October 31, 2019 / 7:54 AM / 14 days ago

Kenyan bank shares extend gains on hopes rate cap will be lifted

NAIROBI, Oct 31 (Reuters) - Kenyan bank shares rose in early trading on Thursday, Refinitiv data showed, extending their gains for a second day after news that parliament has inched closer to lifting a cap on commercial interest rates.

Barclays Kenya jumped 7% to trade at 12.60 shillings ($0.1223) per share while Equity was up 6.6% at 43.15 shillings per share, the data showed. Other banking stocks were also up.

Parliament’s finance committee said in a report on Tuesday that lawmakers should lift the cap, after President Uhuru Kenyatta refused to sign the government’s budget for this fiscal year until the house removes the cap.

$1 = 103.0600 Kenyan shillings Reporting by Duncan Miriri Editing by Omar Mohammed

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