Top 10 Money Funds As Of April 30, Cytonn Takes The Lead

In the money markets, 3-month bank placements ended the week at 7.9 percent (based on what we have been offered by various banks), while the yield on the 91-day T-bill increased by 2.4 bps to 7.1 percent.

The average yield of the Top 5 Money Market Funds remained unchanged at 10.0 percent. Similarly, the yield on the Cytonn Money Market Fund remained unchanged at 10.5 percent.

The Cytonn Money Market  Fund emerged as the top fund with a daily yield of 10.01 percent and an effective annual rate of 10.52 percent. The second top fund was the Nabo Africa Money Market Fund with a daily yield of 9.50 percent.

Here are the top 10 money market funds in Kenya:

1. Cytonn Money Market Fund
2. Nabo Africa Money Market Fund
3. Zimele Money Market  Fund
4. Alphafrica Kaisha Money Market Fund
5. GenCapHela Imara Money Market  Fund
6. Madison Money Market  Fund
7. CIC Money Market  Fund
8. Sanlam Money Market  Fund
9. Dry Associates Money Market  Fund
10. Co-op Money Market Fund

In the month of April, the yields on government securities in the secondary market remained relatively stable, while the bond turnover declined by 10.4 percent to 61.3 billion shillings, from 66.2 billion shillings recorded in March.

The FTSE NSE bond index declined by 0.3 percent, to close the month at 96.8, bringing the YTD performance to a decline of 1.3 percent.

Liquidity in the money markets remained volatile as we saw an increase in the interbank rate to a high of 5.8 percent but ended the month at an average of 5.1 percent, a 0.1 percentage point decline from the March average rate of 5.2 percent.

During the week, liquidity in the money market improved, with the average interbank rate declining to 5.2 percent, from 5.6 percent recorded the previous week, attributable to government payments that offset tax remittances.

The average interbank volumes decreased by 47.9 percent to 6.4 billion shillings, from 12.2 billion shillings recorded the previous week.

According to the Central Bank of Kenya’s weekly bulletin, released on 30^th April 2021, commercial banks’ excess reserves came in at Kshs 13.0 bn in relation to the 4.25% Cash Reserve Ratio.

Read More: T-Bills In The Red For Three Weeks Running: Any Hope?