Rout at the stock market hits Kenyan billionaires

Top investors at the Nairobi Securities Exchange (NSE) including Equity Bank boss James Mwangi and Co-operative Bank’s Gideon Muriuki have posted multi-billion shillings paper wealth losses as the market shed over Sh500 billion in seven months.

The top investors have taken a hit from their large holdings in insurers, banks, manufacturers and other blue-chip companies, which have seen a sustained decline in share prices on a mix of factors, including interest rate hikes in the developed world and the Russian invasion of Ukraine.