Markets Gain Ksh42bn After Supreme Court Upholds William Ruto’s Victory

Investors gained Ksh42.1 billion in paper wealth in the highest daily gain at the Nairobi Securities Exchange (NSE) in three weeks as markets welcomed the Supreme Court ruling upholding the win by Deputy President William Ruto as the fifth president of the Republic of Kenya.

Market capitalization jumped to Ksh2.192 trillion from Friday’s close of Ksh2.15 trillion while Kenya’s Eurobond yields trended lower from 15.1 per cent on Friday to 13.84 per cent on the 10-year 2024 bond.

In 2017, Kenya’s stock market crashed following the Supreme Court’s decision to annul the 2017 presidential election results and investors were worried that a similar verdict would hurt investments.

Businesses welcomed the ruling, which is expected to lift the economic stasis that has slowed activity in the country since the August 8 General election over the uncertainty of the court outcome.

East Africa’s biggest economy, which has a history of disputed polls weighing heavily on the economy, has demonstrated political maturity and fidelity to the rule of law that is set to boost investor confidence.

Focus economic analysts estimated the country might dodge historical polls hangover to record a five per cent growth, the highest in an election year since the return of the multi-party-political system more than 30 years ago.

Expansion in Kenya’s economic activity has a history of slowing down in election years since the return of multi-party democracy.

The Supreme Court on Monday upheld the election of President-elect Ruto dismissing seven petitions challenging his victory in the August 9 General Election.