Bloomberg News

Kenya Commercial Bank Touches 9-Month High on Price Target

April 13, 2012

Kenya Commercial Bank Ltd. (KNCB), the East African nation’s biggest lender by assets, touched the highest level in more than nine months as its price estimate was raised at Standard Investment Bank Ltd.

The shares climbed as much as 2.1 percent to 24.25 shillings, the strongest since June, before closing unchanged at 23.75 shillings in Nairobi, the capital.

“We have revised the valuation we gave in December of 31.49 shillings to 32.52 shillings,” Francis Mwangi, head of research at Nairobi-based Standard Investment Bank, said in a phone interview today. “The company will continue delivering benefits from cost restructuring launched two years ago”.

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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