Kenyan Stocks Have Shilling to Thank for World-Beating Returns [BNN Bloomberg (Canada)]
STANDARD BANK GRP SP/ADR (SGBLY)
NASDAQ:AMEX Investor Relations:
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Source: BNN Bloomberg
The Nairobi Securities Exchange All-Share Index has returned almost 30% for dollar investors this year, the most out of more than 90 benchmarks monitored by Bloomberg. That follows a loss of more than 40% in 2023. It's mostly down to the recovery in Kenya's shilling from an all-time low in January, which is supercharging returns in dollar terms while also spurring solid performances for the nation's banking stocks. The currency has strengthened 22% since Jan. 25 following a successful eurobond issue and debt buyback that eased concerns about Kenya's balance-of-payments position. An injection of $684.7 million from the International Monetary Fund also bolstered the nation's foreign reserves, while an unexpected rate increase last month is helping to slow inflation. That's lured foreign investors back to the country's stocks, said Wesley Manambo, a senior associate for research at Nairobi-based Standard Investment Bank Ltd. “Dividends are now attractive to foreign investors bec
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