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ARM Cement Advances to Record High on Share Split: Nairobi Mover
The stock surged as much as 9.1 percent to 60 shillings in the capital, Nairobi, the highest intra-day price since August 1997 and was trading 7.3 percent higher at 59 shillings by 1:10 p.m. More than 216,000 shares changed hands, about one and a half times the three-month daily average.
Arm, formerly known as Athi River Mining Ltd., proposed the five for one share split last year and it came into effect Dec. 24. The stock has climbed 32 percent this year, compared with a 6.5 percent advance for the benchmark NSE All-Share Index. (NSEASI)
“It is being driven by the five for one split,” Aly Khan Satchu, chief executive officer of Nairobi-based investment company Rich Management Ltd., said in a phone interview today. “It is partly a bull market and partly by the fact that it has become more affordable for retail investors.”
Net income climbed to 826.5 million shillings ($9.53 million) in the nine months through September from 193 million shillings a year earlier, the Nairobi-based company said in October. Revenue jumped 29 percent to 7.74 billion shillings, ARM said.
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