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This research report was prepared by the Research Department of Old Mutual Securities Limited. Old Mutual Securities Limited is a securities trading company licensed by the Capital Markets Authority (Kenya) for the purpose of facilitating trade on the Nairobi Securities Exchange.

The bond market activity
The market opened the week on thin trading volumes as the inflation rate edged upward to 7.08% in April-15. Bond turnover contracted by 73% to 338 million. FXD3/2013/5yr was the most traded paper with a contribution of 29.3% of the 6total turnover at an average rate of 11.35%.

Money market activity
The inter-bank overnight rates continued to rise as liquidity remains relatively tight printing 10.2726% from 10.2553% previously with volumes rising to 29.3b from 22.1b in the previous day’s session. CBK was in the repo market for 13.0b with no bids received.
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