Serrari Group

BlackRock Returns to Nairobi Securities Exchange with Strategic Investment

BlackRock, a global asset management giant overseeing $9.1 trillion in assets, has reentered the Nairobi Securities Exchange (NSE) after a four-year hiatus, marking a significant development for Kenya’s financial sector.

Governor Kamau Thugge of the Central Bank of Kenya revealed that BlackRock identified Kenya among ten global economies for potential investment opportunities. Following discussions, BlackRock made a substantial investment in the Kenyan equities market.

This move comes as the NSE rebounds from a challenging period, with equities turnover showing a notable increase from Sh2.6 billion in January to Sh4.6 billion in February, and remaining steady at Sh4.5 billion in March. Concurrently, the NSE’s year-to-date returns have reached 16.8 percent as of the latest data.

Dr. Thugge attributes BlackRock’s renewed interest to positive developments in Kenya’s foreign exchange market. Notably, the Kenyan shilling has strengthened by 16 percent against the US dollar since the beginning of 2024, following successful bond issuances.

The Central Bank highlights a surge in foreign exchange transactions within the interbank market, rising from seven percent to 32 percent since the start of the year. These reforms aim to increase market liquidity and transparency.

Stakeholders anticipate further collaboration and growth opportunities as BlackRock reaffirms its commitment to the Kenyan market, signaling optimism for Kenya’s financial landscape.

photo source: Google

By: Montel Kamau

Serrari Financial Analyst

26th March, 2024

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