November 2023 Market Wrap-up Report


In November, the average daily rate for money market funds increased to 12.06% per annum, up from October’s 11.86%. This uptick was attributed to the escalating interest rates in government securities, a significant underlying asset class for money market funds.

Breaking down individual returns, the GenAfrica Money Market Fund boasted the highest performance, recording an average daily yield of 14.06% per annum. Following closely were Etica MMF, Cytonn MMF, Apollo MMF, and Lofty-Corban Money Market Fund, with respective average daily yields of 13.96%, 13.95%, 13.87%, and 13.74%.

Daily Average Yields for MMFs in November

1GenAfrica Asset Managers LimitedGenAfrica Money Market Fund14.04
2Etica Capital Limited Etica Money Market Fund13.96
3Cytonn Asset Managers Limited Cytonn Money Market Fund 13.95
4Apollo Asset Management Company Limited Apollo Money Market Fund13.87
5Lofty-Corban Lofty-Corban Money Market Fund13.74
6Enwealth Financial Services Enwealth Money Market Fund13.59
7Madison Investment Managers Limited Madison Money Market Fund13.01
8Nabo Capital Limited Nabo Africa Money Market Fund 12.66
9Jubilee Financial Services LimitedJubilee Money Market Fund12.65
10African AllianceAfrican Alliance Kenya Money Market Fund 12.55
11Co-op Trust Investment Services LimitedCo-op Money Market Fund 12.44
12Sanlam Investments East Africa Limited Sanlam Money Market Fund 12.33
13Kuza Asset Management Limited Kuza Money Market Fund (KES)12.31
14Genghis CapitalGenCap Hela Imara Fund12.16
15Old Mutual Investment GroupOld Mutual Money Market Fund 11.95
16ABSA BankAbsa Shilling Fund MMF11.73
17KCB Group KCB Money Market Fund11.43
18Dry AssociatesDry Associates Money Market Fund 11.10
19CIC Asset Managers LimitedCIC Money Market Fund 10.93
20Equity Bank Equity Money Market Fund10.93
21ICEA Asset Lion Asset Management Limited ICEA Lion Money Market Fund 10.87
22Orient Asset Managers Orient Kasha Money Market Fund 10.62
23Zimele Asset Management Zimele Fixed Income Market Fund 10.56
24Britam Asset Managers (Kenya) LimitedBritish-American Money Market Fund 9.10
25Mayfair Asset Managers Mayfair 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 net return after the withholding tax.


Despite an oversubscription of the IFB1/2023/6.5, a tap sale was offered on the same bond, closing on December 6. The Tap sale is seeking to raise 25 Bn, offered at a premium, and the duration of the offer was particularly long, perhaps to attract more investors.

NameDuration (years)Coupon RateMin Bidding amountCoupon MonthsMaturity
IFB1/2023/6.56.517.95%50,000May &Nov May 2030
Particulars of the Bonds

The Treasury bills auctions have seen a rise in their yield over the month and despite the 364-day paper having a huge discount and yield to maturity, the 91-day paper still had the highest demand, reflecting investors’ preference for short-term government securities due to the interest rate environment.

Below is a table with the returns for the 91,182 and 364 papers over the last month:

Paper 6-Nov13-Nov20-Nov27-NovAverage


In November, the Kenyan stock market witnessed an upward trajectory, with major indexes like Nasi, NSE 20, and NSE 25 gaining 3.8%, 2.4%, and 0.4%, respectively. The equities market’s performance was mainly propelled by gains in large-cap stocks, which included increases of 53.1% and 12.9%, respectively, in Bamburi and Safaricom. These gains were, however, countered by losses in other large-cap stocks, such as EABL and Stanbic, which saw declines of 10.7% and 5.8%, respectively.

Foreign investors turned bearish on key blue chips to print out a net outflow of USD 3M in the month.

Equity turnover for the month stood at USD 26.82M, with Safaricom being the most traded counter, accounting for 63% of the total market activity.

Short-term prospects for the stock market are uncertain due to a challenging environment and foreign investors selling off assets. However, in the long term, there’s optimism because of low valuations and the potential for global and local economic recovery.


In November, the global markets experienced a significant surge in US equities, witnessing impressive gains across major indices. Both the S&P and Nasdaq soared by more than 8%, while the Dow Jones reached its highest point for the year 2023. With an outstanding 10.8% gain, Nasdaq led the way in terms of total return, followed by Dow Jones at 9.2% and the S&P 500 at 9.1% at the end of the month.

Various sectors, notably information technology, demonstrated robust performance during this period.

Simultaneously, the US dollar exhibited weakness, experiencing an estimated decline of 3.7% against a basket of major currencies throughout the month.

Overall, November 2023 in the global markets presented a diverse landscape of opportunities driven by sectoral growth alongside potential risks intertwined with economic and geopolitical factors.

Product Highlight of the Month

We are thrilled to share the news of our collaboration with for the distribution of their products. Ndovu is an advanced investment platform provider licensed by the Capital Markets Authority. Through, you can seamlessly access global markets, including stocks and commodities, by investing in exchange-traded funds (ETFs).

For further information about Ndovu and its offerings, we invite you to explore their website by clicking here. This partnership opens up new opportunities for investors to engage with global markets and diversify their portfolios and we shall keep updating on the same in the subsequent months.


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