NAIROBI, Kenya Nov 21 – Kenya’s money market gained marginally after the Supreme Court upheld President Uhuru Kenyatta’s win in the second presidential election.
Commercial Bank of Africa Treasury said the shilling gained 20 cents immediately after the announcement of the ruling.
“Going forward, we see range-bound trading as traders dig deeper to the Supreme Court ruling,” CBA Treasury said.
The Nairobi Securities Exchange, on the other hand, gained 1.4 percent on Monday, highest level since September 22 while the yield on the Eurobond due in June 2024 fell 0.2 percent to 6.03 percent.
Total investor wealth rose by 25 billion, the highest single-day rise since may 2017.
President-Elect Uhuru Kenyatta is set to be sworn in on Tuesday.
On September 1, the Supreme court rendered a historical ruling in which it invalidated the initial August 8 presidential election – a first of its kind on the African continent – that was won by President Kenyatta following a petition filed by Kenyatta’s main challenger Raila Odinga and his running mate Kalonzo Musyoka.