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.
To contact the reporter on this story: Johnstone Ole Turana in Nairobi at email@example.com
To contact the editor responsible for this story: Antony Sguazzin at firstname.lastname@example.org
Bloomberg moderates all comments. Comments that are abusive or off-topic will not be posted to the site. Excessively long comments may be moderated as well. Bloomberg cannot facilitate requests to remove comments or explain individual moderation decisions.