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Exchange rates

Previous week rates: 03/06/2016                                              Current week rates: 10/06/2016

Country Currency Buying Selling Country Currency Buying Selling
US USD 100.80 101.00 US USD 101.02 101.21
UK GBP 145.45 145.79 UK GBP 146.12 146.44
EUROPE EUR 112.47 112.73 EUROPE EUR 114.27 114.52
S.AFRICA ZAR 6.47 6.48 S.AFRICA ZAR 6.80 6.81
JAPAN JPY 0.9271 0.9292 JAPAN JPY 94.81 95.00
AUSTRALIA AUD 72.81 73.00 AUSTRALIA AUD 74.98 75.16
CANADA CAD 77.03 77.21 CANADA CAD 79.31 79.48
INDIA INR 1.4989 1.5024 INDIA INR 1.5150 1.5182
UGANDA UGX 33.28 33.48 UGANDA UGX 33.04 33.20
TANZANIA TZS 21.64 21.78 TANZANIA TZX 21.61 21.75
RWANDA RWF 7.70 7.80 RWANDA RWF 7.70 7.78

Source: Central Bank of Kenya (CBK)

The Kenyan shilling declined against US dollar. Excess liquidity in the local market favored banks to hold position in foreign currencies. Strengthening of the dollar globally and increase in world oil prices has also contributed to the decline of the shilling. Fear of the regulator’s intervention is the only factor keeping the decline at bay.

British pound declined against US dollar as risk sentiment surrounding 23rd June BREXIT referendum gripped global markets. Pound crosses would be extremely volatile in the coming weeks until the vote date.

Canadian and Australian dollar advanced against the US dollar. The commodity based currencies were boosted by rising oil prices.

US and UK interest rate decisions headline economic releases in the coming week among other releases like UK consumer price index, Australian employment change data, Canadian consumer price index and US retail sales data.

UsdKes graph 10.06.2016

Key benchmark interest rates

Interest rate Current Previous Change Direction
Central Bank Rate 10.5 10.5 0.000%
Interbank lending rate 2.7507 2.4453 0.305%
Month on month inflation rate 5.00 5.27 0.270%
91 Days Treasury Bill 7.303 7.477 -0.174%
182 Days Treasury Bill 9.648 9.799 -0.151%
364 Days Treasury Bill 10.844 11.049 -0.205%

Source: Central Bank of Kenya (CBK)

Inflation declined by 0.27% mom from 5.27% in April to 5.00% in May. Inflation rates may revert upwards as oil prices rise in the global markets. Oil prices feed into most production and consumption processes hence may increase prices creating cost push inflation.

Interbank lending rate rose from 2.4453% to 2.7507%. Volume traded decreased from 11.48 billion to 5.605 billion. There was sufficient activity in the interbank market though interbank rates remained subdued.

91 day T-bill eased by 0.174% from 7.477% previous week rate to 7.303%. CBK offered a total of Kshs 4 billion. Bids amounted to Kshs 6.669 billion of which 4.666 billion was accepted. Volume on bids received increased week on week basis.

182 day T-bill declined by 0.151% from 9.799% previous week rate to 9.648%. CBK offered a total of Kshs 6 billion. Bids amounted to Kshs 9.971 billion of which 6.478 billion was accepted. Volume on bids received increased week on week basis.

364 day T-bill eased by 0.244% from 11.293% previous week rate to 11.049%. CBK offered a total of Kshs 6 billion. Bids amounted to Kshs 12.622 billion of which 6.745 billion was accepted. Volume on bids received increased week on week basis.

CBK offered to inject a total of 35 billion shillings in the local market this week via reverse repos. Treasury bill rates may remain on the downtrend as the regulator continues to pump liquidity into the local market.

The graphs below depict visual movement of the interbank and T-bill rates.

Interbank rates 10.06.2016

 

Treasury bill rates 10.06.2016

Capital Markets

Equities

Top Gainers Losers
Company Price % Change Company Price % Change
BERG 54.50 7.92 SGL 26.50 862
LKL 5.35 7.00 HAFR 1.35 3.57
NMG 172.00 4.88 OCH 3.15 3.08
CARB 15.35 4.07 UCHM 3.55 2.74
BAT 850.00 3.03 TOTL 18.40 2.65

Source: Nairobi Securities Exchange (NSE)

Standard Group Ltd (SGL) moved from the top most gainer last week to the top loser this week. The share price fell from 31.25 to 26.50.

Uchumi Supermarkets Ltd (UCHM) continued its dismal performance as once again it featured in the losers of the week.

Longhorn Kenya (LKL) moved from the top loser last week to be the second best performing stock this week. Stock price increased from 4.70 to 5.35.

Crown Berg (BERG) was the top performer of the week. The stock price rose by 7.92%.

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Posted by Timothy II Aperit

True believer in numbers. Statistics never lie. Bsc Financial Engineering MBA Finance ACCA