Theresa May’s goodies to boost Kenya’s Nairobi Securities Exchange

NAIROBI, KENYA, AUGUST 28 ― The Nairobi Securities Exchange (NSE) is set for a major boost as officials from the London Stock Exchange (LSE) jet into the country for talks on a working partnership with East Africa’s leading bourse.

LSE officials are part of the business contingent expected to accompany British Prime Minister Theresa May during her visit to Kenya. Looking for One and Only? Ad Spend Your Summer With Charming
Women UkrainianCharm Try now PM May will be making her maiden call to Kenya this week, (Thursday 30) as part of her African itinerary which will include stops in South Africa and Nigeria.

The LSE officials are expected to hold talks with their Nairobi counterparts on underlying opportunities in both country’s markets, and a possible tapping formula.

This includes dual-listing at the LSE and NSE by key publicly traded companies, a move that could boost Nairobi bourse which has continued to record growth in market capitalization with increased foreign investor activities.

According to NSE Chief Executive Geoffrey Odundo, LSE is also keen to support Kenya’s securities market in refining its regulatory framework, build capacity and offer technical advice on deepening the country’s capital markets. Looking for One and Only? Ad Spend Your Summer With Charming
Women UkrainianCharm Try now This comes as the National Oil Corporation of Kenya (Nock) is angling itself to pioneer a dual-listing locally, which will see it’s shares trade both at the NSE and the LSE.

During his visit to the UK in April, President Uhuru Kenyatta told UK investors that Nock will be listing at the London Stock Exchange next year.

The listing at the two markets by Nock targets to raise about $1 billion in an initial public offer, which will be through the sale of shares.

The capital is planned for investments locally, which includes buying of a stake of up to35 per cent in two oil blocks at the Lokichar Basin in Turkana.

A partnership with the LSE will be a catalyst for the Nairobi Securities Exchange’s continued growth, which closed the half-year 2018 on a 16 per cent gain in capitalization. Looking for One and Only? Ad Spend Your Summer With Charming
Women UkrainianCharm Try now Latest NSE data show market capitalization increased for the year to June grew to Ksh2.58 Trillion up from Ksh2.22 Trillion in a similar period last year.
“Market performance was buoyant in the period under review with equity and bonds turnover edging up […]

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