Bloomberg News

Access of Kenya Declines for Fifth Day, Trades at Record Low

February 22, 2012

(Updates with closing share price and analyst comment from second paragraph.)

Feb. 22 (Bloomberg) -- AccessKenya Group Ltd., the East African nation’s only publicly traded Internet company, fell for a fifth day and reached a record low.

The stock declined 6.3 percent to 3.70 shillings by the close in Nairobi, the capital.

The closing price is its biggest slide since Nov. 29 and the lowest level since the shares first began trading on the Nairobi Securities Exchange in June 2007, according to data compiled by Bloomberg.

“Investors are concerned that the company does not have the right strategy in view of the rising competition,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today. “They are concerned about the long term outlook.”

--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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