‘Tide is turning’: Kenya seen attracting more investors than Nigeria, S.Africa
The country’s stock market index posted best week in three years on a stable growth outlook as rivals falter
KENYA’S benchmark stock index posted its best weekly gain in three years as an improving growth outlook, slowing inflation and a stable currency lured foreign investors back to East Africa’s biggest economy.
The Nairobi Securities Exchange All Share Index climbed 1.2% to bring its advance this week to 4.1% by the close in Nairobi, the most since the five days ending March 8, 2013, according to data compiled by financial data firm Bloomberg.
Kenya Electricity Generating Co. and Limuru Tea Co. led gains as 40 of the index’s 62 members rose this week.
“Foreigners are coming to take up cheap stocks on the back of a more stable shilling,” Maurice Oduor, investment manager at Cytonn investments, said by phone from Nairobi. Trading volumes jumped 51% from a two-year low last week, according to data from the exchange.READ MORE