Kenya’s main share index surged 4 per cent to a new 4-1/2 year high as investors bought into stocks on the second session of trading after the presidential election wrapped up peacefully, it was announced on Tuesday.
According to reports by Reuters, the main NSE-30 share index increased to 4,985.91 points, a number that hasn’t been reached since July 22, 2008, and is believed to have been positively affected by shares in KenGen, Kenya’s power producing giant, as well as Equity Bank, the country’s largest bank.
Kenya’s presidential elections wrapped up on Saturday and Uhuru Kenyatta was declared the winner after securing 50.07 per cent of more than 12.3 million votes cast. However, rival Raila Odinga said he would challenge the outcome in court and asked supporters to remain peaceful.
The elections took place on March 4 and tensions were high as the country’s last presidential election in 2007 erupted in tribal violence that left more than 1,200 people dead.
Kenyatta, Kenya’s most wealthy man and son of the country’s founding president, is indicted for crimes against humanity and faces trial for allegedly playing a leading role in the tribal killings that took place after the 2007 election.
Kenyatta said in his acceptance speech that he would cooperate with international institutions, but also requested the world to respect Kenya’s sovereignty.
With scores of technical issues with vote tallying and taking five days to announce the result, Odinga questioned whether the vote was fair and said there was “rampant illegality” in the electoral process, according to reports.