NSE outshines African peers despite bear run


By CHARLES MWANIKI
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The Nairobi Securities Exchange (NSE) last year outperformed most African markets in dollar returns despite the bear run, helped by the Kenya shilling’s gain on the dollar versus the depreciation seen on most regional currencies.

The year was bruising for African stock markets, which recorded negative returns on the back of general foreign investor sell-offs as capital flowed back to the safe-haven western markets especially the US.

Market data compiled by African Alliance shows the NSE FTSE 15 Index — which tracks the bourse’s 15 largest firms by market capitalisation and is mainly used by foreign investors — had a dollarised return of -13.5 per cent last year. It outperformed the bourses of Nigeria (-20.6 per cent), South Africa (25.5 per cent),…

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