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

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

Press spacebar to pause and continue. Press esc to stop.

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.