The market closed the week on a bullish note, with the NASI, N10, NSE 20, and NSE 25 gaining 2.2%w/w, 1.3%w/w, 1.5%w/w, and 1.5%w/w, respectively. Worth noting, the N10 extended its all-time high to 1,268.40. Market activity jumped 11-fold to USD 190.19m (+1168.4%w/w) driven by Bamburi’s block trade on Wednesday and Thursday worth USD 68.53m…
Listed banks in our coverage for the period 3Q24 exhibited mixed earnings performance as interest expenses persisted.
World Bank Downgrades Kenya Growth Forecast to 4.7%, Cites Fiscal Spillages as Key Downside Risk. Fuel Stabilization Fund
Eases Price Pressure on Diesel & Kerosene as Landed Costs Edge Up
The market closed the week on a bullish note, with the NASI, N10, NSE 20, and NSE 25 gaining 3.4%w/w, 3.9%w/w,
2.7%w/w, and 3.4%w/w, respectively. Worth noting, the NSE 25 closed the week at the highest level since 15th September
2022. Similarly, the NASI clocked a 6-week inta-week high of 119.32 with the N10 closing the week at an all-time high of
1252.02.
MONEY MARKET ANALYSIS This week, the average lending rate eased to 11.80% from 11.91%, with the final day of the week driving the momentum, spurred by the downward adjustment of the benchmark rate. Meanwhile, interbank activity painted a picture of enhanced liquidity, as average volumes soared by 89.1% to KES 43.16bn from KES 22.83bn, mirroring…
SUMMARY TABLES – NSE PERFORMANCE Summary Trading Statistics Select African countries’ benchmark index dollar returns Read More:
MONEY MARKET ANALYSIS This week, the average lending rate slightly nudged upwards to 11.91% from 11.87%, underscoring stable conditions. On the flip side, interbank volumes dropped to KES 22.83bn from KES 28.31bn, in tandem with a 5.13% decline in transaction count. The table below summarizes the market liquidity indicators: Open market operations intensified this week,…
EQUITY MARKET COMMENTARY The market closed the week in the red with the NASI, N10, NSE 20, and NSE 25 retreating by 1.1%w/w, 2.6%w/w, 1.6%w/w, and 1.8%w/w, respectively. Market activity more than doubled to USD 20.02m (+101.4%w/w). Safaricom dominated market activity accounting for 54.0% of the week’s turnover. The counter’s price function rose by 0.7%w/w…
Resilience Amidst Shifting Tides Investment Thesis Summary The banking sector has exhibited remarkable resilience in the face of challenging macroeconomic conditions, with lenders in our coverage reporting profit growth (at varying intensities) in the face of a persistently high-interest rate regime which has not only raised the cost of funds but also raised overall asset…
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