Oct 15 NSE Closing Bell: East African Cables Among Top Gainers On Dividend Announcement
.East African Cables Limited (CABL) was among the top gainers today on the Nairobi Securities Exchange (NSE). The cable manufacturer yesterday announced an interim dividend of KES 0.50 per share. The dividend will be paid on or about December 15th, 2014 to members on the shareholders' register at the close of business on November 17th, 2014.
"The 50 cents interim dividend announcement comes three months after the company announced its half year results. At the time the company did not announce an interim dividend. The announcement of the interim dividend now, was probably taken as as signal by investors of increased earnings, by the end of the year in December. Hence the price rally". This is according to Silha Rasugu a research analyst at Genghis Capital Limited.
East African Cables' price performance for the past one year is given below:
The winners
Standard Group Limited (SGL), East African Cables, Olympia Capital Holdings (OCH), Car & General Kenya Limited (C&G) and British American Tobacco Kenya Limited (BAT) are the companies whose share price appreciated the most. All these companies had been among the top gainers today in the morning.
The losers
Express Kenya Limited (XPRS), Eveready East Africa Limited (EVRD), Williamson Tea Kenya Limited (WTK), Home Afrika Limted (HAFR) and the self listed NSE shed the most value today. Each ended the day at KES 7.50, 3.75, 300.00, 4.30, and 21.75 respectively.
Market snapshot
As at the close of the market (3.10 pm) today
Most shares traded
Equity Bank Limited (EQTY), East African Breweries Limited (EABL), Safaricom Limited (SCOM), The Co-operative Bank of Kenya Limited (COOP), and Mumias Sugar Company Limited (MSC) were the five most traded shares.
