Tuesday, September 6, 2022 – The Nairobi Stock Exchange has gained Sh 42 billion, 24 hours after the Supreme Court upheld President-Elect William Ruto’s victory.
The Supreme Court on Monday dismissed a petition lodged by Azimio One Kenya Alliance presidential candidate, Raila Odinga and stated that Ruto was validly elected during the August 9th poll.
According to data from NSE, Market capitalization jumped to Sh2.192 trillion from Friday’s close of Sh2.15 trillion while Kenya’s Eurobond yields trended lower from 15.1 percent on Friday to 13.84 percent on the 10-year 2024 bond.
This was despite a US Labour day holiday that meant thin volumes, pointing to confidence in the markets that may allow companies to loosen their purse strings and put back money into the economy as economic uncertainties clear.
In 2017, Kenya’s stock market crashed following the Supreme Court’s decision to annul President Uhuru Kenyatta‘s victory since investors were worried that the move would hurt investments.
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