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Bonds trading rise 43 pct as investors search for higher yields in Kenya

Xinhua, March 31, 2016 Adjust font size:

Bonds turnover at the Nairobi bourse went up 43 percent Wednesday as the appetite of investors in search of higher yields from the securities increased.

Bonds worth 36 million U.S. dollars were traded, up from 25 million dollars Tuesday, a considerably improvement for the securities that until recently moved less than a million dollars a day.

Turnover for the bonds at the Nairobi Securities Exchange (NSE) has been on a rise in the last one week as investors reallocate their portfolios following the re-opening of the 10 and 15-year Treasury bonds last week, according to analysts.

At the close of last week, bond turnover stood at 40 million dollars after rising by over 250 percent to from 10 million dollars the previous day.

As bonds fortunes rose, equity trading at the primary market remained subdued as turnover increased marginally to 5.1 million from the previous session's 4.3 million dollars, with number of shares traded standing at 16 million against 23 million posted yesterday.

The NSE 20 Share Index once again went down 14.23 points to stand at 3981.33 while the All Share Index similarly shed 0.46 points to stand at 146.61. The NSE 25 Share Index, equally slid 1.41 points to settle at 4,247.20.

Safaricom reclaimed its top position as the day's biggest mover, with 6.5 million shares changing hands at 0.16 dollars and 0.17 dollars.

NSE shares touched an all-time high of 0.30 dollars and a low of 0.27 dollars on a volume of 474,000.

The banking sector had 3.6 million shares traded and represented 22.5 percent of the day's traded volume.

Under the category, Equity Group Holdings moved 996,000 shares, KCB Group 778,000 shares and Barclays Bank moved 671,000 shares.

The Energy and Petroleum sector moved 790,000 shares, which accounted for 5 percent of the day's traded volume.

The insurance sector, on the other hand, had 2 million shares traded representing 14 percent of the of the day's traded volume. Endit