Momentum Shift in Kenya Spurs Stocks to Best Start Since 2013
- Local buyers return after two years, spurring a 16% rally
- Foreign inflows may rise, but there’s a sign gains overdone
Photographer: Riccardo Gangale/Bloomberg
This article is for subscribers only.
There’s been a momentum shift in Kenya’s share market and it’s propelled Nairobi stocks to their best start to the year since 2013.
After largely avoiding equities for the past two years in favor of the fixed-income market, local money managers are back buying stocks and in large-enough volumes to outweigh persistent foreign outflows. The benchmark stock index has jumped 16 percent in response, the best in the world in 2019 after Argentina and Egypt.