Mumias Sugar of Kenya Rises the Most in Two Months on Profit Speculation
Mumias Sugar Co., Kenya’s biggest producer of the sweetener, climbed the most in two months on speculation its full-year earnings will rise.
The stock gained as much as 80 cents, or 6.4 percent, to 13.30 shillings and was trading 4.8 percent higher at 13.1 shillings as of 1:45 p.m. in Nairobi, the biggest intraday increase since April 28.
“Buyers are stepping in ahead of the results,” which are expected anytime from next week, Aly-Khan Satchu, a Nairobi- based independent analyst, said in a phone interview today.
The value of the company’s stock has also been pushed up by imrpoved sugar prices in the global market, Satchu said.
The price of the sweetener has gained 24 percent on ICE Futures in New York this year since reaching 14.3 U.S. cents a pound on May 6, the lowest level in 2010. Sugar traded at 18.67 cents as of 12 p.m. in London.