The Nairobi Securities Exchange (NSE) witnessed a significant surge on Tuesday, boosting investor wealth by Sh95.53 billion, marking its largest single-day gain in 18 months. This propelled the market capitalization to Sh1.831 trillion by day’s end.
Local investors, particularly institutional players, drove this surge, showing a strong preference for blue-chip stocks. Analysts attribute this to anticipation of a Federal Reserve rate cut in June, stable currency conditions, and positive macroeconomic indicators.
While local participation was robust, foreign investors remained net sellers, though sentiment is shifting due to improved forex market conditions and a strengthened Kenyan shilling, up 18 percent against the dollar this year.
Leading the gains were Safaricom, adding Sh66.1 billion to its market capitalization, and KCB, with a Sh8.4 billion increase. Other notable gainers included Equity Group and NCBA.
Investor optimism surrounds expected higher dividend payouts from banks as they prepare to announce their 2023 financial results.
This surge underscores the resilience of the Kenyan stock market and presents promising opportunities for investors amidst favorable domestic and international factors.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
27th March, 2024
Article and News Disclaimer
The information provided on www.serrarigroup.com is for general informational purposes only. While we strive to keep the information up to date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
www.serrarigroup.com is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information on the website is provided on an "as-is" basis, with no guarantee of completeness, accuracy, timeliness, or of the results obtained from the use of this information, and without warranty of any kind, express or implied, including but not limited to warranties of performance, merchantability, and fitness for a particular purpose.
In no event will www.serrarigroup.com be liable to you or anyone else for any decision made or action taken in reliance on the information provided on the website or for any consequential, special, or similar damages, even if advised of the possibility of such damages.
The articles, news, and information presented on www.serrarigroup.com reflect the opinions of the respective authors and contributors and do not necessarily represent the views of the website or its management. Any views or opinions expressed are solely those of the individual authors and do not represent the website's views or opinions as a whole.
The content on www.serrarigroup.com may include links to external websites, which are provided for convenience and informational purposes only. We have no control over the nature, content, and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorsement of the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, www.serrarigroup.com takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
Please note that laws, regulations, and information can change rapidly, and we advise you to conduct further research and seek professional advice when necessary.
By using www.serrarigroup.com, you agree to this disclaimer and its terms. If you do not agree with this disclaimer, please do not use the website.
www.serrarigroup.com, reserves the right to update, modify, or remove any part of this disclaimer without prior notice. It is your responsibility to review this disclaimer periodically for changes.
Serrari Group 2023
