Kenyan stocks have just posted their strongest-ever July performance, driven by a rally in the main index’s biggest company. Downside risks now loom large for the Nairobi market, however, as investors brace for next week’s general election.
The Nairobi Securities Exchange All-Share Index jumped 15%, the most in any July since the gauge was introduced in 2008. That was also the strongest rally among 155 benchmarks in Europe, the Middle East and Africa tracked by Bloomberg. Safaricom Plc, which accounts for more than half of the main index, soared 20%, the most since November 2009, thanks to bargain hunting among local investors as foreigners withdrew from the market.