Bloomberg News

Housing Finance of Kenya Gains Most in 4 Months: Nairobi Mover

August 07, 2012

Housing Finance Ltd. (HFCL), Kenya’s only publicly traded mortgage lender, gained the most in more than four months before the cut-off date for investors to buy the shares and become entitled to an interim dividend.

The shares climbed 3.2 percent to 15.95 shillings by 12:55 p.m. in Nairobi, set for the biggest jump since March 28 and highest close since June 25.

“They declared an interim dividend of 0.70 shillings when they announced their first-half profit and based on that the stock is getting some support ahead of the Aug. 17 cut-off date,” Faith Atiti, an analyst at Nairobi-based Sterling Investment Bank Ltd. said in a phone interview today.

The interim dividend compares with 0.50 shillings a year earlier. The company said July 17 first-half profit climbed 3.6 percent as operating costs dropped. Net income grew to 250.4 million shillings ($2.98 million) in the six months through June from 241.8 million shillings a year earlier.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


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