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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Nairobi bourse key index closes week on new high

By Bedah Mengo NAIROBI (Xinhua) -- Kenya’s Nairobi Securities Exchange (NSE) benchmark index rose to hit the 3,800-mark as large share prices surged to end the week on a high amid low turnover.

The NSE 20 Share Index was up 23.60 points to close at 3,800.43 points, a new high following a decline due to political uncertainty. The key index gained 152.12 points or 4.2 percent in total during the week.

Similarly, the NSE All Share Index (NASI) was up by 1.02 points to close at 164.50 points while the NSE 25 Share Index settled at 4,302.61.

Safaricom, Equity, KenyaRe, Kenya Commercial Bank (KCB) and Nation Media Group accounted for 81 percent of the day’s total turnover.

KCB Bank recorded the highest net foreign outflows, as it went up 1.2 percent to close at 0.41 U.S. dollars while KenyaRe was among the top decliners, going down 3.5 percent to end at 0.20 dollars.

Market turnover declined by 63 percent to 3.5 million dollars on a volume of 18 million shares from 9 million dollars from 37 million shares.

Foreign participation stood at 64 percent compared to Thursday’s 57 percent as the foreigners accounted for 66 percent of total buying and 61 percent of total selling.

At the bond market, turned improved to 14 million dollars from 4 million dollars, with total bonds traded during the week standing at 53 million dollars.

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EARLIER REPORTS:

Kenyan shilling ends week stronger on high agriculture inflows

By Bedah Mengo NAIROBI (Xinhua) -- The Kenyan shilling ended the week stronger against the U.S. dollar following rise in inflows from the agriculture sector, which helped to offset importers’ dollar demand.

The shilling traded at an average of 103.70 to the dollar, down from 103.80 in the previous session on Thursday.

The Central Bank of Kenya quoted the local currency 103.74, an improvement from 103.79 where it had declined to in the previous session.

On the other hand, commercial banks placed the Kenyan currency at between 103.50 and 103.70 against the greenback, up from 103.60 and 103.80 on Thursday.

Traders at the financial institutions attributed the strengthening of the shilling to inflows from agriculture industry, in particular horticulture amid rise in retail importers dollar demand.

On Thursday, the shilling declined against the dollar 0.04 percent as analysts cited rising oil importers’ dollar demand as political temperatures declined after repeat polls on Oct. 26.

There has been sustained rise in dollar demand from manufacturers and oil importers following conclusion of elections, a move that has been putting pressure on the shilling.

Against the British pound, the shilling similarly strengthened to end the week at 136.05 up from 137.73 on Thursday, where it had dropped 0.2 percent.

             

 

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