Investors at the Nairobi Securities Exchange (NSE) have gained Sh264.5 billion over the past month, cutting the coronavirus-driven losses amid an economic shock that towers over the financial crisis a decade ago.
Kenya’s private sector activity plunged in March to its lowest level since November 2017 as the global coronavirus pandemic hit consumer demand and forced businesses to shed jobs and cut back on their operations.
Investors at the Nairobi Securities Exchange (NSE) have gained Sh264.5 billion over the past month, cutting the coronavirus-driven losses amid an economic shock that towers over the financial crisis a decade ago.
The Nairobi bourse notched up healthy gains in recent days as investors sought to buy stocks at a bargain, hoping for outsized capital gains when the stock market recovers.
The value of all the stocks on the Nairobi bourse stood at Sh2.265 trillion Wednesday compared to Sh2 trillion in April, but remains below the Sh2.6 trillion peak of January 10.
Kenya’s private sector activity plunged in March to its lowest level since November 2017 as the global coronavirus pandemic hit consumer demand and forced businesses to shed jobs and cut back on their operations.
The Market Stanbic Bank Kenya Purchasing Managers’ Index (PMI)—which tracks business performance in the manufacturing and services sector-- fell to 34.8 in April from 37.5 in March from 49.0 in February.
The International Monetary Fund (IMF) executive board on Wednesday approved Sh78.4 billion ($739 million) in emergency financing to help Kenya respond to the sudden economic shock caused by the Covid-19 pandemic.
“Emergency financing under the Rapid Credit Facility (RCF) will deliver liquidity support to help Kenya cover its balance of payments gap this year," said IMF deputy managing director Tao Zhang in a statement.
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