Nairobi Securities Exchange
The Nairobi all-share index closed the previous trading session at 133.04, gaining 0.34%. The index has returned -20.08% year to date. The current 52-week range is 116.88 – 181.92.
The NSE 20 index closed the previous trading session at 1776.99 and is trading at 1747.84 in the early morning session, down 1.64%.
In yesterday’s trading session, EEGADS led the gainers at 7.17%, closing at KES13.45 per share, while UCHUMI came last, shedding 8.00% and closing at KES0.23 per share
In today’s early morning trading session, KAPC leads the gainers at 9.73%. UCHUMI has dropped 8.70% so far. SAFARICOM leads the overall volume traded with 295,400 shares traded so far.
Global Markets
Asia
China’s coal imports from Russia peaked in August as the country experienced a surge in demand due to a prolonged heatwave. The world’s biggest coal consumer bought 8.54 million tonnes of Russian coal to help deal with the scorching weather. Japan’s core consumer inflation rose to 2.8% in August, its fastest annual pace in nearly eight years.
Foreigners were net purchasers of emerging Asia ex-China bonds for a second month in August. Still, buying was measured over concern of a further rate hike by the US Federal Reserve.
Overseas investors bought a total of $1.05 billion worth of bonds in Indonesia, Thailand, Malaysia, South Korea and India last month, according to data from regulatory and bond market associations.
HSI dropped 0.69% in yesterday’s trading session. HK50 gained 0.45%. Sensex rose 0.65%. Nifty gained 0.45%, closing the day at 17620.75. Tokyo’s Nikkei gained 0.73%.
Asian stocks opened strong today. HK50 is up 0.33%, and HSI is up 1.20% in the early morning trading session.
Europe
Volkswagen’s powerful works council has raised the prospect of the carmaker eventually selling more shares in its Porsche marque, which is set to go public later this month in one of Germany’s largest floatation https://www.ft.com/content/a38d147e-775f-41c2-be93-e6469a37c805.
The UK retail and hospitality industries have called on new chancellor Kwasi Kwarteng to provide urgent financial support in his mini-Budget on Friday to offset the “cost of business” crisis unleashed by surging inflation and surging energy prices. https://www.ft.com/content/65c1f614-4f30-42c3-8df5-40a0c914dcb4
EU50 rose 0.57%. UK100 lost 0.58%. Dax index futures rose 0.46%. DE30 dropped 0.42%, closing the day at 413.57.
European stocks trade slightly higher today. Euro Stoxx 50 up 0.43% pre-market. Dax index futures up 0.61% pre-market.
US
The US Federal Reserve is expected to announce a third consecutive 0.75 percentage point interest rate increase after its September policy meeting, which wraps up on Wednesday.
https://www.ft.com/content/e49af67d-6b35-4cd6-acd6-dc64b5f6b191
The U.S. Energy Department said it would sell up to 10 million barrels of oil from the Strategic Petroleum Reserve for delivery in November, extending the plan to sell 180 million barrels from the stockpile to tame petroleum prices.
SPX gained 0.62%. QQQ rose 0.66%. DJI rose 0.64%. NDQ rose 0.77%
US Futures trade slightly higher ahead of the market opening. S&P 500 E- mini futures trades +0.22% today. NASDAQ 100 E-mini futures trades +0.21% today.
Key Events Today
Canada CPI data release. 15:30 EAT
Earnings
None
Crypto
BTC bounced from the lows closing the daily chart with a bullish candle. BTC is forming a bullish divergence on the eight-hour chart. If the divergence plays out strong, BTC will move up today or tomorrow. However, there is a bearish overhead divergence on the five-day chart. The divergence is currently playing out. If BTC fails to go lower before the five-day close, it will indicate strength at these levels. Selling momentum is decreasing on low time frames up to the twelfth-hour chart. BTC broke previous lows on the four-hour chart and regained the lows indicating a minor swing failure pattern to swipe the lows. BTC is using previous range lows at $ 19600 as resistance. An SR flip on the previous range lows followed by a break of prior highs will be a good sign for bulls.
ETHBTC broke market structure, losing critical support levels. ETHBTC needs to reclaim 0.73115 support to show strength. There is potential bullish divergence on the daily chart, plus reducing selling pressure. If the divergence is confirmed, alts will rally in the next few days.
USDT.D is using previous highs as support on the four-hour chart, which is not a good sign for bulls. USDT.D needs to lose 7.26% and use the level as resistance for BTC to rally. There is potential bearish divergence forming on the daily chart, which will be confirmed upon today’s daily close.
Key Resistance Levels
19976 – 20090. Resistance zone
20880 – 21049. Daily level resistance and resistance zone
21876. Daily level resistance
Key Support Levels
18704 – 18768. H4 lows and CC
17557. Weekly level support
Commodities
Gold lost 0.07% in yesterday’s trading session. Gold is currently trading -0.22% today
USOIL fell 0.34% in yesterday’s trading session. USOIL is currently trading +0.58% today
UKOIL gained 0.43% in yesterday’s session. UKOIL is currently trading at +0.74% today
Currencies
EURUSD is up 0.10% in today’s trading session
USDJPY is up 0.10% in today’s trading session
GBPUSD is up 0.06% in today’s trading session
USDCHF is up 0.04% in today’s trading session
USDCAD is up 0.03% in today’s trading session
AUDUSD is down 0.14% in today’s trading session
NZDUSD is down 0.38% in today’s trading session
AUDJPY is down 0.09% in today’s trading session
Related:
Daily Markets Update: 6th September 2022
Kenya’s Forex Reserves Fall to a 5-year Low on the Weakening Shilling
