Bloomberg News

Centum Shares Fall Third Day to Two-Week Low in Nairobi

February 02, 2012

(Updates with closing share price in second paragraph.)

Feb. 2 (Bloomberg) -- Centum Investment Co., Kenya’s largest investment company, fell for a third day and closed at its lowest in two weeks amid speculation investors are taking profits.

The stock dropped 2.5 percent to 13.75 shillings by the 3:00 p.m. close in Nairobi, the lowest since Jan. 20, according to data compiled by Bloomberg.

“It was really oversold in December, then it recovered in January and now we are seeing very thin profit taking,” George Bodo, an equity strategist at Nairobi-based Apex Africa Capital said by phone today.

The stock hit a 12-month trough of 11.30 shillings on Dec. 9 and has rallied 22 percent since then, according to data compiled by Bloomberg.

--Editors: Ash Kumar, Linda Shen

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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