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We research widely to deliver unique insights.
We research widely to deliver unique insights.
Recent Research
22 January, 2017 Investment Reports
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Executive Summary
Fixed Income: The money market remains tight, leading to the undersubscription of T-bills for the third week running, with overall subscription coming in at 74.9%, up from 60.8% recorded the previous week. The Indian Government has announced an agreement, following bilateral talks, that will see Kenya receive a USD 100.0 mn loan, to be channeled towards agriculture mechanization;
Equities: During the week, the Kenyan equities market was on a downward trend, with NASI, NSE 20 and NSE 25 losing 4.5%, 5.4% and 5.7%, respectively. The European Investment Bank (EIB) a... 8 January, 2017 Investment Reports
Executive Summary
Global Market Outlook: Global market outlook is likely to be shaped by enhanced political risk driven by major elections in the Eurozone and increased anti-trade populism in the US. In addition, tightening of monetary policy in the US, where the Fed plans 3 interest rate hikes in 2017, and stability in oil prices will also be consistent themes throughout the year;
Regional Market Outlook: Sub-Saharan Africa is projected to grow by 3.0% in 2017 compared to the expected 1.4% in 2016, according to the International Monetary Fund (IMF). Economic diversification and improved... 31 December, 2016 Investment Reports
Executive Summary Global Markets Review: Global economic growth is expected to remain moderate in 2016 as Central Banks? accommodative policies support growth. China?s economy remains stable, contributing 1.2% of the expected 3.1% global GDP growth, indicating increased dependence on emerging markets to shore up global growth; Regional Markets Review: Sub-Saharan Africa region continued to register slow growth with IMF forecasting the region?s economic growth to drop to its lowest level in over 2 decades to 1.4% in 2016 from 3.5% in 2015; Kenya Macro Economic Review: The Kenyan economy is... 24 December, 2016 Investment Reports
Executive SummaryFixed Income: During the week, T-bills were oversubscribed with overall subscription coming in at 135.3%, compared to 72.7% recorded the previous week. Yields on the 91-day T-bill increased to 8.6%, from 8.5% the previous week, whereas yields on the 182-day and 364-day T-bills decreased to 10.5% and 11.0% from 10.6% and 11.1% recorded the previous week, respectively. The government has re-opened the recently issued 2-year bond through a tap sale to raise Kshs 20.0 bn for budgetary support;Equities: During the week, the Kenyan equities market had a mixed trend, with NASI a... 18 December, 2016 Investment Reports
Executive Summary
Fixed Income: During the week, T-bills were undersubscribed, for the first time in 17-weeks, with overall subscription coming in at 72.7%, compared to 106.4% recorded the previous week as investors focused on the 2-year bond on auction, which was oversubscribed with a subscription rate of 118.5%. The US Fed raised the Federal Funds Rate by 25 bps to a bound of 0.50% - 0.75%, while data from the Central Bank of Kenya (CBK) indicated that Kenya?s domestic debt level rose by 5.6% in the 4-months since the start of the current fiscal year;
Equities: During the week, the Ke... 16 December, 2016 Investment Reports
11 December, 2016 Investment Reports
Executive SummaryFixed Income: During the week, T-bills were oversubscribed with overall subscription remaining relatively the same at 106.4% compared to 105.5% recorded the previous week. The yields on the 91 and the 182 day T-bills were unchanged at 8.4% and 10.5%, while the 364 day increased to 11.1% from 10.9% the previous week. The National Treasury is set to reduce its capital expenditure budget by 25.8% for the fiscal year 2016/2017;Equities: During the week, the Kenyan equities market was on a downward trend with NASI, NSE 20 and NSE 25 losing by 3.1%, 2.7% and 2.8%, respectively.... 4 December, 2016 Investment Reports
Executive SummaryFixed Income: T-bill yields were on an upward trend during the month of November, closing at 8.3%, 10.4% and 10.8%, from 8.0%, 10.3% and 10.6% for the 91, 182 and 364-day papers, respectively, at the end of October. Kenya?s inflation rate for the month of November increased slightly to 6.7%, from 6.5% recorded in October, driven by an increase in food, transport and energy prices which rose 1.2%, 0.6% and 0.1% m/m, respectively;Equities: The Kenyan equities market registered mixed trends during the month, with NASI and NSE 25 declining by 0.3% and 0.6%, respectively, whil... 27 November, 2016 Investment Reports
Executive SummaryFixed Income: The level of T-bills subscription, though still high, continued to reduce as this week?s total subscription decreased to 113.5%, compared to 162.1% recorded the previous week. Yields on the 91, 182 and 364-day T-bills remained unchanged at 8.3%, 10.4% and 10.8%, respectively;Equities: During the week, the equities market was on a downward trend with NSE 25, NASI and NSE 20 declining by 1.2%, 1.0% and 0.8%, respectively, driven by declines in large cap stocks such as Equity Group, DTBK and Co-op Bank, which lost 5.5%, 5.2% and 1.8%, respectively. Housing Fina... Subscribe to our Weekly Updates
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