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(Updates with closing share price in second paragraph.)
July 7 (Bloomberg) -- KenolKobil Ltd., a Kenyan fuel retailer with operations in nine African countries, fell from a more than four-year high as it reached a level that is a signal to technical analysts a stock is poised to drop.
The shares retreated 0.4 percent to 11.95 shillings by the 3 p.m. close in the capital, Nairobi. The stock closed at 12 shillings on July 4, the highest since January 2007. It was unchanged yesterday and on July 5.
KenolKobil’s 14-day relative strength index closed trading at 90.14 yesterday. A reading above 70 is a sign the stock is likely to fall. The RSI has been above 70 since June 14, according to data compiled by Bloomberg.
“Right now it is stabilizing in anticipation of the half- year earnings announcement,” Gregory Waweru, an analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview today. The company will release results on July 26.
--Editors: Linda Shen, Ana Monteiro
To contact the reporter on this story: Eric Ombok in Nairobi at firstname.lastname@example.org
To contact the editor responsible for this story: Shaji Mathew at email@example.com