Exchange Rate Performance
USD|KES: KES weakened 0.03% to close at 118.80 (-5.00% year-to-date).
GBP|KES: KES weakened 0.44% to close at 143.69 (+5.50% year-to-date).
EUR|KES: KES weakened 0.07% to close at 120.67 (+5.72% year-to-date).
Kenyan Stock Market
Total equity turnover went up by 62.99% to close at USD 4.44 MN (KES 527.19 MN) compared to yesterday’s turnover of USD 2.72 MN (KES 323.44 MN).
NSE 20 and NASI rose by 1.17% and 0.41% to close at 1,701.31 and 141.05 respectively.
Foreign investors assumed a net selling position by accounting for 5.56% of total market purchases and 77.55% of total market sales.
Ethiopian Hydropower To Kenya
Ethiopia will become Kenya’s second biggest source of hydropower in a deal by Kenya Power to buy 600 MW from Ethiopia Electric Power (EEP) starting in November, The deal follows a 27-year power purchase agreement that will run till 2047, as Kenya turns toward cheaper sources of electricity.
Power from EEP is expected to cost between KES 6 and KES 7.07, which is lower than the average KES 10 per kWh offered by power producers.