Investors at the Nairobi Securities Exchange (NSE) have gained Sh264.5 billion over the past month, cutting the coronavirus-driven losses amid an economic shock that towers over the financial crisis a decade ago.

The Nairobi bourse notched up healthy gains in recent days as investors sought to buy stocks at a bargain, hoping for outsized capital gains when the stock market recovers.

The value of all the stocks on the Nairobi bourse stood at Sh2.265 trillion Wednesday compared to Sh2 trillion in April, but remains below the Sh2.6 trillion peak of January 10.

Kenya’s private sector activity plunged in March to its lowest level since November 2017 as the global coronavirus pandemic hit consumer demand and forced businesses to shed jobs and cut back on their operations.

The Market Stanbic Bank Kenya Purchasing Managers’ Index (PMI)—which tracks business performance in the manufacturing and services sector-- fell to 34.8 in April from 37.5 in March from 49.0 in February.

The International Monetary Fund (IMF) executive board on Wednesday approved Sh78.4 billion ($739 million) in emergency financing to help Kenya respond to the sudden economic shock caused by the Covid-19 pandemic.

“Emergency financing under the Rapid Credit Facility (RCF) will deliver liquidity support to help Kenya cover its balance of payments gap this year," said IMF deputy managing director Tao Zhang in a statement.

The Court of Appeal has restored KRA’s power to snoop on tax evaders’ MPESA and bank accounts. In a ruling, the court argues that hindering KRA from accessing the information may cripple the agency’s mandate to collect taxes. READ MORE..

The East African region is set to experience a slowdown in economic growth in 2020, given the restrictive measures governments have imposed to limit the spread of covid19 and the global economic slowdown. READ MORE..

The Central Bank of Kenya(CBK) expects Kenya’s economy to recover in the new year. The statement was made by the CBK Governor Dr. Patrick Njoroge, following the Monetary Policy Committee(MPC) meeting held on 29th April. The team cut the policy rate to 7%, the lowest rate since 2011. READ MORE..

Kenya is seeking debt-relief options with lenders as the state seeks more money to deal with the negative impacts of the COVID-19 pandemic. READ MORE..

CBK has announced the issuance of a 5-year Ksh50 billion bond for budgetary support in May. In a prospectus seen by Kenyan Wallstreet, CBK says that the auction date is Wednesday 6th of May. READ MORE..

The Court of Appeal has restored KRA’s power to snoop on tax evaders’ MPESA and bank accounts. In a ruling, the court argues that hindering KRA from accessing the information may cripple the agency’s mandate to collect taxes. READ MORE..

The pension industry regulator says mortgage loans regulations are undergoing a review to allow scheme members to use a slice of savings to buy houses.

Retirement Benefits Authority (RBA) chief executive Nzomo Mutuku said pension savers would benefit once the guidelines are gazetted.

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