Tracking Kenyan market movements

The Kenyan market has seen some interesting movements this week with the Nairobi Securities Exchange All Share Index gaining 0.12 points to close at 179.01, while the NSE 20 Share Index declined by 6.38 points to close at 1978.99. The final tranche of the Acorn Green Bond was oversubscribed by 146 percent, showcasing a strong performance in the corporate bond market. Founder of Mwango Capital, Erick Mokaya, shared insights into the market trends and what investors can expect moving forward. The NSE 20 share index reversed the previous day's gains, declining by 0.32 percent. This movement can be attributed to a few counters experiencing declines in the past week. Nairobi business ventures, for instance, which had been performing well, saw a significant drop. Other counters like NSE, Express, and Diamond Trust Bank also lost shares. However, some counters, such as East African Portland PLC, Serena Hotels, Liberty, and Transcentury, showed marginal gains. When asked about East African Portland PLC's performance, Mokaya mentioned that there haven't been any major news developments impacting the company. He suggested that investors might be positioning themselves for future trends in the market. Looking ahead, Centum is set to release its financial year 2020-2021 results next week, which will be closely watched by investors. Safari com will also hold its AGM to provide insights into their performance and strategies. Mokaya expressed optimism about the corporate bond market's performance, noting the oversubscription of the Acorn Green Bond. With a 146 percent oversubscription rate, the bond issuance received strong investor interest. The use of partial guarantees and green-focused projects has boosted investor confidence in the market. Mokaya highlighted the increasing trading volume in the bond market, up by 56 percent in the first half of the year. He attributed this interest to investors seeking higher yields amid global economic conditions. With the European Central Bank considering lowering negative interest rates, investors are exploring alternative investment opportunities, such as corporate bonds with attractive returns. The bond market provides a viable avenue for investors to diversify their portfolios and capitalize on the liquidity in the banking sector. Overall, the positive performance in the corporate bond market reflects growing investor confidence and a shift towards alternative asset classes in the Kenyan market.