March 12, 2015 / 3:47 PM / 3 years ago

UPDATE 1-Kenyan shares slip again on profit taking, shilling flat

* Kenyan shares fall steadily from 7-year high
    * Shilling stable, seen under pressure

 (Adds market close data)
    NAIROBI, March 12 (Reuters) - Kenya's main share index fell
for an eighth consecutive session on Thursday, with loss-making
Mumias Sugar dragging stocks lower as investors were
put off by its planned cash call.
    The shilling closed unchanged.     
    Kenya's stock market has lost ground in every trading
session since March 2, when the benchmark NSE20 Index hit a
seven year high, and fell again on the day despite the bourse's
biggest stock by market capitalisation, Safaricom,
scaling an all-time high.
    Aly Khan Satchu, an independent trader, said the stock
market was nudging lower on profit-taking after the market shot
up during a red-hot streak in January and February.
    Mumias Sugar lost 5.5 percent to 2.60 shillings, as
investors sold the stock on news it planned a cash call to raise
4 billion shillings ($43.67 million). 
    Kenya's government agreed a 5 billion shilling deal last
week with banks to revamp Mumias Sugar, saying some of that
money would be raised via a rights issue. The company accounts
for a third of Kenya's sugar output.
    "Some people don't want to pay up for that (rights issue),"
said Satchu.
    Safaricom's rise "signalled that we are still very much in a
bull market and that this is just a correction," Satchu said.
    Safaricom, Kenya's largest telecommunications firm and a
darling of foreign investors, saw its shares rise 0.6 percent to
15.95 shillings. The stock is up 13.5 percent so far this year.
    On the foreign exchange market, the shilling closed trade at
91.65/75 to the dollar, unchanged from Wednesday's close.
    Traders said the local currency was receiving support from
central bank liquidity mop ups and dollar inflows from investors
planning to buy a 12-year infrastructure bond worth up to 25
billion shillings on March 25.
    On the secondary market, government bonds valued at 2.04
billion shillings were traded, down from 2.49 billion shillings
on Wednesday.
    
               ...........................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 = 91.6000 Kenyan shillings)

 (Reporting by Drazen Jorgic; Editing by James Macharia)

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