Mauritius Commercial Bank, the country’s biggest lender by market value, headed for the highest level in more than five months on investor bets that it will post increased third-quarter profit.
The stock advanced 1 rupee, or 0.6 percent, to 168 rupees, set for the highest price since Nov. 25, by 11:25 a.m., in Port Louis, the capital.
“Investors are anticipating that the lender’s third-quarter through March results would show an improvement,” Kishen Nadassen, a senior research analyst at the city-based Cim Stockbrokers Ltd., said in a phone interview.
The Indian Ocean island nation’s “resilient” economy is expected to grow 3.6 percent to 3.9 percent this year, Finance Minister Xavier Luc Duval told reporters in the capital today, citing analysts’ forecasts.
MCB, as the lender is known, has a 24.7 percent weight in the 38-member SEMDEX index. Listed companies have until May 15 to publish their earnings report for the three months through March.