The Markets | - Part 255

Kenyan shilling steady, traders wary of central bank intervention

NAIROBI (Reuters) – Kenya’s shilling was steady on Thursday, and traders said it was expected to stay in a tight band as market players traded warily anticipating the central bank would sell dollars. At 0805 GMT, commercial banks quoted the shilling at 92.65/85, compared with 92.70/75 at Wednesday’s close. “After the last intervention that happened on Tuesday, the market yesterday was very quiet indeed,” said a senior trader at one commercial bank. The shilling had…

Kenyan shilling steady, seen supported by bond sale

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was little changed on Wednesday, with dollar demand in the interbank market offset by central bank liquidity mop ups and hard currency inflows from investors preparing to buy a bond. By 0920 GMT, commercial banks quoted the shilling at 92.35/55 to the dollar, barely changed from Monday’s close of 92.35/45. Sheikh Mehran, head of trading at I&M Bank, said there was early dollar demand by banks in the interbank market…

South Africa’s retail development market seen as crowded

Posted on by The Editorial Team

South Africa’s retail development market seems to have become crowded, forcing developers to look west of the continent for lucrative opportunities. Industry players note that South Africa’s retail landscape, in particular Johannesburg, has become mature making the search for unique developments more difficult in the country. Investors in the retail development environment are taking stock of the supply and demand mismatch of markets outside South Africa. One such an investor is the founder and managing…

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…

Nigeria Stock Exchange, MSCI sign agreement on developing new market indices

Posted on by The Editorial Team

MSCI Incorporated, a leading provider of investment decision support tools worldwide, and the Nigerian Stock Exchange have signed a “strategic co-operation agreement to develop and market a co-branded “family of indexes” for the Nigerian equity market. Based on the agreement, existing and future indexes would be branded as the MSCI/NSE Indexes, including the flagship NSE 30 Index and NSE 50 Index, which will become the MSCI/NSE 30 Index and the MSCI/NSE 50 Index, respectively, a…

Kenya shilling firm, bond inflows match corporate dollar demand

Posted on by The Editorial Team

NAIROBI (Reuters) – Kenya’s shilling was steady in early business on Wednesday, with usual end-month demand for dollars matched by inflows of foreign exchange from investors attracted by a government bond auction. By 0733 GMT, the shilling was quoted at 91.75/95, little changed from Tuesday’s close of 91.70/80. “It looks like the flows that were expected for the upcoming infrastructure bond have been supporting the local currency,” said Duncan Kinuthia, head of trading at Commercial…

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