News Formal

Kenya’s Stock Market Becomes World’s Worst Performer

  • 📰 BNNBloomberg
  • ⏱ Reading Time:
  • 41 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 20%
  • Publisher: 50%

Sverige Nyheter Nyheter

Sverige Senaste nytt,Sverige Rubriker

Kenyan stocks are extending a selloff that’s taken the country’s benchmark index to the steepest losses in the world.

The NSE’s all-share index posted the fourth consecutive quarter of decline in September, the longest stretch since 2017. KCB Group Plc, Kenya’s biggest bank by assets, capped the biggest losses, losing almost 30% during the quarter.

Bad loans at the bank have hurt investor confidence. Kenya’s debt burden has also become a focal point for investors as the country faces skyrocketing energy and food import bills, as well as low foreign-exchange reserves. So far this year, Kenya’s stock benchmark has lost a quarter of its value, marking the worst performance among country indexes tracked by Bloomberg.

“We expect the equities market to take a hit especially given the rising interest rates environment that we’re in, said Wesley Manambo, a senior associate for research at Nairobi-based Standard Investment Bank Ltd. “We just expect to see net outflows.”Laurentian Bank says Éric Provost has been appointed president and chief executive, following a computer outage at the bank last week.Rogers Communications Inc.

 

Tack för din kommentar. Din kommentar kommer att publiceras efter att ha granskats.
Vi har sammanfattat den här nyheten så att du kan läsa den snabbt. Om du är intresserad av nyheterna kan du läsa hela texten här. Läs mer:

 /  🏆 83. in SE

Sverige Senaste nytt, Sverige Rubriker

Similar News:Du kan också läsa nyheter som liknar den här som vi har samlat in från andra nyhetskällor.

US futures steady after lawmakers avert shutdown: Stock market news todayStocks lost hold of earlier premarket gains as investors weighed what the deal to avert shutdown means.
Källa: YahooFinanceCA - 🏆 47. / 63 Läs mer »

So the government didn't shut down (yet) — what does that mean for the stock market?We will likely see a groundswell of Wall Street chatter on how the ongoing debt ceiling drama is slowly eroding confidence in the country.
Källa: YahooFinanceCA - 🏆 47. / 63 Läs mer »

Stock market today: US futures modestly lower after Congress narrowly averts a government shutdownWall Street pointed modestly lower early Monday after Congress narrowly averted a U.S. government shutdown with a last-minute, weekend compromise.
Källa: CP24 - 🏆 30. / 67 Läs mer »

Stock market today: U.S. futures modestly lower after Congress narrowly averts a government shutdownWall Street pointed modestly lower early Monday after Congress narrowly averted a U.S. government shutdown with a last-minute, weekend compromise.
Källa: CTVNews - 🏆 1. / 99 Läs mer »

U.S. stock market’s powerhouses tested by soaring bond yieldsSome investors say the megacaps could be vulnerable if climbing bond yields keep pressuring stocks
Källa: globeandmail - 🏆 5. / 92 Läs mer »