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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Nairobi Securities Exchange registers best turnover since January

by Bedah Mengo NAIROBI (Xinhua) -- Nairobi Securities Exchange (NSE) on Thursday recorded its best trading day since January as turnover hit 32 million U.S. dollars on a volume of 90 million shares boosted by increased local investors trading.

The bourse had transacted 17.6 million shares worth 5.5 million dollars in the previous session, with the Thursday session boosted mainly by the trading of Equity Bank.

The highest turnover the bourse had initially hit since January was 25 million dollars on a volume of 141 million shares.

Equity Bank, Safaricom, Bamburi, NSE and Cooperative Bank were the top five traded stocks during the sessions to account for 98 percent of the total volume.

The stocks moved 69 million, 14 million, 1.6 million, 1.2 million and 860,000 shares respectively.

Foreign investors’ participation during the session stood at 12 percent while locals’ rose to 88 percent, with the latter increasing both sales and buys.

The NSE 20 Share Index was up 11.37 points, sustaining an upward trajectory to close Thursday at 3,580.52 while the NSE All Share Index was up 0.15 points to close at 151.50 points.

At the secondary bond market, turnover decreased 48 percent to stand at 13 million dollars from 25 million dollars.
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EARLIER REPORTS:

Kenya’s bourse turnover falls on low local investors input

by Bedah Mengo NAIROBI (Xinhua) -- A decline in local investors’ participation at the Nairobi Securities Exchange (NSE) on Friday saw equity turnover record massive drop.

The bourse on Thursday recorded its best trading day since January as turnover hit 32 million U.S. dollars on a volume of 90 million shares boosted by increased local investors trading, which stood at 88 percent.

But Friday, the market transacted 44.4 million shares worth 9.5 million dollars, with the Friday session mainly dominated by foreign investors whose participation stood at 74 percent.

Safaricom, Cooperative Bank, Kenya Commercial Bank, Umeme and Standard Chartered Bank were the top five traded stocks as they accounted 93 percent of the total turnover.

The stocks traded 25 million, 7.1 million, 5.4 million, 2.6 million and 500,000 shares respectively.

The NSE 20 Share Index was up 23.54 points, sustaining an upward trajectory to end the week at 3,604.06.

It is the first time in about two weeks that the benchmark index has once again crossed above the 3,600 mark.

On the other hand, the NSE All Share Index was up 0.74 points to close at 152.24 points.

At the secondary bond market, turnover further decreased 17 percent to stand at 11 million dollars from 17 million dollars in the previous session.

Turnover had fallen 48 percent on Thursday.
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Kenya shilling weighed down by high dollar demand

NAIROBI (Xinhua) -- The Kenya shilling on Thursday was weighed down by increased U.S. dollar demand from importers, losing more ground against the currency.

The shilling traded at a new low of 104 to the dollar as it continued with a downward trend started last week.

The Central Bank of Kenya on Thursday placed the value of the shilling at 103.81, about the same level the local unit traded in the previous session.

On Wednesday, the shilling weakened 0.09 percent.

Commercial banks in the East African nation, however, quoted the currency at between 103.80 and 104.00, with traders noting there was a surge in dollar demand from oil and other retail importers.

While the Kenya shilling has been largely stable, it depreciated 1.1 percent against the dollar in the first half of 2017 to close at 103.7 at the end of June from 102.5 at the end of 2016.

The drop was attributed to high dollar demand from oil importers amid rising global oil prices, with the situation being worsened by Kenya being a net importer.

The Central Bank has sold dollars worth about 200 million, which are part of its foreign exchange reserves, in the last few days to stem the fall of the shilling.

Kenya’s forex reserves currently stand at 7.96 billion dollars or 5.26 months of import cover from reserves falling from 8.11 billion dollars.

             

 

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