People in the Nairobi market exchange are reaping benefits after a good turnover equities following the General elections state. The Kenya's stock market has registered an 8% increment on the daily turnout.
Wealthy stock market investors are reaping the benefits of a strong rebound in equities trading that followed last week’s General Election, adding billions to their net worth.
The Nairobi bourse’s billionaire investors such as Baloobhai Patel, Equity Bank’s chief executive officer, James Mwangi, Equity founder Peter Munga, Co-op Bank CEO Gideon Muriuki, Jimnah Mbaru of Britam, Centum’s Chris Kirubi and the Ndegwa family, who own a large fraction of NIC Bank, had taken a big hit in the months leading to the August 8 polls when activity at the NSE sunk to an eight-year low.
But the market has slowly rebounded in the past six months, peaking with last week’s surge that has pushed the key NSE 20 share index to a 16-month high of 4,045 points, from 2,789 points in January, significantly changing the fortunes of the big investors. The latest market reports show that high-net-worth investors largely held on to their stakes throughout the NSE’s two-year bear run, avoiding the panic selling common with retail investors.
Local retail and institutional investors have taken a bullish stance post the elections departing from a two-year trend during which they left the trading floor to foreigners. Overall, the investor wealth at the bourse rose Kes 677 billion to Kes 2.43 trillion in the past six months.
People have been encouraged to invest in the stock market as a long term investment that may turn to be profitable than saving in banks or in SACCOs. Investors have taken the stock market by storm.
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