Kenyan Stocks Have Shilling to Thank for World-Beating Returns [Yahoo! Finance]
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Source: Yahoo! Finance
Most Read from Bloomberg Apple Is in Talks to Let Google Gemini Power iPhone AI Features Putin Warns Russia Won't Stop After Predictable Election Win Saudi Wealth Fund Is in Talks to Acquire National Airline China's Growth Bump May Dent Urgency for More Stimulus 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 r
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