MACRO VIEW: SWEET NOTHING We have observed with growing concern the persistent misalignment of economic stability with economic prosperity. Businesses thrive in predictable environments and abhor volatility. While stability is valuable and a key ingredient for growth, it alone is not a driver for prosperity. Further, while indicators have been coming through positively, the prosperity…
Highlights Global markets stumbled slightly this past week, as trade tensions resurfaced and caution prevailed ahead of the July 9 tariff deadline. U.S. equities outperformed, with the S&P 500 gaining 1.72% to close at a record 6,279, while the Nasdaq rose 1.48% to 22,867, buoyed by strong non-farm payroll data and falling unemployment, which reaffirmed…
MONEY MARKET STATISTICS Interbank lending volumes plunged to KES 5.30bn from KES 23.04bn, mirroring a sharp drop in transaction activity over the week. This reflects a recurring pattern in recent history—where a surge is typically followed by a sharp pullback. Meanwhile, the average interbank rate held largely steady, edging down slightly to 9.68%, amid continued…
EQUITY MARKET COMMENTARY The market closed the week in the green, with the NASI, N10, NSE 20, and NSE 25 advancing by 5.7% w/w, 4.8% w/w, 4.5% w/w, and 5.1% w/w, respectively. Market activity jumped to USD 28.88m (+124.6% w/w). KCB Group dominated market activity, accounting for 37.7% of the week’s turnover. The counter’s price…
MONEY MARKET STATISTICS Interbank lending surged to KES 23.04bn from KES 4.47bn, reflecting a similar rise in transaction volumes over the week. Meanwhile, the average interbank rate held largely steady, inching up slightly to 9.72%—a sign of market calm following the recent rate cut having been fully priced in. The table below summarizes the market…
EQUITY MARKET COMMENTARY The market closed the week in the green, with the NASI, N10, NSE 20, and NSE 25 advancing by 4.6% w/w, 4.1% w/w, 5.3% w/w, and 4.0% w/w, respectively. Market activity eased to USD 12.86m (-32.6% w/w). Safaricom dominated market activity, accounting for 31.9% of the week’s turnover. The counter’s price function…
Highlights Global markets faced mixed performance over the past week, shaped by rising geopolitical tensions and shifting economic signals. Oil prices rallied for a third consecutive week, with WTI crude briefly spiking above $78 per barrel following U.S. airstrikes on Iranian nuclear sites, before settling lower amid confidence in OPEC+ spare capacity. Equity markets reflected…
MONEY MARKET ANALYSIS Interbank lending plummeted to KES 4.47bn from KES 17.48bn, mirroring a halving in transaction count over the week. Meanwhile, the average interbank rate held steady at 9.70%, signalling calm after the pricing in of the recent rate cut. The table below summarizes the market liquidity indicators: On a month-on-month basis, average monthly…
EQUITY MARKET COMMENTARY The market closed the week in the red, with the NASI, N10, NSE 20, and NSE 25 retreating by 1.3% w/w, 0.4% w/w, 0.2% w/w, and 0.3% w/w, respectively. Market activity halved to USD 19.08m (-58.7% w/w). Safaricom dominated market activity, accounting for 38.6% of the week’s turnover. The counter’s price function…
Highlights Geopolitical tensions elbowed trade policy uncertainty out of the limelight in the week as Israel launched unilateral attacks on Iranian soil. Although fears of an Israeli strike on Iran—aimed at preventing the development of a nuclear bomb—have been growing for some time, the hope remained that diplomacy would prevail. It is still unclear why…
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