Nairobi Securities Exchange. [Photo/businessdaily]
All share index slipped 1.24 per cent while the blue-chip index fell 1.14 per cent after opposition leader Raila Odinga pulled out of a repeat presidential election set for October 26, traders have said.Odinga, said the repeat poll should be canceled and a fresh election started after the election board has carried out reforms.Ken Minjire, the head of securities at Genghis Capital in Nairobi said,“There was cautious optimism but now political risk has risen considerably overnight driven by the opposition candidate’s withdrawal.” Since the end of last month, the all-share index has lost about 10 percent.“There is actually no optimism. Most investors are very cautious at this time,” Minjire said.After Odinga’s withdrawal, it is unclear whether repeat elections will be held on October 26 or not.A court ruling on Wednesday said other candidates, none of whom polled more than one percent, could also be on the ballot, potentially giving Kenyatta someone to run against other than Odinga.