The Nairobi Securities Exchange (NSE) witnessed an extraordinary surge on Monday, March 25, 2024, marking its highest single-day turnover of the year, totalling an impressive Ksh 3 billion and trading a substantial volume of 141 million shares.
This surge reflects a broader trend of resurgence in the Kenyan stock market, positioning it as the world’s top-performing stock market for 2024, boasting a remarkable upswing of approximately 40% in US Dollar returns. This remarkable achievement marks a significant turnaround for the Kenyan stock market, which endured a challenging period in 2023, experiencing a notable decline of 40%.
A significant driver of this resurgence is the robust performance of the Kenyan shilling, which has appreciated by a notable 22% since January 25. This appreciation is attributed to successful financial manoeuvres, including the country’s Eurobond issuance and debt buyback, along with a substantial injection of $684.7 million from the International Monetary Fund, significantly bolstering the nation’s foreign reserves.
