Nov. 23 (Bloomberg) -- Centum Investment Co., Kenya’s largest investment company, declined for a fifth day as bonus shares started trading, heading for a 19-month low.
The stock slumped as much as 3.1 percent to 14.05 shillings, the lowest level since April 2010, before trading 2.1 percent lower at 14.20 shillings at 12:59 p.m. in Nairobi.
“The decline in prices is due to an increase in share supply as the bonus shares starts trading in the market,” said George Bodo, an analyst at Nairobi-based ApexAfrica Capital Ltd.
Centum offered one bonus share for every 10 held, resulting in the issue of an additional 60.5 million shares to stockholders.
--Editors: Linda Shen, Wojciech Moskwa
To contact the reporter on this story: Johnstone Ole Turana in Nairobi at email@example.com
To contact the editor responsible for this story: Antony Sguazzin at firstname.lastname@example.org