Bloomberg News

KenolKobil Jumps to Five-Year High After Buy Recommendation

April 11, 2012

KenolKobil Ltd. (KNOC), a Kenyan fuel retailer with operations in nine African countries, jumped to its highest level in more than five years after it was rated buy at Nairobi-based Dyer & Blair Investment Bank Ltd.

KenolKobil shares rose 2.1 percent to 12.15 shillings at the close in Nairobi, the highest since January 2007.

“Investors are looking at the company’s expansion, especially in sub-Saharan Africa and growing revenue from trading desks and exports,” Eric Munywoki, an analyst at Dyer & Blair, said by phone today from the capital.

Dyer & Blair set a 12-molnth price estimate of 15.80 shillings a share.

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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