Crown Paints Kenya PLC, a Kenyan paint manufacturer, headed for the highest close in more than a month on speculation the company boosted sales during the festive season.
The stock climbed 3 per cent to 34 shillings at 1:10 p.m. in Nairobi, the capital. A close at that level would be the highest since Nov. 22, when it rose to 35 shillings.
“Sales for the festive seasons are normally high as people purchase more paints for house refurbishing and the ongoing boom in the construction industry is good business for the Crown Berger, ” Vimal Parmar, an analyst at Kestrel Capital East Africa Ltd., said in a phone interview.
Crown Berger in August reported first-half profit rose 2.4 per cent to 42.5 million shillings ($526,316) as revenue climbed 16 per cent to 1.43 billion shillings.