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Kenya

Low trade at the NSE owing to Saba Saba

Speaking to Capital FM Business, Commercial Bank of Africa Treasury Dealer John Njenga said there wasn’t much activity on the market/XINHUA-File

Speaking to Capital FM Business, Commercial Bank of Africa Treasury Dealer John Njenga said there wasn’t much activity on the market/XINHUA-File

NAIROBI, Kenya, July 7 – The money market traded on low volumes Monday morning owing to the Coalition for Reforms and Democracy (CORD) Saba Saba rally.

Speaking to Capital FM Business, Commercial Bank of Africa Treasury Dealer John Njenga said there wasn’t much activity on the market as most people had adopted a wait-and-see attitude.

Njenga says the bank received few customers as people kept off the market.

“We receive more than 100 calls in an hour, today I have just received 10 calls, and its 11am,” he said.

He says the shilling has weakened in Monday’s trading session to Sh87.85 buying and Sh88.05 selling with expectations for it to weaken further to Sh88.50 levels.

“The shilling weakened marginally in Monday trading with all eyes on the planned Saba Saba rally. The market traded on low volumes with no much activity on the market as most people look for forward guidance,” he stated.

The stock market opened the day with very little activity but picked up in the afternoon with equity turnover jumping 59.1 percent backed by foreign investor interest on large cap counters with foreign participation at 70.2 percent compared to 33 percent on Friday which accounted for 79 percent of market activity.

Safaricom, East African Breweries Limited and Kenya Commercial Bank were the leading movers.

Britam was the best performing top mover as local investors ride on last week’s news of the insurer’s planned acquisition of additional stake in mortgage lender Housing Finance.

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