March 15, 2019 / 9:29 AM / 6 months ago

Kenya bank shares up a day after court declares interest rate caps null

NAIROBI, March 15 (Reuters) - Kenyan banks’ share prices rose on the Nairobi Securities Exchange on Friday, a day after a court ruling declared interest rate caps null and gave parliament 12 months to review them, traders said.

Cooperative Bank was up 7.3 percent at 15.50 shillings, while KCB Group was up 2.8 percent at 44.50 shillings and Equity Group up 2.5 percent at 43.00 shillings, as at 0920 GMT.

“The market has taken the ruling positively. Almost all of the banking stocks are up. Basically they are expecting that the rate cap will be repealed, so that is positive in terms of earnings for banks,” Sarah Wanga, head of research at AIB Capital, said. (Reporting by George Obulutsa; Editing by Mark Potter)

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