Dec. 1 (Bloomberg) -- Kenya Power & Lighting Ltd., the East African nation’s sole electricity distributor, fell to the lowest in almost two years.
The stock retreated as much as 4.2 percent to 16 shillings, the weakest intraday level since Dec. 23, 2009, before trading 3 percent down at 16.20 shillings by 12:51 p.m. in Nairobi. Kenya’s All Share index slipped for a sixth day, losing 0.3 percent to 53.61, the weakest in more than a month.
“Kenya Power is mostly being traded by retail investors and with inflation rising we have been seeing some selling from them,” Deris Mogoi, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.
Kenyan inflation accelerated for the 13th month to 19.72 percent in November from 18.91 percent in October as food and fuel costs increased, adding to chances the central bank will raise interest rates this week.
--Editors: Ana Monteiro, Gavin Serkin
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