Bloomberg News

British American of Kenya Declines After 29% Surge in 6 Days

September 28, 2011

(Updates with closing price in second paragraph.)

Sept. 28 (Bloomberg) -- British American Investment Co., which started trading on the Nairobi Stock Exchange on Sept. 8, declined for a second day as some investors sold stock to take advantage of a 29 percent advance in a six-day rally.

Shares in the diversified financial services group fell 5.2 percent to 6.35 shillings by the 3 p.m. close in the capital, Nairobi.

“What you are seeing is some people getting out, mostly those who got in when they thought the stock had bottomed out,” Rufus Mwanyasi, head trader at Nairobi-based Canaan Capital Ltd., said in a phone interview today.

The stock started trading at 8.45 shillings and traded for as little as 5.25 shillings on Sept. 16, according to Bloomberg data.

British American shares had a reference price of 9 shillings when they started trading.

--Editors: Ana Monteiro, Linda Shen

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net


Best LBO Ever
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus