Shares snap out of losing streak

Kenya’s benchmark index edged higher on Friday, breaking an eight-session losing streak as bank shares rose. The shilling weakened slightly. The benchmark NSE 20 index added 2.77 points or 0.1 per cent to 5,350.30 points, just off its 7-year peak.

“It looks like the profit-taking session has bottomed out,” said Daniel Kuyoh, an analyst at Kingdom Securities. “We expect to see more of these cycles happening in the next three or four weeks as the banks and insurance companies release results,” he said.