NSE tumbles to shed Ksh.92 billion on Russia, Ukraine tension

NSE tumbles to shed Ksh.92 billion on Russia, Ukraine tension

The investor jitter fueled by the ongoing Russian invasion of Ukraine has resulted to the Nairobi Securities Exchange (NSE) losing Ksh.92 billion.

Investors saw the removal of Ksh.92 billion from the bourse, falling to Ksh.2.454 trillion from Ksh.2.546 trillion in the world market at the end of Thursday’s close.

Nairobi All Share Index (NASI) dropped by 3.62 percent and the NSE 20 index also declined to 1.6 percent.

Intra-day trade has seen foreign investors being net sellers, with a net outflow of Ksh.22.2 billion.

The NSE’s principal stock, Safaricom, also saw its price fall by 5.6 percent, representing Ksh.34.55 per share as a result the volatile market.

The volatility of the market has also led to the fall of other key stock companies such as NASDAQ futures and the S&P 500 which has gone down by more than two percent before the trade took place on Thursday.

However, as stock prices fell, commodities prices have been on the rise, with Brent crude oil, a global benchmark, breaking beyond the Ksh.11,400 level for the first time since 2014.

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