This archive report was first published on 4 November 2019.
On Monday, the Nairobi Securities Exchange (NSE) saw a strong performance from the banking sector, accounting for 66.97% of the Ksh624 million traded value.
Co-operative Bank led the charge, moving 10.9 million shares valued at Ksh171.9 million between Ksh14.75 and Ksh16.00.
However, KCB Group and Equity Group Holdings saw declines of 8.92% and 8.97% respectively, with KCB Group moving 3.1 million shares valued at Ksh161 million and Equity Group Holdings declining to Ksh49.65.
On the other hand, Safaricom was the day's main mover, with 8.5 million shares valued at Ksh259 million changing hands at between Ksh29.80 and Ksh30.60, representing 27.82% of the day's traded value.
Published on November 4, 2019, President Kenyatta returned the Finance Bill, 2019 to parliament, recommending that MPs remove the rate cap provision, stating that the law had had a negative impact on the economy.
The law, passed in 2016, caps interest loans at 4 points above the Central Bank of Kenya (CBK) base lending rate, resulting in banks lending to low-risk business entities and shunning Small and Medium Enterprises (SMEs).
