NSE shares jump as investors ignore Kenya’s political noise

Traders at the Nairobi Securities Exchange (PHOTO: FILE)

NAIROBI, KENYA: Kenyan shares headed higher on Tuesday as investors welcomed the conclusion of a repeat presidential election whose results were declared the previous day.

On Monday, President Uhuru Kenyatta was declared winner of the election, which was boycotted by the main opposition leader Raila Odinga, after winning 98 percent of the votes cast to secure a second vote.

The benchmark index of the top 20 firms, the NSE-20, jumped 1.49 percent to close at 3729.62 points while the broader all share index, NASI, also rose 1.17 percent to close at 161.99 points, data from the bourse showed.

"It was broad based buying. Investors are discounting the political noise and the interference and we still have more way to go," said Aly Khan Satchu, an independent trader and analyst.

The Supreme Court nullified the initial August 8 presidential election on September 1 on procedural irregularities and ordered the repeat poll, sending Kenyan shares lower.

In the currency market the shilling closed at 103.70/90, barely moved from Monday's close of 103.60/80.