NAIROBI, Kenya April 23 – The Nairobi Stock Exchange (NSE) has sent its heartfelt condolences to the friends and family of Mwai Kibaki, who served as the third President of Kenya from December 2002 to April 2013.
NSE Board Chairman Kiprono Kittony noted that Kibaki’s contributions as Finance Minister, Vice President and then President, saw the steady growth of Kenya’s economy, fueled by a boom raw materials, industrial growth, improved infrastructure, and the fiscal and monetary policies that were the mainstay of his economic philosophy.
During his tenure as Chairman, NSE’s market capitalization grew by a remarkable 504%.
“With the substantial support of its government, the Exchange has gone through several important milestones, including; automation of clearing and settlement of shares traded in Kenya’s capital markets, implementation of live trading of shares on its own automated system, increase in trading hours of the Stock Exchange to six hours current ones,” Kittony said in a statement.
Others include the automation of government bond trading, the launch of the FTSE NSE Kenya 15 and FTSE NSE Kenya 25 indices, the launch of the FTSE NSE Kenyan Shilling Government Bond Index and the creation of the market segment for Growth Enterprises (GEMS), which gave small and medium enterprises an excellent opportunity to access capital markets.
In addition, capital markets have seen significant growth on the listing side, such as East Africa’s largest initial public offering by Safaricom, as well as KenGen and Kenya Re, among other blue chip companies, highlighting its privatization policy.
“Kenyan capital markets will forever appreciate his commitment to economic reforms and particularly the development of the retail segment, in addition to his rallying call for Kenyans, especially the emerging middle class, to invest. in the stock market,” Kittony said.