Kenyan Equities: British America Tobacco Kenya, Total Kenya

Source from:  Bloomberg 06/18/2009

Kenya's All Share Index rose for the 13th straight trading session, advancing 0.35 points, or 0.7 percent, to 54.08 by 11:45 a.m. today in Nairobi. The stocks of 17 companies advanced, nine declined and 28 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, was the biggest gainer, climbing 2.6 percent to 160 shillings. Investors have renewed interest in the stock after Kenya's annual budget announced last week didn't propose increased taxes on cigarettes, Ben Nyamweya, executive director of Genghis Capital, said in a phone interview from Nairobi today. "People had thought the budget would increase taxes for alcohol and cigarettes, but it didn't," he said. "They have been posting healthy profits and giving out generous dividends." Total Kenya Ltd. (TKNL KN), a unit of Total SA, rose 2.4 percent to 31.5 shillings. The company expects to obtain approval from shareholders and the Kenyan government to acquire Chevron Corp.'s local unit by September. The purchase may improve Total's profitability, after it reported a first-quarter loss of 109 million Kenyan shillings ($1.39 million) on May 29, Nyamweya said. "Total has been enjoying quite a bit of demand following the news of the Chevron deal," he said. Enditem