NAIROBI, Kenya, Apr 13 – The Nairobi Stock Exchange (NSE) hit a historic Sh1 trillion market capitalisation mark during trading on Monday, recording 20 percent jump.
NSE Chief Executive Peter Mwangi said the market’s worth had jumped from Sh837.127 million recorded at the beginning of 2010.
During Monday’s session, he said, Commercial and Services Sector moved 13.6 million shares, Financials saw 2.5 million shares traded and Industrial and Allied Sector moved 924,000 shares. These trades accounted for 79.49 percent, 14.72 percent and 5.39 percent of the day’s traded volume respectively.
Mr Mwangi attributed the improvement to robust earnings posted by a majority of the listed companies at the stock exchange.
The first quarter of 2010 has witnessed remarkable resurgence in equity markets. The NSE 20 Share Index is up 24.89 percent to 4,072.93 points as at the end of March.
This latest figures are compared to 3,261.17 points at the beginning of January.
The NSE All Share Index (NASI) is up 17.44 percent to 84.43 points at the end of March, compared to 71.89 points at the start of 2010. Market capitalisation is also up 17.44 percent to stand at Sh983.117 billion.
The NSE is currently ranked the fifth equity market in Africa, based on equity market capitalisation, behind South Africa, Morocco, Egypt and Nigeria in descending order.
In comparison to the Top five equity markets in Africa, for Quarter 1 of 2010, the NSE has recorded the largest gains as measured by the respective indices.
“For quarter 1 2010, the NSE is therefore the best performing top ranked equity market in Africa,” Mr Mwangi said in a statement adding there has also been an increase in business confidence with the return of local investors to the market, both institutional and retail.