analysts expect the banking counters to continue clawing back marginal losses from the recent trading sessions, while Safaricom is expected to stabilize at current levels with selling pressure having come off, currently at 24.0 shillings.

On Thursday, the market turnover stood at USD 8.50 million, an equivalent to 858.7 million. This was 140.3 percent increase from USD 3.54 million recorded on Wednesday.

The NSE 20 and NASI gained 0.79 percent and 0.02 percent respectively to close at 2776.59 and 144.73 respectively.

During the session, foreign investors assumed a net selling position by accounting for 94.3 percent of total market sales and 18.0 percent of total market purchases.