Nairobi — The Nairobi Stock Exchange on Friday sustained a bullish run ahead of the August 4 vote on the proposed constitution.

Unlike recent electioneering periods, the bourse has maintained a brilliant run with just two trading days to the D-day.

Market analysts are unanimous that the bourse is heavily inclined for a Yes vote and is headed for a rally after the referendum.

"The market is riding on the confidence that the referendum will go well and there after it will continue with this rally," Mr Bob Karina, managing director Faida Investments Bank told the Nation on phone.

According to market statistics, the NSE has chalked up more than 30 per cent gain on a year-to-date performance. In an apparent reading of the campaign noise, the NSE 20-share index yesterday broke the 4438.58-point mark and is poised for better run in the coming days.

On the other hand the NSE All Share Index (NASI) also inched up by 0.80 points to close at 97.74 points. The day saw 23 million shares trade compared to the previous days 17.9 million.

This has also been reflected in certain counters that are bellweather of the bourse's performance. In the last five days of trading, counters like Standard Chartered Bank have achieved a near three-year high in share price. The stock hit Sh257, an all-time high since January 2007.

"The feeling is also that some stocks are currently undervalued and after August 4, there will be change so they are holding on for that. There will be no turning back," explained Mr Karina.

On the other hand, Athi River Mining traded at its highest, for the first time clocking Sh158. Similarly tobacco manufacturing firm British American Tobacco (BAT) Kenya registered a new high of Sh250.

Considered a high political risk country, a peaceful conclusion of the vote will in turn be a blessing to the bourse. This is expected to result in a floodgate of foreign investments seeking to cash in on the post-referendum economic prospects.