Business highlights – November 8, 2017

Business highlights – November 8, 2017

Economy loses Ksh130 billion to prolonged elections

Losses from the prolonged electioneering period in Kenya has hit Ksh130 billion and estimated at 1% of Gross Domestic Product Treasury has said.Treasury Cabinet Secretary Henry Rotich says the losses have seen the government revise its economic growth prospects to 5.1 percent in 2017.

High Court reinstates Kenya Airways Finance Director

The High court has reinstated former Kenya Airways Finance Director Alex Mbugua to his previous position after a legal battle with the airline. Employment and Labour Relations Justice Monica Mbaru has found Kenya Airways failed to prove Mbugua’s culpability in the financial loss of the national carrier which at the time of his sacking had hit a record Ksh26 billion.

NSE investor sentiment high as stock brokers remain cautious

Foreign Investor’s net outflow hit Ksh10.9 billion in the third quarter of 2017 representing an 84 percent increase compared to Sh5.9 billion same period last year. Analysts at Cytonn Investments say political and economic risks on frontier markets still remains a risk and foreign investors are still adopting a wait-and-see approach due to this. However, the analysts expect long-term investors to enter the market seeking to take advantage of the attractive valuations. Cytonn reports that investor sentiment has been high, with foreign investors entering the market in search of attractive valuations, amid a relatively peaceful election period.

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