Aly-khan Satchu News
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Kenyan shares surged to a record and the shilling gained against the dollar for a second day as investors bet the outcome of a March 4 presidential election will be peaceful.
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Kenya’s currency is trading at its highest level in 10 weeks and stocks are rallying as investors bet the East African nation will avoid a repeat of the prolonged violence that followed 2007 elections in today’s vote.
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Kenya’s Finance Ministry is betting on peaceful elections next month to boost investment and economic growth even as tourists and exporters hold back amid concern about a renewal of ethnic violence.
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ARM Cement Ltd., Kenya’s second- biggest maker of the building material, rose to a record, boosted by speculation that 2012 profit increased.
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Kenya’s inflation slowed to 3.1 percent in October, increasing the likelihood of further interest rate cuts.
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Kakuzi Ltd., a Kenyan agricultural company, dropped the most in almost a month after announcing plans to sell its 50.5 percent shareholding in Siret Tea Co.
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Kenya’s All-Share Index fell the most in since Aug. 13, dropping 1 percent to close at 83.52 by 3 p.m. in Nairobi.
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Mumias Sugar Co. , Kenya’s biggest producer of the sweetener, climbed the most in two months on speculation its full-year earnings will rise.
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Kenya’s All-Share Index climbed for a fourth day, rising 1.6 percent, or the most since Oct. 29, to 79 by the 3 p.m. close in Nairobi.
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Mauritius’s SEMDEX Index gained for a second day, climbing 0.5 percent to 1,908.47 by the 1:30 p.m. close in Port Louis. That’s the highest since June 2008. Kenya’s All-Share Index snapped two days of increases, dropping 0.5 percent to 84.02 at the 3 p.m. close in Nairobi. Namibia’s FTSE/Namibia Overall Index rose for the third time in four days, climbing 0.4 percent to 863.34 by 4:34 p.m. in Windhoek. The Nigerian and Ghanaian markets were closed for public holidays today.
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