Reuters logo
UPDATE 2-Kenyan shilling firms after central bank dollar sale, stocks up
November 20, 2014 / 3:02 PM / 3 years ago

UPDATE 2-Kenyan shilling firms after central bank dollar sale, stocks up

* Shilling still under pressure - traders
    * KenGen, Centum lift shares

 (Adds shilling closing rate, stocks, bonds)
    By George Obulutsa
    NAIROBI, Nov 20 (Reuters) - Kenya's shilling 
strengthened from three-year lows on Thursday after the central
bank intervened to support the currency by selling dollars.
Stocks closed higher.
    The shilling closed at 90.05/15 to the dollar, compared with
Wednesday's close of 90.15/25. The local currency had at one
point firmed to 89.70/90, before reversing its gains.
    Sheikh Mehran, head of trading at I&M Bank, said dollar
demand was coming from across various sectors, including banks,
manufacturers, energy and telecommunications companies. 
    The central bank also sold dollars last week, helping the
shilling strengthen to below the 90-mark against the dollar
before it weakened again this week.
    The shilling has been under pressure this year mainly due to
a slump in revenues from tourism, a major hard currency earner
that has been hit by a spate of militant attacks. Recently, the
dollar has also strengthened against several major currencies.
    The central bank has said it has enough reserves to cushion
the foreign exchange market against shocks.
    On the Nairobi Securities Exchange, the main NSE-20 Share
Index added 28.20 points or 0.6 percent to close at
5,145.28 points.
    Among the big gainers was power producer Kenya Electricity
Generating Company (KenGen), rising 3.8 percent to
close at 11.00 shillings a share. 
    Silha Rasugu, research analyst at Genghis Capital, said the
stock rallied after the company announced plans to expand its
power generation capacity in East Africa's biggest economy. 
    Centum Investment Company Ltd rose 1.6 percent to
close at 63.00 shillings a share, after reporting a 25 percent
rise in first half pretax profit. 
    "The outlook for the group looks bright," Old Mutual
Securities said in a commentary on the results, adding that
Centum's plans to investment in health care, education, power,
real estate and assets management would buoy future earnings.
    On the secondary market, government bonds valued at 2.9
billion shillings ($32.20 million) were traded, compared with
Wednesday's 6.2 billion shillings. 
               ...........................Shilling spot rates 
                  .....................Shilling forward rates 
                           .......................Cross rates 
         ..................................Local contributors 
           .......................Central Bank of Kenya Index 
          .....................Kenyan Bonds contributor pages 
                          ...............Treasury bill yields 
        ..................Central bank open market operations 
        .........................Horizontal repo transactions 
         ,       ................Daily interbank lending rate 
              .............................Kenya Bond pricing 
             ..................Real time Africa economic data 
 <ECI & AFR> ...........................African economic news
          .................................NSE-20 Share Index
         .................................NSE All Share Index
             ...........................FT NSE Kenya 15 Index
             .......................... FT NSE Kenya 25 Index
  SPEED GUIDES:
                                    
            
  (1 US dollar = 90.0500 Kenyan shilling)

 (Editing by James Macharia)

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below