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Kenya approves first locally domiciled ETF as bank stocks rally
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TechCabal
The WSA Banking exchange-traded fund (ETF) will hold shares in banks listed on the Nairobi Securities Exchange (NSE).
The launch comes as Kenyan bank stocks lead a strong rally in the country’s equities market, with the NSE Banking Index up 30.9% this year through July.
The new ETF allows investors to gain exposure to that broader banking rally through a single investment rather than picking individual stocks.
The WSA Banking ETF gives both local and international investors a simple, transparent and cost-effective way to participate in that growth story,” Asuma said.
Equity Group is valued at KES 327.4 billion ($2.5 billion), KCB Group at KES 257.1 billion ($2.0 billion) and Co-operative Bank at KES 204.8 billion ($1.6 billion).