Stocks: NSE Soars To Unprecedented High

The Nairobi Stock Exchange yesterday leapt to an all time high of 5,061, confirming our upbeat view of Kenyan equities and reflecting the robust fundamentals of the economy. The previous peak of 5,030 was reached back in 1994. We forecast real GDP growth of 5.1% this year, slightly down from the 5.8% in 2005, but nevertheless a display of resilience against the backdrop of the severe drought earlier this year (which knocked heavily on the important agricultural sector). On the domestic scene the upthrust has been bolstered by the recent initial public offerings (IPO) of

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