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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Nairobi bourse turnover falls as Supreme
Court ruling jitters hit market

By Bedah Mengo NAIROBI (Xinhua) -- Trading at the Nairobi Securities Exchange (NSE) went down 44 percent as investors kept off the market following jitters over the full Supreme Court ruling on presidential petition delivered Wednesday.

Turnover stood at 3.3 million U.S. dollars on a volume of 12 million shares, down from 22 million shares worth 5.8 million dollars on Tuesday.

Foreign investors’ participation during the session stood at 52 percent from 60 percent on Tuesday as the traders remained net sellers.

Safaricom was the top traded stock, moving a total of 7.3 million shares at 0.25 dollars, a 1-percent rise. On Tuesday, the telecom moved 12.4 million shares.

The rest of the stocks did not move more than 1 million shares. Following Safaricom was investment firm ICDC which moved 817,200 shares.

Kenya Commercial Bank, which traded a paltry 702,100 shares at an improved price of 0.42 dollars, came third.

The NSE 20 Share Index declined to 3,783.69 from 3,784.91 while the NSE 25 Share Index added few points to stand at 164.78 from 163.94.

 

Slight gain for key indexes at Nairobi bourse 

NAIROBI, (Xinhua) -- Key indices gained marginally on Tuesday at Kenya’s Nairobi Securities Exchange (NSE), reversing a negative trend witnessed in the last three sessions.

The NSE 20 Share Index went up 4.30 points to stand at 3,784.91 while the NSE 25 Share Index added 28.92 points to stand at 4,310.72 as prices of stocks across the board rose.

At least seven stocks, including Safaricom in the large 20 companies at the bourse, went up. The leading telecom rose 4 percent to trade at 0.25 U.S. dollars, up from 0.24 dollars in the previous session.

Safaricom in total moved 12.4 million shares as it retained the top trade stock position at the securities market.

It was followed by Kenya Commercial Bank, which traded a paltry 2.2 million shares at an improved price of 0.42 dollars.

KenolKobil and KenGen in the energy sector were the third and fourth top traded stocks after moving 1.3 million and 1.2 million shares respectively.

Kenya Airways closed the list of the top traded stocks after moving 798,300 shares at an unchanged price of 0.04 dollars.

Turnover rose to 5.8 million dollars from 2 million dollars as the number of shares traded stood at 22 million shares against 8 million posted on Monday.

At the bond market, securities worth 9.7 million dollars were transacted, up from 8 million dollars in the previous session.

.

Nairobi bourse key indices, turnover fall as political uncertainty rages

By Bedah Mengo NAIROBI, (Xinhua) -- The Nairobi Securities Exchange (NSE) started Monday on a low as all the key indices dropped, including turnover, as political uncertainty over the repeat of presidential polls continued in Kenya.

The NSE 20 share index was down 3.37 points to stand at 3,780.61 as key shares like Safaricom, which has the biggest capitalization at the NSE, went down by 3 percent.

Similarly, All Share Index (NASI) was down 2.46 points to stand at 162.03 while the NSE 25 Share Index went down 25.27 points to stand at 4,281.80.

A total of 8.4 million shares valued at 2 million U.S. dollars were traded, against 35 million shares valued at 13 million posted on Friday.

Safaricom was the top trader after moving 3.6 million shares at between 0.24 dollars and 0.25 dollars, which represented 44 percent of the day’s traded value.

The banking sector accounted for 33 percent of the day’s traded value, with Kenya Commercial Bank being the most actively traded counter in the sector with 1.1 million shares exchanging hands at between 0.41 dollars.

Cooperative Bank was unchanged at 0.16 dollars and moved 827,200 shares.

The energy and petroleum sector represented 3.4 percent of the day’s traded value, with KenGen moving 429,000 shares valued at 0.09 dollars.

The bond market registered a reduced activity with bonds worth 7 million dollars transacted. 

.

EARLIER REPORTS:

Kenya shilling weakens as top court explains why it annulled polls

NAIROBI (Xinhua) -- Kenya shilling weakened slightly on Wednesday as the Supreme Court delivered its full ruling on why it cancelled President Uhuru Kenyatta’s win in Aug. 8 polls.

The shilling traded at an average of 103.3 against the U.S. dollar, down from Tuesday’s position of 103.1.

The Central Bank of Kenya (CBK) placed the value of the local currency to the dollar at 103.28, down from 103.14 in the previous session.

On Tuesday, the shilling weakened against the dollar by 0.11 percent to close at 103.14, from 103.03 on Monday.

On the other hand, during Wednesday’s trading, commercial banks quoted the value of the shilling against the dollar at a weaker level of between 103.25 and 103.45 as traders attributed the fall to political uncertainty in the east African nation.

The Supreme Court ruling, which indicted the electoral commission for flawed elections, had also unsettled the shilling, analysts noted.

Against the British pound, the shilling traded at 139.62, a slight gain from 139.89 in the previous trading session.

Observers say Kenya has enough foreign exchange reserves to cushion it from pressure from international currencies.

Last week, the reserves surpassed five months of import cover for the first time since early August to stand at 7.5 billion dollars.

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