As protests rattled Kenya’s streets in recent weeks, concerns over economic fallout grew. But inside the country’s stock market, a different picture was quietly unfolding.
Frank Mwiti, the Chief Executive of the Nairobi Securities Exchange (NSE), says investor confidence remained steady, with some segments of the market even gaining momentum during the political turbulence.
“Actually, the NSE has thrived despite some of the activity that have been happening in our country in the recent past,” Mwiti said during an interview with a local radio station.
According to him, rather than fleeing the market, investors — particularly local ones — became more active.
“Interestingly, we have seen more local participation in our exchange and secondly, we have not seen foreign investors pulling back instead what we have seen is foreign investors I guess looking at the fundamentals of the economy whether they are still strong, whether entities that listed on the exchange are doing business that are reassuring,” he added.
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His remarks follow nationwide demonstrations led by youth groups on Saba Saba Day.
The protests, driven by calls for political and economic reforms, caused widespread anxiety.
.Business districts in Nairobi and several towns temporarily shut down, with shop owners, landlords and small traders closing doors to avoid potential looting. In several instances, violent clashes broke out between police and demonstrators.
Now, with the demonstrations subsiding and streets returning to routine, commercial activity has begun to stabilise, offering a sigh of relief to thousands of entrepreneurs affected by the unrest.
Yet even as the country navigated through the wave of demonstrations, the stock exchange maintained its footing.
Mwiti sees this as a chance to connect more with younger Kenyans — a demographic he says is crucial to the market’s future.
“If investors do not see stability, policy certainties and rule of law then that can impact the market just like any other institution but more importantly is the young people we are keen to attract and retain in our markets and so to the extent young people are keen to see changes,” he stated.
With business slowly returning to normal and the bourse reporting stronger-than-expected investor activity, the NSE now appears focused on channelling that momentum into long-term growth — with young people at the centre of its strategy.
