Kenyan Tea Shares Decline as Packages Remain Unsold at Auction in Mombasa

Shares in Kenyan tea growers retreated after packages at the world’s biggest auction of the leaves in the port city of Mombasa remained unsold.

Sasini Ltd., the East African nation’s biggest grower by market value, fell to a four-week low, dropping 1.8 percent to 13.85 shillings by the 3 p.m. close in Nairobi. George Williamson Kenya Ltd., the second-largest, retreated 2.6 percent, while Kapchorua Tea Co. plunged 9.7 percent to 131 shillings, the lowest since March.

“Demand for the 85,125 packages on offer was fairly good with prices being irregular with many lots remaining unsold,” James Finlay Ltd. said in an e-mailed report today.

Kenya, where agriculture accounts for a quarter of economic output, is the world’s biggest grower and exporter of black tea.

To contact the reporter on this story: Eric Ombok in Nairobi at eombok@bloomberg.net.

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