Housing Finance Jumps to 6-Week High on Outlook: Nairobi Mover

More than six times the three-month daily average of shares were traded. Housing Finance, which said in February it will build 500 homes this year, reported a 59 percent increase in first-half net income to 397 million shillings ($4.6 million) in a statement yesterday. Net interest income, the money earned from interest charges on loans, increased 58 percent to 1.38 billion shillings. We expect further loan-book growth from rising credit demand as Housing Finance has lowered its base-lending rate to 16 percent from 18 percent and from a more stable macroeconomic environment, Vidur Dhingra, an analyst at Nairobi-based Kestrel Capital (East Africa) Ltd., said today in an e-mailed note.

Closing communique from G20 finance ministers meeting

We will refrain from competitive devaluation and will not target our exchange rates for competitive purposes. We will resist all forms of protectionism and keep our markets open. 7. Monetary policy should be directed toward domestic price stability and continue to support economic recovery according to the respective mandates of central banks.

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