Top 10 Money Market Funds In Kenya As Of September 24

By Soko Directory Team / Published September 27, 2021 | 8:53 am

KEY POINTS

The average yield of the Top 5 Money Market Funds increased marginally by 0.1 percentage points to 9.9 percent, from 9.8 percent recorded the previous week.

In the money markets, 3-month bank placements ended the week at 7.7 percent while the yield on the 91-day T-bill increased by 2.6 bps to 6.9 percent.

The average yield of the Top 5 Money Market Funds increased marginally by 0.1 percentage points to 9.9 percent, from 9.8 percent recorded the previous week.

The yield on the Cytonn Money Market Fund remained unchanged at 10.6 percent as was recorded the previous week. For months now, Cytonn Money Market Fund has remained the top Fund in Kenya according to the Capital Markets Authority.

As of September 24, 2021, Cytonn Money Market Fund was top with a daily yield of 10.10 percent and an effective annual yield of 10.63 percent. Nabo Africa Money Market Fund came in second with a daily yield of 9.70 percent.

Zimele Money Market Fund was third with a daily yield of 9.56 percent and an effective annual yield of 9.91 percent. It was followed by the Sanlam Money Market Fund with a daily yield of 9.04 percent while Madison Money Market Fund was fifth.

Here are the top 10 money market funds:

Cytonn Money Market Fund
Nabo Money Market Fund
Zimele Money Market Fund
Sanlam Money Market Fund
Madison Money Market Fund
CIC Money Market Fund
Apollo Money Market Fund
Dry Associates Money Market Fund
GenCapHela Money Market Fund
Co-op Money Market Fund

Money Market Fund

At the same time, during the week, liquidity in the money markets tightened, with the average interbank rate increasing by 2.0 percentage points to 6.1 percent, from 4.1% recorded the previous week.

The performance was partly attributable to the tax remittances which offset government payments made during the week. The average interbank volumes declined by 2.0% to Kshs 16.9 bn, from Kshs 17.2 bn recorded the previous week.

Rates in the fixed income market have remained relatively stable due to the sufficient levels of liquidity in the money market.

The government is 63.4% ahead of its prorated borrowing target of Kshs 164.6 bn having borrowed Kshs 269.1 bn of the Kshs 658.5 bn borrowing target for the FY’2021/2022.

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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