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XINHUA NEWS SERVICE REPORTS FROM THE AFRICAN CONTINENT

 

Kenya’s stocks rally lifting key index as local investors dominate       

NAIROBI (Xinhua) -- At least 14 stocks that make up the Nairobi Securities Exchange (NSE) 20 Share Index went up on Monday lifting the indicator 20 points up in a session dominated by local investors.

The benchmark index closed the day at 4,089.00 as it gravitated towards the 4,100 mark and sustained upward momentum from last week.

Among the stocks that pushed up the index was Kenya’s leading telecom Safaricom, which gained 1 percent to close at a new high of 0.26 U.S. dollars. However during the session, the telecom touched at an all-best price of 0.27 dollars.

Athi River Mining, Kengen, Kenya Airways and Standard Chartered Bank were other stocks that rose at between 1 percent and 4 percent.

However, Safaricom was the top traded stock after moving 4.6 million shares followed by CIC insurance at 1.8 million shares, Kenya Commercial Bank 1.2 million, NIC 1 million and Kengen 722,500 shares.

Similarly, the NSE All Share Index closed the session higher at 173.47 points up from 172.31 in the previous session.

However, equity turnover declined 46 percent to 3.7 million dollars on a volume of 13 million shares down from 26 million worth 7 million dollars in the previous session.  

Foreign investors participation stood at 30 percent while local 70 percent.

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EARLIER REPORT:

Kenya shilling positive as top court hears presidential poll petition

By Bedah Mengo NAIROBI (Xinhua) -- The Kenya shilling strengthened on Monday against the U.S. dollar as it remained positive following the hearing of a petition challenging the re-election of President Uhuru Kenyatta at the Supreme Court.

The shilling gained by 0.14 percent on Monday to stand at an average of 103.2, up from 103.3 at the end of last week.

The Central Bank of Kenya quoted the shilling at 103.15, a rise from 103.25 in the previous session last Friday.

Commercial banks, on the other hand, placed the value of the currency at an even stronger position of between 103.05 and 103.20, with traders noting the currency was stable as the Supreme Court case filed by Opposition leader Raila Odinga goes on.

The shilling appreciated against the dollar by 0.1 percent last week to close at 103.3 from 103.4 the previous week.

According to Cytonn, a Nairobi-based investment firm, the direction the shilling will take in the following weeks will mainly be determined by the happenings at the Supreme Court.

“In coming weeks, the outcome of the election petition will play a role in determining the performance of the shilling in the short-term,” said Cytonn on Monday.

It added that investors who had bought dollars for speculative purposes in the run up to elections are also continuing to sell in the market and buying back the shilling helping to stabilize it.

           

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