Market News

Top 10 Money Market Funds In Kenya Right Now

BY Soko Directory Team · June 10, 2024 10:06 am

KEY POINTS

Lofty-Corban Money Market Fund is the top Money Market Fund in Kenya as of last week with an effective annual rate of 18.3% followed by Etica Money Market Fund with 18.1 percent. Cytonn Money Market Fund is third with 17.6 percent.

In the money markets, according to a report by Cytonn Investments, 3-month bank placements ended the week at 13.5 percent, and the yields on the government papers were on an upward trajectory.

The yields on the government papers were on an upward trajectory, with the yields on the 91-day and 364-day papers increasing by 1.1 bps and 2.5 bps to 15.97 and 16.73 percent from 15.95 and 16.71 percent respectively recorded the previous week.

The yields on the Cytonn Money Market Fund decreased by 8.0 bps to 17.6 percent from 17.7 percent recorded the previous week, while the average yields on the Top 5 Money Market Funds decreased by 7.8 bps to 17.6 percent from the 17.7 percent recorded the previous week.

Lofty-Corban Money Market Fund is the top Money Market Fund in Kenya as of last week with an effective annual rate of 18.3 percent followed by Etica Money Market Fund with 18.1 percent. Cytonn Money Market Fund is third with 17.6 percent.

Money Market Performance.

Here are the top 10 Money Market Funds:

Lofty-Corban Money Market Fund (18.3%)
Etica Money Market Fund (18.1%)
Cytonn Money Market Fund (17.6%)
Kuza Money Market Fund (17.3%)
GenAfrica Money Market Fund (16.8%)
Nabo Africa Money Market Fund (16.8%)
Apollo Money Market Fund (15.9%)
Enwealth Money Market Fund (15.8%)
Co-op Money Market Fund (15.7%)
KCB Money Market Fund (15.6%)

At the same time, during the week, liquidity in the money markets eased, with the average interbank rate decreasing by 29.1 bps, to 13.2 percent from the 13.5 percent recorded the previous week, partly attributable to government payments that offset tax remittances. The average interbank volumes traded increased significantly by 72.8 percent to Kshs 30.1 bn from Kshs 17.4 bn recorded the previous week.

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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