Kenya | - Part 3

Kenya’s central bank raises benchmark rate from 8.5pc to 10pc

Nairobi, Kenya (Capital Markets in Africa) — Central Bank of Kenya’s Monetary Policy Committee has decided to raise the benchmark lending rate from 8.5 per cent to 10 per cent, the first increase since 2011. The decision, made at a meeting of the MPC called a month earlier than scheduled, is meant to address inflation fears and shore up the battered Kenya shilling better than the CBK’s interventions in the market. A statement signed by…

Kenya sells $260 mln of 12-yr infrastructure bond at extended sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s central bank sold 24.02 billion shillings ($259.96 million) worth of a 12-year infrastructure bond in an extended sale in which it aimed to raise up to 25 billion shillings. The bond was first auctioned on March 25, when its weighted average yield rose slightly to 11.556 percent from 11.263 percent at a previous sale in October. At the extended sale on Wednesday all the bids for the bond were allotted at…

Kenya shilling 5-10 pct overvalued, no policy shift needed: IMF

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling is overvalued by about 5 to 10 percent to the dollar but demand for imports and other market pressures are likely to weaken it gradually so no policy change is required, the IMF said. The shilling has lost 1.7 percent since the start of 2015 against the dollar, after a 4.5 percent fall in 2014 that was largely blamed on a downturn in the vital tourism industry after a number…

Kenya’s Housing Finance raises 2.95 bln shilling in rights issue

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenyan mortgage firm Housing Finance said on Wednesday it raised 2.95 billion shillings ($32 million) in a rights issue to help the company increase its lending base. The lender initially planned to raise 3.5 billion shillings, but said in a statement that 84 percent of its shareholders had taken up their rights in an oversubscribed issue that received 9.01 billion shillings in bids. Housing Finance says it opted for a cash call…

Mid-size firms shy away from Nairobi and Dar es Salaam bourses

Posted on by The Editorial Team

Policy makers in Kenya and Tanzania are looking for ways to attract small and medium sized enterprises to the capital markets to increase their access to cheaper capital according to the East African. 2 years after the launch of the GEMS, the Nairobi bourse has only attracted four companies to the platform whilst the Dar es Salaam stock market has only attracted two. This follows a lukewarm performance at the alternative trading platforms for SMEs on…

Kenyan shilling flat, focus on possible central bank action

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was treading water at near 3-year lows on Tuesday, with pressure from a globally strong dollar offset by the possibility that the central bank may intervene for the second straight day to support the local currency.The shilling was trading at 92.05/15 against the dollar at 0720 GMT, unchanged from Monday’s close. The central bank sold an undisclosed amount of dollars on Monday when the shilling touched its lowest level since…

Kenya’s Standard Group 2014 profit up 8 pct on advertising boos

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenyan media company Standard Group posted an 8.4 percent rise in pretax profit for 2014 due to growth in print, TV and radio advertising.The publisher of Kenya’s oldest and second-largest daily paper, the Standard, and an operator of a radio and TV station, said profit before tax climbed to 326 million shillings ($3.6 million), while revenue nudged marginally lower.Standard Group said it was optimistic about 2015 and wants to tap into Kenya’s…

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