December 2023 Market Wrap-up Report


In December, the average daily rate for money market funds increased to 12.51% per annum, up from November’s 12.06%. The recent surge can be traced back to the soaring interest rates in government securities, a significant underlying asset class for money market funds.

In terms of individual yields, Etica Money Market Fund boasted the highest performance, recording an average daily yield of 14.81% per annum. Following closely were the Cytonn Money Market Fund, Apollo MMF, GenAfrica MMF, and Lofty Corban Money Market Fund, with respective average daily yields of 14.42%, 14.31%, 14.29%, and 14.27%.

Daily Average Yields for MMFs in December

NO.Fund ManagerFund NameDAILY AVERAGE YIELD (%)
1Etica Capital Limited Etica Money Market Fund14.81
2Cytonn Asset Managers Limited Cytonn Money Market Fund 14.42
3Apollo Asset Management Company Limited Apollo Money Market Fund14.31
4GenAfrica Asset Managers LimitedGenAfrica Money Market Fund14.29
5Lofty-Corban Lofty-Corban Money Market Fund14.27
6Nabo Capital Limited Nabo Africa Money Market Fund 14.11
7Sanlam Investments East Africa LimitedSanlam Money Market Fund 13.57
8Enwealth Financial ServicesEnwealth Money Market Fund13.49
9Zimele Asset ManagementZimele Fixed Income Fund13.22
10Madison Investment Managers Limited Madison Money Market Fund13.05
11African AllianceAfrican Alliance Kenya Money Market Fund 12.86
12Co-op Trust Investment Services LimitedCo-op Money Market Fund 12.81
13Kuza Asset Management Limited Kuza Money Market Fund (KES)12.78
14Jubilee Financial Services LimitedJubilee Money Market Fund12.77
15Genghis CapitalGenCap Hela Imara Fund12.52
16ABSA BankAbsa Shilling Fund MMF12.26
17Old Mutual Investment GroupOld Mutual Money Market Fund 12.26
18KCB Group KCB Money Market Fund11.55
19Dry AssociatesDry Associates Money Market Fund 11.55
20Orient Asset Managers Orient Kasha Money Market Fund 11.33
21CIC Asset Managers LimitedCIC Money Market Fund 11.19
22Mayfair Asset managers Mayfair Money Market Fund 11.15
23ICEA Asset Lion Asset Management Limited ICEA Lion Money Market Fund 10.97
24Equity Bank Equity Money Market Fund10.93
25Zimele Asset Management Zimele Fixed Income Market Fund 10.56
26Britam Asset Managers (Kenya) LimitedBritish-American Money Market Fund 8.87
To note, to get the true rate of a money market fund, remove the withholding tax of 15% from the announced yield. Some funds, though, report a net return after the withholding tax.


In December, the Kenyan stock market experienced an upward trend, witnessing notable increases in major indexes such as Nasi, NSE 20, and NSE 25, which gained 0.2%, 0.4%, and 0.1%, respectively. This positive performance in the equities market was predominantly fueled by gains seen in stocks like KCB, Stanbic, and Stanchart, which recorded rises of 16.2%, 6.6%, and 2.7% respectively.

However, these gains were offset by losses incurred in other significant stocks such as Kengen, Sanlam, and Equity, which experienced declines of 12.6%, 11.8%, and 7.8%, respectively.

Foreign investors exhibited a bearish sentiment towards key blue-chip stocks, resulting in a net outflow of USD 8.2 million for the month. The total equity turnover for the month stood at USD 20.9 million, with Safaricom emerging as the most traded counter, accounting for 66% of the overall market activity.

Short-term prospects for the stock market appear uncertain due to the challenging environment and the selling off of assets by foreign investors. However, there is optimism in the long term, driven by low valuations and the potential for both global and local economic recovery.


In December, global markets witnessed a significant surge in US equities, with a notable increase of 4.8% in USD. Major indices such as the S&P and Dow Jones experienced impressive gains, rising by 4.4% and 4.8%, respectively. Particularly, sectors like Information Technology (IT) demonstrated robust performance during this period.

Concurrently, the US dollar showed weakness, estimated to have declined by 1.4% against a basket of major currencies throughout the month.

Overall, December 2023 in the global markets presented a diverse landscape of opportunities. This was driven by stable prices for goods and services, showcasing the economy’s ongoing strength. Despite tensions prevailing worldwide, financial markets remained relatively stable.


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