East African Cables Rises 6th Day in 7 on Price-Increase Report
East African Cables Ltd. rose for a sixth day in seven after Business Daily reported the Kenyan cable maker increased prices of aluminum and copper products by more than 80 percent to cover rising international costs.
The shares climbed as much as 0.9 percent to 16.2 shillings and traded 0.3 percent up at 16.1 shillings as of 11:53 a.m. in Nairobi, the capital.
“The price increase will cushion its profit margin as it seeks to capitalize on the booming construction business in the country,” Emmah Mareri, an analyst at Nairobi-based African Alliance, said by telephone today.
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