Kenya Stocks Advance, Led by British American Tobacco Shares

Source from:  Bloomberg 06/11/2009

Kenya's All Share Index rose for the ninth consecutive day, climbing 1 percent to 52.67 points at 10 a.m. in Nairobi. The stocks of 17 companies rose, 11 declined and 26 were unchanged. The following were among the most active stocks on the Nairobi Stock Exchange today. British American Tobacco Kenya Ltd. (BATK KN), East Africa's biggest cigarette maker, advanced 4.6 percent to 160 shillings as foreign investors bought shares. "This has got to do with foreign inflows," Managing Director of Nairobi-based Tsavo Securities, Fred Mweni, said in a phone interview. "There have been a lot of foreign investors in the market in the last three weeks." Crown Berger Ltd. (CRBG KN), East Africa's biggest paint maker, retreated 4 percent to 24 shillings, the biggest decline on the exchange on concern the slowing economy will reduce demand for its products. "The construction industry has fallen somewhat due to the hard economic times and demand for paint is low," Mweni said. East African Breweries Ltd. (EABL KN), the Kenyan unit of Diageo Plc., advanced 3.1 percent to 132 shillings. The company said June 5 its Chief Executive Officer, Gerald Mahinda, would leave July 1 to head South Africa's Brandhouse Ltd., another Diageo unit. Mahinda will be replaced by Seni Adetu, who previously headed Guinness Ghana Breweries Ltd., a Diageo unit. Foreign investors view the change of management as good for East African Breweries Ltd., Mweni said. The share has gained every day since the announcement. Enditem