Kenyan main share index hits record high

NAIROBI – The main share index for Kenya’s Nairobi Stock Exchange (NSE) hit an all-time high yesterday, closing at 5 061,77 points, a report by the bourse showed.

The highest level the NSE 20 share index had hit before was 5 030 points on February 18 1994. “The stock market has been bullish for the last three years because the economy has been doing well,” Mohammed Hassan, executive director at Dyer and Blair Investment Bank, said.”Earnings have been great across the board and the market believes that these earnings are sustainable going forward.That is what has been causing the bull run.”Recent activity has been boosted by the initial public share offerings of the Kenya Electricity Generating Company (KenGen) and advertising firm Scan Group, with both offerings oversubscribed.Nampa-Reuters”The stock market has been bullish for the last three years because the economy has been doing well,” Mohammed Hassan, executive director at Dyer and Blair Investment Bank, said.”Earnings have been great across the board and the market believes that these earnings are sustainable going forward.That is what has been causing the bull run.”Recent activity has been boosted by the initial public share offerings of the Kenya Electricity Generating Company (KenGen) and advertising firm Scan Group, with both offerings oversubscribed.Nampa-Reuters