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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