CIC Insurance Group Ltd. (CIC), Kenya’s second-biggest insurer by premiums, reversed an earlier gain to close at the lowest since its listing last month.
Shares declined 1.3 percent to close at 3.90 shillings in Nairobi, after having advanced by the same amount. The stock was listed on July 18 with a debut price of 3.5 shillings and closed that day at a price of 5.25 shillings.
The insurer’s 14-day relative strength index closed at 28.9 yesterday, according to data compiled by Bloomberg. A level below 30 signals to some technical analysts that the stock is oversold and set for a rise. The RSI was 28 today.
Total insurance premiums in Kenya rose to 90.6 billion shillings ($1.01 billion) in 2011 from 79.1 billion shillings a year earlier, Business Daily said yesterday, citing the Association of Kenya Insurers.
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