Uchumi of Kenya Shares Retreat Most in More Than Two Weeks

Uchumi Supermarkets Ltd., (UCSP) Kenya’s best performing stock this year, dropped the most in more than two weeks.

The stock of Kenya’s only publicly traded retailer fell 5.1 percent to 16.60 shillings by the close in Nairobi, the steepest decline since May 28. Uchumi’s shares have more than doubled so far this year.

“It is a gradual down rating of the stock after it rallied too much,” George Bodo, a Nairobi-based independent equity strategist, 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