Kenya stocks fall a third day, led by Crown Berger, Equity Bank
Friday, 25 September 2009
NAIROBI, Sept. 24 (Bloomberg): Kenya's price-weighted All-Share Index declined for a third day, easing 0.05, or 0.1 per cent, to 55.20 at 10:57 a.m. in Nairobi.
The shares of nine companies gained, nine declined and 37 were unchanged. The following were among the most active stocks on the Nairobi Stock Exchange today.
Crown Berger Ltd., (CRBG KN), East Africa's largest paint- maker, fell 1 shilling, or 3.9 per cent, to 25 shillings.
The shares price has declined steadily since reaching 33.5 shillings on Aug. 3, as investors judged the gains overdone, said Hardy Pemhiwa, chief executive officer of Amana Capital Ltd., by phone from Nairobi today. "There appeared to be someone who accumulated the stock, and then interest fizzled out," he said.
Equity Bank Ltd. (EQBNK KN), Kenya's biggest lender by customers, fell 0.35 cents, or 2.5 per cent, to 13.9 shillings on concern it may be expanding and courting corporate clients too aggressively, said Pemhiwa. "There seems to be some concern that Equity is moving away from its microfinance model to a big ticket corporate banking, and into Uganda and southern Sudan too quickly," he said. The stock has declined for nine consecutive trading sessions.
Nation Media Group Ltd. (NTAP KN), the largest media company in East Africa, declined 2 shillings, or 1.7 per cent, to 117 shillings on concern that rises in the cost of newsprint during the last 18 months may hurt earnings, said Pemhiwa.
The shares of nine companies gained, nine declined and 37 were unchanged. The following were among the most active stocks on the Nairobi Stock Exchange today.
Crown Berger Ltd., (CRBG KN), East Africa's largest paint- maker, fell 1 shilling, or 3.9 per cent, to 25 shillings.
The shares price has declined steadily since reaching 33.5 shillings on Aug. 3, as investors judged the gains overdone, said Hardy Pemhiwa, chief executive officer of Amana Capital Ltd., by phone from Nairobi today. "There appeared to be someone who accumulated the stock, and then interest fizzled out," he said.
Equity Bank Ltd. (EQBNK KN), Kenya's biggest lender by customers, fell 0.35 cents, or 2.5 per cent, to 13.9 shillings on concern it may be expanding and courting corporate clients too aggressively, said Pemhiwa. "There seems to be some concern that Equity is moving away from its microfinance model to a big ticket corporate banking, and into Uganda and southern Sudan too quickly," he said. The stock has declined for nine consecutive trading sessions.
Nation Media Group Ltd. (NTAP KN), the largest media company in East Africa, declined 2 shillings, or 1.7 per cent, to 117 shillings on concern that rises in the cost of newsprint during the last 18 months may hurt earnings, said Pemhiwa.