Bamburi Jumps to 11-Month High on Earnings Bet: Nairobi Mover
Bamburi Cement Co., (BMBC) Kenya’s biggest maker of the building materials, jumped to its highest level in almost 11 months on speculation earnings increased in the first half of the year.
The shares rose 3 percent to 170 shillings by 1:45 p.m. in Nairobi. A close at this level would be the highest since Aug. 16, according to data compiled by Bloomberg. Nairobi’s All Share Index slipped less than 0.1 percent today.
“There are expectations first-half results will be good,” Vimal Parmar, head of research at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview today. Profit before tax was probably 4.5 billion shillings ($53.6 million) in the period, compared with 4.26 billion shillings a year earlier, he said.
The building and construction industry expanded 3.2 percent in the first quarter of this year, according to data from the Kenya National Bureau of Statistics.
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