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Kenya

NSE resumes trading after two-day election break with stocks holding steady

NAIROBI, Kenya, Oct 27 – The Nairobi Securities Exchange has opened trading a day after a repeat of the presidential election with most stocks holding steady.

NSE Chief Executive Geoffrey Odundo says domestic institutions and foreign investors have continued to show interest in the market.

“A lot of investors are still waiting how matters will progress on the political front but this is a stark difference from the September 1 where the market went down immediately after the ruling,” says Odundo.

The market reportedly lost over Sh100 billion in paper value after the Supreme Court canceled the presidential election results and ordered IEBC to conduct a fresh one in 90 days, which the commission organised to be held on 26 October.

Odundo, however, says that if the political risk heightens, investors are likely to hold back making crucial decisions.

The shilling, in the meantime, gained marginally trading at 103.60 against 103.80 to the dollar due to inflows from corporate and NGOs amidst little demand for foreign currency locally.

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