Nairobi Securities Exchange
The Nairobi all-share index closed the previous trading session at 134.75, shedding 0.16%. The index has returned -19.05% year to date. The current 52-week range is 116.88 – 181.92.
The NSE 20 index closed yesterday’s trading session at 1739.08, down 9.87points.
In the previous trading session, CROWN PAINT led the gainers at 8.56%, closing at KES42.50 per share, while SAMEER came last, shedding 9.55% and closing at KES3.03 per share
In today’s early morning trading session, TCL leads the gainers at 7.74%. FTGH has dropped 1.98% so far. KPLC leads the overall volume traded with 536,500 shares traded so far.
Global Markets
Asia
China Evergrande Group is looking to shift assets to its property unit to settle some of its debt payments.
In July, the company revealed that loans secured by Evergrande Property Services had been diverted to the parent group, which led to Evergrande Group’s chief executive and finance head stepping down.
The European Chamber of Commerce in Shanghai warned on Wednesday that companies were losing confidence in investing in China due to its strict and unpredictable Covid policy.
Asian stocks retreated on Wednesday, plunging to two, four, and six-month lows as nervous traders braced for a hefty rate hike by the US Fed. Investors were further unnerved by Russian President Vladimir Putin’s latest comments.
HSI dropped 1.03% in yesterday’s trading session. HK50 fell 2.66%. Sensex lost 0.08%. Nifty slid 0.27%, closing the day at 17718.00. Tokyo’s Nikkei dropped 1.37%.
Asian stocks open weak today. HSI is down 1.80%, and Nikkei is up 0.29% in the early morning trading session.
Europe
President Volodymyr Zelenskyy has launched a searing rebuke of Russia’s pledge to mobilise additional troops and hold sham referendums in southern and eastern Ukraine, saying Moscow “wants war” but “will not be able to stop the course of history”.
Zelenskyy, speaking in a speech recorded from Kyiv at the UN General Assembly, attacked Russia’s recent escalation, which he said showed President Vladimir Putin was not serious about any possible talks to bring the conflict to an end.
Euro Stoxx 50 futures rose 0.94%. EU50 shed 0.49%. UK100 slid 0.08%. Dax index futures rose 0.86%. DE30 rose 0.48%, closing the day at 411.14.
European stocks trade lower today. Euro Stoxx 50 down 1.81% pre-market. Dax index futures down 1.92% pre-market.
US
Jerome Powell did not rule out a recession in the world’s largest economy as the Federal Reserve implemented a third consecutive 0.75 percentage point rate rise and published a much gloomier set of projections.
Powell’s negative commentary on the economy came as the Federal Open Market Committee lifted its benchmark interest rate to a target range of 3 per cent to 3.25 per cent on Wednesday and signalled an intention to keep monetary policy tight as it fights soaring inflation.
Jerome Powell stated that the housing market would have to undergo a “difficult correction” to regain balance. Home prices are expected to decline by over 20% in the period.
Three major U.S. banks said they would hike their prime lending rates by 75 basis points, bringing the rates to their highest since the global financial crisis of 2008
SPX dropped 1.71%. QQQ fell 1.79%. DJI fell 1.70%. NDQ dropped 1.80%
US Futures trade lower ahead of the market open. S&P 500 E- mini futures trades -0.54% today. NASDAQ 100 E-mini futures trades -0.80% today.
Key Events Today
BOE interest rate decision. 14:00 EAT
Earnings
None
Crypto
BTC broke market structure on the daily chart closing the previous day at $ 18449. BTC breaking previous lows is bearish. There is potential bullish divergence on the daily chart, which will be confirmed if BTC forms a low at the current levels. There is a possible swing failure pattern on the daily if BTC maintains current levels or trades higher towards the daily close. The potential bullish divergence and swing failure pattern should be observed. The eight-hour chart has potential bullish divergence, which will be confirmed upon the eight-hour close. The strength of the divergence may be an indicator of how the potential daily bullish divergence will play out. Selling momentum is high on BTC on higher time frames. Hourly bullish divergence played out strong, which is a good sign for bulls.
ETH looks weaker than BTC. It is using previous support as resistance on the daily chart.
ETHBTC has potential bullish divergence forming on the daily chart. However, ETHBTC looks weak and may be headed for support at 0.0652. The reaction at the support level will indicate ETHBTC strength. ETHBTC broke previous lows, which is bearish.
USDT.D is showing a lot of strength. It flipped resistance into support on the daily chart. USDT.D has potential bearish divergence forming on the daily chart, which will be confirmed if USDT.D forms a high at the current levels, which is looking unlikely at the moment.
Key Resistance Levels
19290 – 19406. Resistance zone and CC
19829 – 19887. Resistance zone
20152 – 20236. Supply zone
20442. Daily level resistance
20879 – 20996. Resistance zone
Key Support Levels
17554. Weekly level support
17204.5. Weekly level support
Commodities
Gold gained 0.52% in yesterday’s trading session. Gold is currently trading -0.76% today
USOIL fell 1.35% in yesterday’s trading session. USOIL is currently trading +0.34% today
UKOIL shed 0.71% in yesterday’s session. UKOIL is currently trading +0.31% today
Currencies
EURUSD is down 0.02% in today’s trading session
USDJPY is up 0.54% in today’s trading session
GBPUSD is down 0.11% in today’s trading session
USDCHF is down 0.07% in today’s trading session
USDCAD is up 0.25% in today’s trading session
AUDUSD is down 0.30% in today’s trading session
NZDUSD is down 0.34% in today’s trading session
AUDJPY is up 0.21% in today’s trading session
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