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Equity Group Reclaims Its Position As Most Traded, Accounts For 46% Of Turnover

BY Soko Directory Team · August 11, 2023 07:08 pm

KEY POINTS

StanChart closed lower for the second consecutive session, edging 0.2% to KES 164.75 while Diamond Trust Bank ticked up 0.9%, making it the highest gainer among the top movers. KCB retreated for the fourth consecutive session, edging 0.3% lower to KES 28.90.

Equity Group reclaimed its position as the most traded counter, accounting for 46.7% of turnover, followed by Safaricom at 36.6%.

Safaricom was the largest loser among the top movers, sustaining its seven-session bear run, losing 0.6% to KES 16.05 as it continues to trade ex-dividend.

StanChart closed lower for the second consecutive session, edging 0.2% to KES 164.75 while Diamond Trust Bank ticked up 0.9%, making it the highest gainer among the top movers. KCB retreated for the fourth consecutive session, edging 0.3% lower to KES 28.90.

The Nairobi Coffee Exchange (NCE) has tapped the Co-operative Bank of Kenya to provide a settlement platform on which trading will be conducted.

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The lender will offer the Direct Settlement System (DSS) technology that facilitates payment of coffee growers’ proceeds as well as the recovery of other commitments the producer owes service providers within two days.

Co-op Bank, which is majority-owned by the cooperative societies, has strong ties to the agricultural sector. This move should boost the lender’s non-funded income when it goes live.

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The banking sector regulator has set a new cap to guide how banks lend to one another to soften the pain for small ones experiencing liquidity shortfalls.

The setting of an interest corridor around which interbank lending rates must fall at no more than 2.5% above the Central Bank Rate (CBR) will control interest rates charged by banks while improving the translation of Monetary Policy Committee decisions. Recently, interbank rates have stood north of 17% while the CBR stood at 10.5%.

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Soko Directory is a Financial and Markets digital portal that tracks brands, listed firms on the NSE, SMEs and trend setters in the markets eco-system. Find us on Facebook: facebook.com/SokoDirectory and on Twitter: twitter.com/SokoDirectory

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