Bloomberg News

Uchumi of Kenya Rises Most in Three Months After 3-Day Drop

May 29, 2012

Uchumi Supermarkets Ltd. (UCSP), Kenya’s only publicly traded retailer, gained the most in almost three months after a three-day fall.

The stock jumped 7.7 percent to 16.7 shillings by the close in Nairobi, the capital, the biggest increase since March 8. The stock had dropped 20 percent in the previous three sessions.

“We have been seeing quite a bit of aggressive selling during the three days and today there was some foreign buying, that combined with local investors who think the stock has bottomed out,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank 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


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