Bloomberg News

British-American Erases Biggest Gain This Year: Nairobi Mover

March 09, 2012

British-American Investments Co. (BRIT), a Kenyan financial services group, erased its biggest gain this year and closed unchanged even as the local stock market recorded the longest winning streak in more than three years.

British-American shares closed trading unchanged at 4 shillings by 3 p.m. in Nairobi, the capital, after rising as much as 5 percent, the most since Dec. 30, to 4.20 shillings.

The NSE All Share Index (NSEASI) was up 0.5 percent today, a 14th straight gain, the longest stretch since June 2009, according to data compiled by Bloomberg. This year, the index has risen 12 percent, after dropping 30 percent in 2011.

“The market has been a bit vibrant and most of the company’s investments are in the equities market so the returns from their portfolio are expected to move up,” Eva Njuguna, a trader at Nairobi-based Sterling Capital Ltd., said in a phone interview today.

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


Later, Baby
LIMITED-TIME OFFER SUBSCRIBE NOW

(enter your email)
(enter up to 5 email addresses, separated by commas)

Max 250 characters

 
blog comments powered by Disqus