Stocks trade in seven-day winning streak

Kenya: Kenya’s share market gained ground for the seventh-straight session with the all share index closing at a new record high Tuesday. The all share index closed at a fresh record high of 172.90 points, led higher by gains in mid- and small-cap companies.

Agriculture firm Kakuzi Ltd surged nearly 10 per cent to close at Sh291 per share. “This shows the rally is really broadening out to the intermediate and small cap companies,” said Aly Khan Satchu, an independent trader and analyst.

This year’s rally has been driven by foreign funds looking for investments elsewhere in Africa after Nigerian markets tumbled, in a rout triggered by weak oil prices. Benign economic fundamentals like lower inflation due to the drop in the price of crude oil have also enhanced the appeal of Kenyan equities this year.