The Reit is still young and in its first year on the NSE, having raised Sh3.6 billion in November last year out of the targeted Sh12.5 billion but exceeding the Sh2.6 billion minimum.
By the end of trading on Friday, Fahari I-Reit was the biggest loser after shedding 9.96 per cent to close at Sh11.30 per share from Thursday’s closing average price of Sh12.55 per share.
The I-Reit had a day’s turnover of 1.09 million. Prior to releasing its results, Fahari I-Reit was trading at Sh16.35, which was below its issuance price of Sh20 per unit by 18.25 per cent.
CFC Stanbic: CFC Stanbic has been recommended as an ‘accumulate’ by a market report by Cytonn Investments. Cytonn says this stock has an upside potential of 12 per cent, a dividend yield of 7.5 per cent, and a target price of over Sh83.6 per share.
This recommendation follows the half year performance by the bank which saw it record a 22.1 per cent growth in net profit to Sh2.3 billion from Sh1.9 billion recorded in the same period in 2015.
Additionally, according to a report by Cytonn Investments, earnings per share grew by 22.2 per cent to Sh6.1 compared to the 41.6 per cent growth of up to Sh5 recorded in the half year period in 2015.
The research report noted that the bank’s performance was largely fuelled by strong performance with both funded and non-funded income growth of 24.7 per cent and 18.8 per cent respectively.
Following its half-year performance, CFC raised its interim dividend pay for the period from 0.75 per share to Sh1.77 per share bringing the total payout for the period to Sh700 million. Only CFC investors who will be on the register by September 5 will get the payout.
On Friday last week, CFC closed the market at Sh80 per share after shedding 0.62 per cent from Sh80.50 per share average trading price recorded on Thursday.