Pan Africa’s NSE portfolio dip hits profit

Pan Africa Holdings’ net profit for the first half of the year has dropped 51.1 per cent to Sh390.7 million, as weak performance of the insurance group’s portfolio at the stock market hit earnings.

Pan Africa’s gains on its investments at the Nairobi Securities Exchange (NSE) fell 73.8 per cent to Sh186.4 million from Sh713.5 million in the first six months of last year. The NSE 20-Share Index shrunk one per cent to 4,885 points in the same period to end of June, compared to 4,927 points at the start of the year.