[2008-07-10]  No Change On Markets After Resignation
The resignation by Finance minister Amos Kimunya failed to trigger any noticeable effect on the markets, experts have said.

The shilling, which has been under pressure to weaken against the dollar, showed no sign of change, with dealers saying corporate actions rather than political events were the main factor behind its weakening.

That (resignation) would have strengthened the shilling," Duncan Kinuthia, Treasury Dealer at Bank of Africa, said. But it did little, with the shilling weakening when it traded at Sh66.45 to the dollar against Tuesday's Sh65.30.

Continued lull

"We do not see anything that can favour a strong shilling and the sentiment is for a weaker shilling in the range of Sh65-Sh67 to the dollar," Mr Kinuthia added.

We do not see anything that can favour a strong shilling and the sentiment is for a weaker shilling in the range of Sh65-Sh67 to the dollar," Mr Kinuthia added.
Traders at the Nairobi Stock Exchange reported a continued lull in activity levels mainly on what they termed an unfavourable price of Safaricom shares that have kept investors way from the market for weeks now.

"We have witnessed slow activities in terms of volume and turnover for a while now and I think it is about time we saw a rebound," Stephen Thiga, a dealer at Bob Mathews Stockbroker, said.

The impact, they said, could only be felt if the ministerial position took long to be filled, which would be seen as a deadlock by the market.



Source: Allafrica