NSE Plc emerges Top Performer among African Stock Markets

The Nairobi Securities Exchange PLC (NSE) has emerged as the top performer among African stock markets in the first half of 2024, delivering an impressive 50.4% return in dollar terms according to the Morgan Stanley’s Capital International (MSCI) Index. This stellar performance was driven by a combination of factors, including a 21.74% appreciation of the Kenyan shilling against the dollar and significant gains in blue-chip stocks.

The NSE’s current performance is particularly noteworthy when compared to its struggles in the first half of 2023, when it experienced substantial market capitalization losses and negative index performance.

Key to this turnaround has been the resolution of foreign exchange challenges that had previously deterred international investors, including successfully refinancing a $2 billion Eurobond and reforms to Kenya’s forex interbank market.

These improvements led to removing restrictions placed on the NSE by global index providers, paving the way for increased foreign investment inflows.

The market’s resurgence reflects broader economic improvements in Kenya, including easing inflation and enhanced investor confidence, positioning the NSE as a standout performer in the African financial landscape

The arrival of Frank Mwiti as the new CEO of the NSE in May 2024 has also played a pivotal role in this remarkable turnaround.Mwiti, who previously led strategic business development at Ernst & Young (EY) across Eastern Africa, brought with him a wealth of experience in strategy, governance, and financial markets.

His leadership has been instrumental in implementing reforms and strategies revitalizing the NSE, attracting foreign investors, and restoring confidence in the market. Under Mwiti’s guidance, the NSE has not only recovered from its previous lows but has also set a new benchmark for performance among African bourses