NAIROBI, Kenya, Sept 1 – The Nairobi Securities Exchange temporarily suspended trading for 30 minutes between 12:30 to 1 pm.
A statement posted by NSE’s official Twitter account states that trading halted in line with rules that dictate a break in activity if NSE 20 Share Index performance decreases by over 5 percent.
Stocks, especially financials, have been in a free fall immediately after the Supreme Court nullified the presidential election results.
Soon after trading resumed at 1 pm, 39 stocks traded on a lower position as three – C&G, Williamson Tea, and Kakuzi – retained gains as of 3 pm. Nine remained unchanged.
Equity, KPLC and TP Serena were net losers at the same hour.
Meanwhile, the shilling is currently trading at 103.00 buying against 103.50 selling against the dollar, compared to 102.71 – 102.90 yesterday.
CBA’s Treasury Department says the shilling slightly weakened against the dollar after the Supreme Court invalidated presidential results income which ignited volatility across local markets.
“Looking ahead we expect the shilling to remain under pressure as political uncertainty returns to the markets.”