Kenyan Stocks Beat African Peers in Decade of Dwindling Listings
The city skyline of Nairobi, Kenya.
Photographer: Trevor Snapp/BloombergThis article is for subscribers only.
Among sub-Saharan African stock markets, Kenya’s proved the best performer over the past decade, joined only by South Africa in producing dollar-based gains since 2010 as currency depreciation ravaged returns for investors.
Nairobi’s benchmark gauge climbed 74% since the decade opened, with Johannesburg’s benchmark up just short of 9%. The Zambian and Nigerian stock markets have retreated almost 50%. MSCI Inc.’s gauge of developing country stocks has gained 13%, while its frontier-markets index has advanced 12%.