MONTHLY ECONOMIC INDICATORS

Transcription

1 MONTHLY ECONOMIC INDICATORS April 1 Monthly Economic Bulletin April

2 Table of Contents 1. INFLATION MONEY, CREDIT AND INTEREST RATES REAL SECTOR INDICATORS BALANCE OF PAYMENTS AND EXTERNAL SECTOR INDICATORS DEVELOPMENTS IN THE BANKING SECTOR GOVERNMENT BUDGETARY OPERATIONS PUBLIC DEBT CAPITAL MARKETS INDICATORS Monthly Economic Bulletin April

3 INFLATION Table 1.1 : Monthly Trends in Inflation Overall 12 months inflation Food Inflation Fuel Inflation Non-Food Non- Fuel Inflation (NFNF) Average Annual Three months annualised 2015 January February March April May June July August September October November December January February March April May June July August September October November December January February March April Food inflation comprise of food and non-alcoholic beverages, and hotels and restaurants categories of the CPI basket; and fuel inflation comprise transport and housing, water, electricity, gas and other fuels categories of the CPI basket; NFNF excludes food and fuel inflation Source: Kenya National Bureau of Statistics and Central Bank of Kenya 3 Monthly Economic Bulletin April

4 INFLATION Table 1.2: Contribution of CPI Baskets to Overall Inflation Food & Non-Alcoholic Beverages Alcoholic Beverages, Tobacco & Narcotics Clothing & Footwear Housing, Water, Electricity, Gas and other Fuels Health Furnishings, Household Equipment and Routine Household Maintenance Transport Communication Recreation & Culture Education Restaurants & Hotels Miscellaneous Goods & Services 2015 January February March April May June July August September October November December January February March April May June July August September October November December January February March April Source: Kenya National Bureau of Statistics and Central Bank of Kenya Overall 4 Monthly Economic Bulletin April

5 INFLATION Table 1.3: Overall Inflation Across Income Groups In Nairobi (Per cent) Nairobi Upper Income Nairobi Middle Income Nairobi Lower Income Nairobi Combined 2015 January February March April May June July August September October November December January February March April May June July August September October November December January February March April Source: Kenya National Bureau of Statistics 5 Monthly Economic Bulletin April

6 INFLATION Table 1.4: Overall Inflation by Region (Per cent) Nairobi Rest of Kenya Kenya 2015 January February March April May June July August September October November December January February March April May June July August September October November December January February March April Source: Kenya National Bureau of Statistics 6 Monthly Economic Bulletin April

7 MONEY, CREDIT AND INTEREST RATES Table 2.1: Money Supply and its Sources (Ksh Billion) COMPONENTS OF M3 Apr* May* Jun* Jul* Aug* Sep* Oct* Nov* Dec* Jan* Feb Mar Apr 1. Money supply, M1 ( ) 1, , , , , , , , , , , , , Currency outside banks Demand deposits , , , , , , , Other deposits at CBK \ Money supply, M2 (1+2.1) 2, , , , , , , , , , , , , Time and saving deposits 1, , , , , , , , , , , , , Money supply, M3 (2+3.1) 2, , , , , , , , , , , , , Foreign Currency Deposits SOURCES OF M3 1. Net foreign assets \ Central Bank Banking Institutions Net domestic assets ( ) 2, , , , , , , , , , , , , Domestic credit 2, , , , , , , , , , , , , Government (net) Private sector 2, , , , , , , , , , , , , Other public sector Other items net Memorandum items 1. Reserve money Bank reserves Overall liquidity, L ( ) 3, , , , , , , , , , , , , Non-bank holdings of government securities ANNUAL GROWTH RATE (Per cent) COMPONENTS OF M3 Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 1. Money supply, M1 ( ) Currency outside banks Demand deposits Other deposits at CBK \ Money supply, M2 (1+2.1) Time and saving deposits Money supply, M3 (2+3.1) Foreign Currency Deposits COUNTERPARTS OF M3 1. Net foreign assets \ Central Bank Banking Institutions Net domestic assets ( ) Domestic credit Government (net) Private sector Other public sector Other items net Memorandum items 1. Reserve money Bank reserves Overall liquidity, L ( ) Non-bank holdings of government securities Absolute and percentage changes may not necessarily add up due to rounding \ 1 Includes county deposits and special projects deposit \ 2 Net Foreign Assets at current exchange rate to the US dollar. * Revised Source: Central Bank of Kenya 7 Monthly Economic Bulletin April

8 MONEY, CREDIT AND INTEREST RATES Table 2.2: Banking System Net Domestic Credit (Ksh Billion) Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 1. Credit to Government Central Bank Commercial Banks & NBFIs Credit to other public sector County government Parastatals Credit to private sector 2, , , , , , , , , , , , ,277.4 Agriculture Manufacturing Trade Building and construction Transport & communications Finance & insurance Real estate Mining and quarrying Private households Consumer durables Business services Other activities TOTAL (1+2+3) 2, , , , , , , , , , , , ,899.8 ANNUAL GROWTH RATE (Per cent) 1. Credit to Government Central Bank , , Commercial Banks & NBFIs Credit to other public sector Local government 2, , , Parastatals Credit to private sector Agriculture Manufacturing Trade Building and construction Transport & communications Finance & insurance Real estate Mining and quarrying Private households Consumer durables Business services Other activities TOTAL (1+2+3) Source: Central Bank of Kenya 8 Monthly Economic Bulletin April

9 MONEY, CREDIT AND INTEREST RATES Table 2.3: Interest Rates (Per cent) Repo 7 days 3 days Reverse Repos CBK Rates Government Tbill Rates Commercial Bank rates Interbank CBR CRR KBRR 91- days 2015 January February March April May June July August September October November December January February March April May June July August September October November December January February March April CBK Central Bank of Kenya CBR Central Bank Rate KBRR Kenya Bank s Reference Rate CRR Cash reserve ratio REPO Repurchase Agreement Source: Central Bank of Kenya 182 days 364 days Deposit Savings Lending Overdraft 9 Monthly Economic Bulletin April

10 REAL SECTOR INDICATORS Table 3.1: Selected Indicators of Economic Activity Agriculture 10 Monthly Economic Bulletin April May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr Horticulture, exports ( 000 tonnes) 41,919 39,528 28,444 22,649 25,398 29,804 29,373 24,155 30,781 29,811 30,503 25,384 Fresh vegetables 19,854 19,588 9,166 9,156 11,021 15,761 15,061 12,873 12,480 9,101 9,651 6,576 Fruits and nuts 8,740 9,550 7,708 5,141 6,090 6,185 4,327 3,580 4,568 7,606 8,733 8,285 Cut flowers 13,325 10,390 11,570 8,352 8,287 7,858 9,985 7,702 13,733 13,103 12,120 10,522 Horticulture, exports (KSh Millions) 8,623 7,604 7,107 6,039 6,259 6,616 6,821 5,481 8,113 7,797 7,300 6,592 Fresh vegetables 2,763 2,695 1,787 1,747 1,847 2,064 2,049 1,597 2,221 1,555 1,678 1,302 Fruits and nuts 1,296 1,451 1,453 1,331 1,542 1,774 1,245 1,297 1,328 1,049 1,278 1,597 Cut flowers 4,564 3,458 3,868 2,962 2,869 2,778 3,527 2,587 4,563 5,193 4,344 3,693 Tea, production (tonnes) 45,330 37,571 35,573 35,603 29,285 29,462 36,785 41,342 39,903 22,605 34,498 31,458 Coffee, sales (tonnes) 6,835 4,513 4,735 1, ,723 3,284 1,573 2,374 6,081 5,460 4,563 Cane, deliveries ( 000 tonnes) Milk intake, formal sector (million litres) Manufacturing Cement, production (tonnes) 541, , , , , , , , , , , ,327 Assembled vehicles, production (units) Sugar, production (tonnes) 48,865 42,148 36,874 36,202 32,158 38,508 40,291 43,203 40,141 49,094 41,936 26,230 Soft drinks, production (million litres) 58,038 44,429 43,189 39,191 42,393 39,331 48,884 46,131 41,877 43,941 46,585 43,236 Galvanised sheets, production (tonnes) 20,120 23,109 21,980 20,180 18,320 24,190 21,045 18,328 19,143 21,696 22,165 N/A Electricity Electricity, generation (million KWH) Hydro Geo-thermal Thermal ,165 N/A Construction Cement, consumption (tonnes) 493, , , , , , , , , , , ,087 Electricity, consumption (million KWH) Transport and Storage Petroleum consumption ( 000 MT) N/A Visitor arrivals (Actual no.) 58,547 55,180 62,872 68,633 89,561 96,958 76,630 72,244 69,214 72,730 71,950 67,084 JKIA - Nairobi 49,996 51,311 59,294 64,451 81,729 87,141 67,249 63,229 61,224 62,119 63,568 62,982 MIA - Mombasa 8,551 3,869 3,578 4,182 7,832 9,817 9,381 10,267 12,637 10,611 8,382 4,102 Fuel Prices (Average Retail) Crude oil price, Murban Adnoc (Abu Dhabi FOB), US$ per barrel Premium fuel (KSh per Litre) Diesel Oil (KSh per Litre) Kerosene (KSh per Litre) L.P.G (KSh per 13Kg) 2,277 2,268 2,253 2,231 2,098 2,079 2,029 1,990 1,988 1,976 1,999 2,064 Charcoal (KSh per 4Kg tin) **The Nairobi Coffee Exchange was in recess in June/July N/A Data not available Source: Kenya National Bureau of Statistics

11 BALANCE OF PAYMENTS AND EXTERNAL SECTOR INDICATORS Table 4.1 : Analytical Balance of Payment Statement Cumulative Flows (USD Millions) Cumulative 12 months 1 / Rev. Rev. Rev. Rev. Rev. Rev. Rev. Rev. Prov Prov Prov Prov BPM6 Concept May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 A. Current Account, n.i.e. -3, , , , , , , , , , , ,553.8 Goods: exports f.o.b. 6, , , , , , , , , , , ,707.9 Goods: imports f.o.b. 13, , , , , , , , , , , ,590.0 Services: credit 4, , , , , , , , , , , ,391.7 Services: debit 3, , , , , , , , , , , ,900.4 Balance on goods and services -5, , , , , , , , , , , ,390.8 Primary income: credit Primary income: debit 1, , , , , , , , , , , ,027.8 Balance on goods, services, and primary income -6, , , , , , , , , , , ,967.2 Secondary income, n. i. e.: credit 3, , , , , , , , , , , ,456.9 Secondary income: debit B. Capital Account, n.i.e Capital account, n.i.e.: credit Capital account: debit C. Financial Account, n.i.e. -3, , , , , , , , , , , ,989.4 Direct investment: assets Direct investment: liabilities, n.i.e Portfolio investment: assets Equity and investment fund shares Debt securities Portfolio investment: liabilities, n.i.e Equity and investment fund shares Debt securities Financial derivatives: net Other investment: assets Other investment: liabilities, n.i.e. 3, , , , , , , , , , , ,903.1 of which Other debt instruments 3, , , , , , , , , , , ,911.4 Deposit-taking corporations, except the central bank General government 1, , , , , , , , , , , ,162.3 Other sectors 1, , , , , , , , , , , ,077.0 Nonfinancial corporations, households, and NPISHs* 1, , , , , , , , , , , ,077.0 D. Net Errors and Omissions , , , E. Overall Balance , , , , F. Reserves and Related Items , , , , Reserve assets , , , , Credit and loans from the IMF Exceptional financing /Sum of flows over twelve months to the reporting period. Cumulated to provide better analysis of the trend in the Balance of Payments and its accounts *NPISHs: Non Profit Institutions Serving Households Rev - Revised Prov - Provisional Source: Central Bank of Kenya 11 Monthly Economic Bulletin April

12 BALANCE OF PAYMENTS AND EXTERNAL SECTOR INDICATORS Table 4.2: Monthly Average Exchange Rates MONTH CURRENCY USD UK POUND EURO SA RAND USHS TSHS RWF BIF 2015 KENYA SHILLINGS PER UNIT OF CURRENCY* UNITS OF CURRENCY PER KENYA SHILLING** January February March April May June July August September October November December January February March April May June July August September October November December January February March April USD- United States Dollar SA RAND- South African Rand USHS- Uganda Shilling TSHS- Tanzania Shilling RWF- Rwanda Franc BIF- Burundi Franc *Kenya Shillings per unit of currency e.g KShs=1 USD *Units of currency per Kenya Shilling e.g USHS= 1 KShs Source: Central Bank of Kenya 12 Monthly Economic Bulletin April

13 BALANCE OF PAYMENTS AND EXTERNAL SECTOR INDICATORS Table 4.3 Foreign Exchange Reserves (End of Period USD Million) May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Gross Reserves 10, , , , , , , , , , , ,233.0 of which Official Reserves 8, , , , , , , , , , , ,714.8 import cover* Commercial Banks 2, , , , , , , , , , , ,518.2 *Based on 36 month average of imports of goods and services Source: Central Bank of Kenya Chart 1: Official Reserves and Months of Import Cover USD Million 10, , , , , , , , , , Nov-15 Dec-15 Jan-16 Months of import cover* Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Official Reserves *Based on 36 month average of imports of goods and services import cover* Source: Central Bank of Kenya 13 Monthly Economic Bulletin April

14 DEVELOPMENTS IN THE BANKING SECTOR Table 5.1: Kenyan Banking Sector Performance Indicators (Ksh Billion) Total Assets Shareholders Funds Gross Loans Gross NPLs Gross Deposits Total Liquidity Ratio (%) (Average) Profit Before Tax 2015 January 3, , , February 3, , , March 3, , , April 3, , , May 3, , , June 3, , , July 3, , , August 3, , , September 3, , , October 3, , , November 3, , , December 3, , , January 3, , , February 3, , , March 3, , , April 3, , , May 3, , , June 3, , , July 3, , , August 3, , , September 3, , , October 3, , , November 3, , , December 3, , , January 3, , , February 3, , , March 3, , , April 3, , , Note: December 2015 to December 2016 excludes data for Charterhouse Bank, Chase Bank and Imperial Bank which were under receivership NPLs: Non-performing Loans Source: Central Bank of Kenya 14 Monthly Economic Bulletin April

15 DEVELOPMENTS IN THE BANKING SECTOR Table 5.2: Trends in Monthly Flows Through KEPSS Total value moved per month (KSh Bn.) Of which indirect {Net settlement instructions (KSh Bn.)} No. of transactions Average value per transaction (KSh Mn.) Days worked Per day Value (KSh Bn.) Number of Transactions 2015 January 2, , ,697 February 2, , ,261 March 2, , ,697 April 2, , ,261 May 2, , ,346 June 2, , ,533 July 2, , ,672 August 2, , ,421 September 2, , ,115 October 3, , ,023 November 2, , ,815 December 2, , , January 2, , ,325 February 2, , ,385 March 2, , ,165 April 2, , ,044 May 2, , ,972 June 2, , ,464 July 2, , ,816 August 2, , ,280 September 2, , ,615 October 3, , ,023 November 2, , ,815 December 2, , ,858 January 2, , ,222 February 2, , ,134 March 2, , ,520 April 2, , ,020 Source: Central Bank of Kenya 15 Monthly Economic Bulletin April

16 GOVERNMENT BUDGETARY OPERATIONS Table 6.1 Composition of Government Revenue (KSh Bn) FISCAL YEAR* FY 2014/2015 REVENUE AND GRANTS TAX REVENUE viii ix=vii+viii i ii iii iv v= i+ii+iii+iv vi vii=v+vi Import Duty Excise Duty Income Tax VAT Tax Revenue Non-Tax Revenue Ordinary Revenue Grants Total Revenue (Including Grants) January February March April May June , , FY 2015/2016 July August September October November December January February March April May , , June , , , FY 2016/ July August September October November December January February March April , , * Figures are cumulative from the beginning of the fiscal year in July. Source: The National Treasury 16 Monthly Economic Bulletin April

17 GOVERNMENT BUDGETARY OPERATIONS Table 6.2 Composition Of Government Expenditure (Ksh Bn.) FISCAL YEAR* Domestic Interest EXPENDITURE (COMMITMENT BASIS) RECURRENT EXPENDITURE i ii iii iv=i+ii+iii Foreign Interest Wages & Salaries Pensions Other Total Recurrent Expenditure Development Expenditure County Transfer Total Expenditure FY 2014/2015 January February March , April , May , June , FY 2015/2016 July August September October November December January February March , April , May , June , , FY 2016/ July August September October November December January , February , March , April , * Figures are cumulative from the beginning of the fiscal year in July. Source: The National Treasury 17 Monthly Economic Bulletin April

18 GOVERNMENT BUDGETARY OPERATIONS Table 6.3: Government Deficit Financing\ 1 FISCAL YEAR GOVERNMENT DEFICIT FINANCING i ii iii=i+ii FY 2014/2015 Domestic Foreign* Total Financing August September October November** December January February March April May June FY 2015/2016 July August September October November December January February March April May June FY 2016/ July August September October November December January February March April \ 1 Figures are cumulative from the beginning of the fiscal year in July. Domestic debt is reported on gross basis. *Includes public and publicly guaranteed foreign currency loans **Foreign finanancing deficit is inclusive of Euro Bond Financing from Nov 2014 Source: The National Treasury and Central Bank of Kenya 18 Monthly Economic Bulletin April

19 PUBLIC DEBT Table 7.1: Stock of Kenya s Public And Publicly Guaranteed Debt (KSh Bn.) EXTERNAL DEBT May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Bilateral Multilateral Commercial Banks Export Credit Sub-Total 1, , , , , , , , , , , , (As a % of total debt) DOMESTIC DEBT Banks , , , , , , , , , Central Bank Commercial Banks , Non-banks Pension Funds Insurance Companies Other Nonbank Sources Non-residents Sub-Total 1, , , , , , , , , , , , (As a % of total debt) GRAND TOTAL 3, , , , , , , , , , , , Source: Central Bank of Kenya 19 Monthly Economic Bulletin April

20 PUBLIC DEBT Table 7.2: Composition of Government Gross Domestic Debt by Instrument (Ksh Bn.) Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16 Dec-16 Jan-17 Feb-17 Mar-17 Apr-17 Treasury Bills* Treasury Bonds 1, , , , , , , , , , , , ,317.0 Overdraft at Central Bank Advances from Commercial Banks Other Domestic Debt** ( TRCs and uncleared effects) Total Domestic Debt*** 1, , , , , , , , , , , , ,979.9 * The stock of Treasury bills includes Repo Treasury bills ** Other domestic debt includes Items in transit,securities rediscounted and Tax Reserve Certificates (TRCs) *** Gross domestic debt excludes IMF funds on-lent by CBK to Government, which are accounted for under External Debt Source: Central Bank of Kenya 20 Monthly Economic Bulletin April

21 CAPITAL MARKETS INDICATORS Table 8.1: Selected Equity Market Indicators INDICATOR 2016 NSE 20 Share Index (1966=100) Points NASI (2008=100) Points Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr 3,982 4,009 3,868 3,641 3,489 3,179 3,243 3,229 3,247 3,186 2,794 2,995 3,113 3, NSE 25 Share Index 4,261 4,240 4,184 3,956 3,935 3,705 3,591 3,617 3,682 3,456 3,160 3,280 3,481 3, FTSE NSE Kenya Index Points FTSE NSE Kenya Index Points Number of Shares Traded (Million) Equities Turnover (KSh Million) 13,449 10,067 9,721 17,247 13,613 17,655 16,872 7,846 10,439 7,107 12,055 12,580 12,461 11, Market Capitalization 2,078 2,071 2,025 1,998 2,049 1,943 1,972 1,985 1,997 1,932 1,770 1,812 1,894 1,935 (KSh Billion) I-REIT Turnover in (KSh Million) I-REIT in Units - Total Deals ETF Turnover(KSh Million) ETF -Total Deals NSE 20 = Weighted Price Index calculated as a mean of the shares of 20 public, listed companies, selected based on a weighted market performance NASI = Nairobi All Share Index FTSE NSE 15 = The performance of the 15 largest stocks ranked by full market capitalization, trading on the NSE FTSE NSE 25 = The performance of the 25 most liquid stocks trading on the NSE Source: Nairobi Securities Exchange 21 Monthly Economic Bulletin April

22 CAPITAL MARKETS INDICATORS Table 8.2: Selected Bond Market Indicators Period Secondary Market (Month) FTSE NSE Bond Volume Number Most Traded Kenya (KSh of Deals Govt. Million) Bond Index 2015 End Month Turnover Ratio (Percent) Bond Primary Market Offer (KSh Million) Subscription Rate (Percent) August , IFB1/2015/ FXD 2/2015/2 20, September , IFB1/2015/ FXD 1/2015/1 30, October , FXD2/2015/ FXD 2/2015/1 20, November , IFB1/2015/ FXD2/2015/5 20, December , FXD2/2015/ IFB1/2015/9 ( Tap Sale) 78, January , FXD2/2015/ FXD1/2016/2 & FXD1/2013/10 35, February , IFB1/2015/ FXD1/2015/5 & FXD1/2012/10 (Reopen) 25, March , FXD1/2012/ FXD1/2013/10 & 25, FXD2/2013/15 (Reopen) April , FXD1/2016/ FXD1/2016/5 20, May , IFB1/2016/ IFB1/2016/9 & FXD2/2016/2 30, June , IFB1/2016/ FXD 2/2016/2 & FXD 1/2012/15 30, July , FXD1/2012/ FXD 2/2016/5 & FXD 1/2008/ , August , IFB1/2016/ FXD 1/2016/10 25, September , FXD1/2016/ FXD 3/2016/5 & FXD 1/2016/20 25, October , IFB1/2016/ IFB1/2016/15 & IFB1/2016/16 40, (TAP SALE) November , IFB1/2016/ FXD 3/2007/15 & FXD 1/2008/20 30, December , FXD1/2016/ FXD 3/2016/2 (Reopen) 30, January , IFB1/2016/ The auction for FXD2/2007/015 dated 30/01/ was cancelled February , FXD1/2016/ IFB1//12 30, March , IFB1/2016/ FXD2/2014/5 & FXD3/2013/5 30, April , IFB1/2016/ FXD 3/2008/10 & FXD 1/2009/10 30, IFB = Infrastructure Bond issued to finance specific government infrastructure projects FXD = Fixed Rate/Coupon Treasury Bond Reopen = Issued and outstanding bond re-offered to the primary market at the current market yields Bonds Turnover (Percent) = Volume of bonds traded as a ratio of the total outstanding volume of tradable bonds Tap Sale = Issued at their original face value, maturity and coupon rate, and sold at the weighted average yield in the last auction of the same bond Source: Nairobi Securities Exchange and Central Bank of Kenya 22 Monthly Economic Bulletin April

23 CAPITAL MARKETS INDICATORS Table 8.3: Foreign Investors Participation (KSh Millions) Period (Month) A B C D=A/C E=B/C F=(D+E)/2 Foreign Purchases (FP) Foreign Sales (FS) Equity Market Turnover (ET) Percent of FP to ET Percent of FS to ET Percent Average Foreign Participation to Equity Turnover 2015 January 4,401 4,674 9, February 7,176 6,975 16, March 9,368 12,453 20, April 8,175 8,242 14, May 12,360 14,390 21, June 17,659 18,106 24, July 14,552 15,679 21, August 17,148 15,965 20, September 12,156 5,656 14, October 12,430 11,541 17, November 8,377 9,206 13, December 8,693 8,692 15, January 7,653 8,186 12, February 4,528 4,247 10, March 8,077 9,411 13, April 6,669 6,589 10, May 6,571 6,375 9, June 13,082 12,982 17, July 11,186 10,212 13, August 14,183 10,480 17, September 14,669 13,326 16, October 5,200 5,325 7, November 6,878 6,419 10, December 5,574 4,959 7, January 10,424 8,816 12, February 9,447 9,012 12, March 9,551 9,601 12, April 8,478 8,045 11, Source: Nairobi Securities Exchange 23 Monthly Economic Bulletin April

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