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OVERVIEW OF NAIROBI SECURITIES EXCHANGE

 
  • The Nairobi Securities Exchange comprises approximately 55 listed companies with a daily trading volume of over USD 5 million and a total market capitalization of approximately USD 15 billion . (See Sample Weekly Commentary to the left)

  • Aside from equities, Government and corporate bonds are also traded on the Nairobi Securities Exchange. Automated bond trading started in November 2009 with the KES 25 billion KenGen bond. Average bond daily trading is USD 60m.

  • Trading hours are from 09:00 to 15:00. Delivery and settlement is done scripless via an electronic Central Depository System (CDS) which was installed in 2005. Settlement is T+3, on a delivery-vs-payment basis. The daily price movement for any security in a single trading session shall not be more than 10% except during major corporate announcements.

  • The Nairobi Securities Exchange in 2006 introduced an Automated Trading System (ATS) which ensures that orders are matched automatically and are executed on a first come/first serve basis. The ATS has now been linked to the Central Bank of Kenya and the CDS thereby allowing electronic trading of Government bonds.

  • Short selling and same day turn-around trades are not permitted.

  • Aggregate foreign ownership limit of NSE listed companies is 75%. Almost all NSE listed companies are open to additional foreign investment, including multinational subsidiaries.

  • There are no foreign exchange controls in Kenya and also no capital gains tax. Dividend withholding tax for foreigners is a final 10%.

  • More information on the Nairobi Securities Exchange and the Capital Markets Authority rules and regulations may be obtained from their websites which are indicated under Useful Links to the left.

  • To view or download the Nairobi Securities Exchange Daily Price List, click on the Nairobi Securities Exchange website www.nse.co.ke

  • Live daily stock quotes can be obtained from Bloomberg and Reuters.

 
     
 
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