Nairobi Stock Exchange 'more than doubles in value'

Oct 29, 2010

Shares listed on the Nairobi Stock Exchange have more than doubled in value during the first nine months of 2010.

This is according to second vice-chairman of the exchange Job Kihumba, who was quoted by Bloomberg as saying this year has become known as "the year of the rights issues", given the number of "successful equity transactions" that have taken place so far. He noted around 85 billion Kenyan shillings (€759 million) was traded on the bourse in the period to September 2010, up from 38 billion shillings in the same period a year ago.

Mr Kihumba noted over half (56 per cent) of the 28 billion shillings that has been raised through rights issues since 1989 has been generated in 2010. He said the increase is largely due to the introduction of an automated trading system for bonds, which was launched in November 2009.

As of today (October 29th), the stock exchange was valued at 4,659.56 points.