Nov. 29 (Bloomberg) -- KenolKobil Ltd., a Kenyan fuel retailer with operations in nine African countries, declined for a sixth day as investors factored in an expected increase in full-year earnings.
Shares in Kenya’s biggest fuel retailer by market value retreated 0.5 percent to 9.15 shillings by the 3 p.m. close in the capital, Nairobi. Earlier the stock had gained as much as 3.3 percent to 9.5 shillings.
“They did not really say anything new, the market had already priced in the earnings,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.
“Management is pleased to state, with a high degree of confidence, that KenolKobil’s full year is well on track to achieve its projected strong results,” the Nairobi-based company said in an e-mailed statement yesterday.
In July the company reported an 83 percent surge in first- half profit to 2.16 billion shillings ($24 million). Sales climbed 38 percent to 83.3 billion shillings.
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