Capital Markets

Kenyan shilling steady, Uchumi up on expansion plan

A man counts bank notes. Kenya's main share index rose for the first time in eight straight sessions on Wednesday, as investors interpreted the central bank decision to keep its benchmark interest rate steady as favouring economic growth.  Photo/File
A man counts bank notes. Kenya's main share index rose for the first time in eight straight sessions on Wednesday, as investors interpreted the central bank decision to keep its benchmark interest rate steady as favouring economic growth. Photo/File  

Shares in Kenyan retailer Uchumi firmed on Thursday after the company said it would launch a rights issue to fund expansion locally and within east Africa. The shilling was steady.

Kenya's main share index rose for the first time in eight straight sessions on Wednesday, as investors interpreted the central bank decision to keep its benchmark interest rate steady as favouring economic growth.

Uchumi had gained 1.4 per cent to 19.50 shillings at 0736 GMT, after the company said it would launch a Sh1.5 billion ($17 million) rights issue by December.