Markets gain Sh103b after Supreme Court verdict
By John Otini, September 7, 2022The value of listed companies on the Nairobi Securities Exchange (NSE) was up by Sh103 billion yesterday after President Uhuru affirmed his commitment to a peaceful transition of power.
Market capitalisation rose from Sh2.192 trillion on Monday to Sh2.295 trillion, a record intra-day recovery never seen in the recent past. Total deals transacted surged by more than 30 per cent to 1,604 compared to 1,158 on Monday showing increased activities.
The number of shares traded, however, dropped from 19 million on Monday to 14 million shares yesterday showing the quality of shares traded.
“Foreign investors assumed a net selling position by accounting for 10 per cent of the total market purchases and 21 per cent of the total sales,” said Dyer and Blair Investment Bank. President Kenyatta said that he will oversee a smooth transition to the next administration. “All the necessary orders to facilitate this process have already been issued,” he said. Safaricom was the most traded stock alongside NCBA and KCB Bank while the highest gainer was Uchumi, Britam and Safaricom.