Bloomberg News

British American of Kenya Climbs on Technical Signal

October 05, 2011

(Updates with closing share price in second paragraph.)

Oct. 5 (Bloomberg) -- British American Investment Co., which started trading on the Nairobi Stock Exchange on Sept. 8, climbed for a second day on a technical signal.

Shares in the diversified financial services group advanced 4.2 percent to 6.15 shillings as of the 3 p.m. close of trading in the capital, Nairobi.

British American’s 14-day relative strength index closed at 26.8 on Oct. 3, the day before the stock started its advance. A level below 30 signals to some technical analysts that the stock is poised to rise. The RSI identifies possible turning points in indexes or securities by measuring the degree that gains and losses outpace each other in a given period.

--Editors: Ana Monteiro, Peter Branton

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


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