It was not until 1954 that the Nairobi Stock Exchange (now Nairobi Securities Exchange) was formally registered. As Uhuru (independence) beckoned and anti-colonial sentiment hit a fever pitch, the Kenyan stock market suffered its first free fall. By this time, Asians dominated the Nairobi Stock Exchange as the largest number of investors followed by Europeans, while Africans trailed far behind. “In some areas (of financial liberalisation), we’ve gone too far too fast,” said Ngumi, who was then a partner at Loita Asset Management. Players would, however, note how the Kenyan financial markets were ridden with imperfections.

Source: Standard Digital July 26, 2021 21:00 UTC