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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Rising foreign sales lift Nairobi bourse turnover

By Bedah Mengo NAIROBI, (Xinhua) -- Equity turnover at the Nairobi Securities Exchange (NSE) on Wednesday rose 30 percent to 5.6 million U.S. dollars on a volume of 18 million shares from 17.5 million worth 4.3 million dollars boosted by increased foreign sales.

Safaricom, Kenya’s leading telecom, was the top traded stock, moving 9 million shares at 0.22 U.S. dollars, a slight decline.

Kenya Commercial Bank was the second best traded stock after transacting 1.2 million dollars at unchanged price of 0.38 dollars.

Cooperative Bank was the third best mover, transacting 1 million shares at 0.13 dollars, a 2-percent decline.

Following closely was HomeAfrika which traded 832,300 while investment firm ICDC transacted 823,600 shares to close the list of the top traded stock.

The indicative NSE 20 share index reversed a negative trend to gain 8 points to close at 3,568.80 from 3,560.51 points. On the other hand, the Nairobi All Share Index went down marginally to 151.35 from 151.88 points.

During the session, the top gainers included Umeme (9.7 percent), HomeAfrika (4.5 percent) and TPSE (4.4 percent).

Foreign investors’ participation stood at 69 percent and local at 31 percent while bond turnover stood at 25 million dollars from 18 million dollars.

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EARLIER REPORT:

Kenya’s bourse key index in free fall as large stocks decline

By Bedah Mengo NAIROBI (Xinhua) -- Nairobi Securities Exchange (NSE) 20 share index sustained a negative trend Tuesday, falling for the second session in a row as it went down 24 points to hit a new low of 3,560.51 points.

The index fell by a similar margin on Monday following decline in several large stocks. During the session, equity trading was dominated by energy and bank stocks as turnover rose slightly to 4.3 million U.S. dollars from 3.9 million dollars on a volume of 17 million shares.

Safaricom, Kenya’s leading telecom, was the day’s top mover after trading 6.7 million shares at unchanged price of 0.23 dollars.

On Monday the telecom moved 8.4 million shares. At the second spot was Equity Bank with 2 million shares moved at 0.37 dollars, a slight decline.

Regional oil marketer Kenolkobil followed in the third position with 1.53 million shares traded at 0.13 dollars, a drop of 1.4 percent.

Kenya Commercial Bank went up slightly trading at 0.38 dollars and moving 1.46 million shares to clock the fourth position.

Ugandan electricity distributor Umeme moved 1.1 million shares at 0.13 dollars to close the list of top five movers.

At the bond segment, turnover declined 33 percent to end the day at 18 million dollars.

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UPDATE:

Kenya shilling depreciated 1.1 percent against the U.S. dollar

NAIROBI (Xinhua) -- The Kenya shilling depreciated 1.1 percent against the U.S. dollar in the first half of 2017 to close at 103.7 at the end of June.

The drop was mainly due to heightened dollar demand from importers as the shilling had ended 2016 at 102.5.

The shilling remains under pressure currently, dropping against the dollar and world major currencies like the British Pound.

On Wednesday, the apex bank quoted the currency at 103.81 to the dollar in early morning trading, which was a slight drop from Tuesday’s level.

The shilling had on Tuesday dropped 0.09 percent to stand 103.80 against the dollar and having fallen to 103.78 on Monday.

The Central Bank of Kenya has responded by selling large volumes of dollars in its foreign exchange reserves in bid to stem the fall.

Last week, the bank sold dollars worth 141 million to buttress the shilling, with the forex reserves falling from 8.11 billion dollars or 5.36 months of import cover or 7.96 billion dollars or 5.26 months of import cover.

Analysts, however, noted that the shilling would remain relatively stable in the short term despite the turbulence, supported by high forex reserve level and declining global oil prices given that Kenya is net oil importer.

Besides, Kenya has a precautionary credit facility of 1.5 billion dollars from the IMF which it can utilize to stabilize the shilling and there is increased diaspora remittances that grew by 6.2 percent to 433 million dollar in quarter one.

             

 

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