June 15, 2019

NSE loses sh50 billion in 10 minutes after Supreme Court ruling

The Nairobi Security Exchange (NSE) was forced to halt trading on Friday after Supreme Court ruling that nullified President Uhuru Kenyatta’s victory.

There was a severe crash on its counters and in less than 10 minutes after the ruling, sh50 billion was lost.

On Friday, Kenya’s shilling weakened 0.44 per cent against the dollar.

According to the Star, “commercial banks quoted the shilling at 103.20/40 per dollar, compared with 102.75/95 at Thursday’s close.”

There is looming fear that volatility of the shilling may scare of international investors and further put it under pressure.

Four Supreme Court Judges ruled that the election was flawed and thus, should be repeated.

“Presidential election was not conducted in accordance with the Constitution. The results are null and void,” said the Chief Justice David Maraga.

However, Justices Njoki Ndungu and Jackton Ojwang differed with the four Judges.

They said NASA did not provide compelling evidence that the election was rigged.

Justice Maraga ruled fresh elections must be held within 60 days.

Responding to the verdict, NASA Presidential Candidate Raila Odinga said it is a major victory for Kenyans.

“For the first time, a ruling has been made by court nullifying the elections. I want to thank the judges for doing this for posterity of people of Kenya,” said he.

However, President Uhuru Kenyatta dissented the ruling but said he is ready for fresh polls.

He also said he respects the decision of the Supreme Court.

By Pharis Kinyua. He’s an online Journalist and an author for Jamhuri News

 

 

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