NSE resumes trading, urges calm in face of pandemic

The Nairobi Securities Exchange (NSE) Monday morning resumed normal trading following the trading halt imposed on Friday after Kenya reported its first Coronavirus case.

The NSE 20 share benchmark Index opened at 2128.45 representing a 0.175% increase above Friday’s close.

Geoffrey Odundo, the Chief Executive of NSE has reassured of the Exchange’s commitment to its stakeholders to continuously inform the market and to maintain stability in the market as per the set trading rules.

“The market is open and we will continue to update the public on any new developments. We are hopeful that the market will stabilize but we continue to monitor and will advise the public on any developments. I urge investors not to panic and take advantage of these unprecedented stock discounts.” He said.

Kenya has so far reported three Coronavirus cases prompting the government to close down schools, public gathering and encourage working from home.

Global stock markets have sunk despite central banks around the world announcing a co-ordinated effort to ease the effects of the coronavirus.

London’s FTSE 100 share index fell more than 7% in early trade. Earlier, markets in Asia closed sharply lower.

In other developments on Monday:

  • The Bank of Japan eased monetary policy by pledging to buy risky assets at double the current pace and announced a new loan programme to extend one-year, zero-rate loans to financial institutions
  • Shares in Australia recorded their biggest daily percentage fall on record, as the benchmark ASX 200 index dropped 9.7%
  • The Reserve Bank of Australia said it “stands ready” to pump more money into the country’s financial system
  • New Zealand’s central bank lowered interest rates by 75 basis points as it prepared for a “significant” hit to the economy.
  • Oil prices fell again, with Brent crude down more than 7% to $31.42 a barrel

 

  

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