The Nairobi Securities Exchange (NSE) on Monday, March 25, 2024, recorded its highest single-day turnover in 2024, totalling Ksh 3 billion and a trading volume of 141 million shares.
- This comes amidst a broader trend of resurgence in the Kenyan stock market, which has emerged as the world’s best-performing stock market in 2024, experiencing an upswing of approximately 40% in US Dollar returns.
- This is a major turnaround for the Kenyan stock market, which had faced a downturn, recording a loss of 40% in 2023.
- Another key driver of this resurgence has been the strengthening Kenyan shilling, which has appreciated by 22% since January 25. The country’s successful eurobond issue and debt buyback, coupled with a $684.7 million injection from the International Monetary Fund, have bolstered the nation’s foreign reserves.
- Notably, the banking sector has been a standout performer, buoyed by some of the world’s highest dividend yields. This, combined with an interest in telco stocks like Safaricom, has further fuelled the market’s momentum.
- Media reports on Tuesday also indicated that BlackRock, the world’s largest asset manager, with $10 trillion in assets under management, has resumed investing in the Nairobi Securities Exchange after a four-year hiatus from African stock markets.
