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US rate hike threat pushes Nairobi bourse to 6-year low
NSE CEO Geoffrey Odundo with the red jacket traders during the bell-ringing ceremony to mark the launch of the Enhanced Nairobi Securities Exchange Marketplace on October 11, 2022. PHOTO | DIANA NGILA | NMG
Investor wealth at Nairobi Securities Exchange (NSE) on Monday plunged to a six-year low after signals of a rate hike in the US prompted foreign investors to sell off blue chip stocks of Safaricom, East Africa Breweries Limited (EABL) and banks.
Market capitalisation—the value of stocks at the Nairobi bourse—dipped to Sh1.79 trillion, the lowest since March 2017.
