Kenyan Stock Market Crashes After Supreme Court Nullifies Presidential Election
Trading was briefly halted at the Nairobi Securities Exchange after counters crashed following the Supreme Court's ruling on the Presidential election petition.
Over KSh50 Billion is reported to have been lost in less than 10 minutes, with Kenya Power and Kengen among the biggest losers.
A 9.71% plunge was almost immediate, coming within moments of the landmark ruling. The shilling has also weakened by 0.44% against the dollar.
The Nairobi Securities Exchange did not react well to the news as it signalled the start of a period of political uncertainty in the country.
Kenya's biggest broker, Exotix Capital reported: "In the short term, we are likely to see the markets weakening as political tension resumes over the next two months."
Despite trading having resumed, most listed companies at the NSE are down.
Campaign engines are about to be revved up yet again as Kenyans head back to the polls in 60 days.
The market had reacted favourably following Kenyatta’s August 8th Re-election, with the security and economic situation remaining stable.
Kenya’s Supreme Court has become the first court in Africa and third in the world to nullify a presidential election.
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