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UPDATE 1-Kenyan shilling edges up, banks buoy stocks again
January 8, 2014 / 2:15 PM / in 4 years

UPDATE 1-Kenyan shilling edges up, banks buoy stocks again

* Main share index rises, stays at one-month high
    * Shilling closes firmer

 (Adds market close, stocks, bonds)
    By George Obulutsa
    NAIROBI, Jan 8 (Reuters) - The Kenyan shilling 
strengthened slightly on Wednesday, helped by commercial banks
shedding their long dollar positions, while the stock exchange's
main index rose for the third straight session.
    At close of trade at 1300 GMT, commercial banks quoted the
shilling at 86.75/85 to the dollar, compared with Tuesday's
close of 86.90/87.00.
    Traders said there had been some dollar sales by tea and
horticulture exporters and non-governmental organisations on
Tuesday.
    "Initially there was quite a bit of demand from the energy
sector, but now it seems to have been met and we are seeing some
sort of a correction," said Duncan Kinuthia, head of trading at
Commercial Bank of Africa.
    Traders said they see the shilling trading in the
86.50-87.50 range in coming days. 
    On the Nairobi Securities Exchange the main NSE-20 Share
Index was 5,000 up by 17.81 points, or 0.36 percent to
close at 5,010.93 points, staying at a one-month high.
    Stock analysts said banks stocks had driven the rise, with
investors buying in anticipation of improved full year profits.
    Co-operative Bank was up 1.4 percent to close at
17.95 shillings a share.
    Telecoms firm Safaricom, which on any given day
has the most shares traded on the exchange, ended the session up
2.3 percent at 11.35 shillings.
    Silha Rasugu, research analyst at Genghis Capital, said
Investors were picking up banking stocks in anticipation of
strong full-year results due to be declared by March.
    On the secondary market, government bonds worth 1.51 billion
shillings ($17.36 million) were traded, up from 451.2 million
shillings traded a day before.    
               ...........................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 = 87.0000 Kenyan shillings)

 (Reporting by George Obulutsa; Editing by James Macharia/Ruth
Pitchford)

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