Bloomberg News

AccessKenya Rises on Speculation of Posting Full-Year Profit

January 04, 2012

(Updates with closing share price in second paragraph.)

Jan. 4 (Bloomberg) -- AccessKenya Group Ltd., the nation’s only publicly-traded Internet company, jumped the most in nine months on speculation it will post a full-year profit.

The stock added 45 cents, or 8.7 percent, to 5.60 shillings by the close of trading in Nairobi, the biggest jump since April 6, 2011. Shares of the company plunged 62 percent in 2011.

“Earnings for 2011 are expected to be substantially stronger than 2010 and we are seeing a lot of position taking on the counter,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today. “Although it did not have a good first half, the second half is expected to be good”.

The earnings for the 12 months to Dec. 31 are expected at 133 million shillings ($1.54 million) compared with a loss of 8 million shillings a year earlier, Nairobi-based Kestrel Capital East Africa Ltd., an investment banking company, said Oct. 18.

-- Editors: Ash Kumar, 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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