Kenya’s National Treasury expects the fiscal deficit to drop to 5.9 per cent of the GDP in the next budget year driven by reduction in expenditure. Elsewhere, Global Credit Ratings has accorded Cytonn Investments an initial rating of BB with a stable outlook. Maurice Oduor, Investment Manager at Cytonn Investments joins CNBC Africa to discuss market movements in the Kenyan market.
In Kenya, the banking sector continues to dominate activity at the Nairobi Securities Exchange with shares worth Ksh775 million transacted, which accounted for 48.27 per cent of the traded value in the week that ended on 30th April 2020. Moreover, the Central Bank of Kenya announced the insurance of a 5-year Ksh50 billion bond for budgetary support in May with the auction date set for Wednesday 6th of May. The market-determined bond will mature in May 2025 with CBK encouraging investors to use treasury mobile direct or internet banking to purchase the bond. Joining CNBC Africa for more is Rodney Omukhulu, Assistant Investments Analyst at Cytonn.
The Nigerian Stock Exchange published guidance for virtual board, committee, and management meetings for stakeholders as the world grapples with the COVID-19 outbreak. Oscar Onyema, CEO of the NSE joins CNBC Africa to discuss how the NSE has been responding to the pandemic.
As countries across Africa source intervention funds to battle the economic impact of the COVID-19 pandemic, with Nigeria’s economy especially taking a hit from falling oil prices and local currency devaluation, Sam Chidoka, Managing Director and CEO of Kairos Capital joins CNBC Africa to discuss how these events are impacting Nigeria's economy.
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