Eveready of Kenya Rises After Falling to Lowest Level Since 2007

Eveready East Africa Ltd., a Kenyan dry-cell battery manufacturer, rose the most in four days after falling to the lowest on record yesterday.

The stock rallied 15 cents, or 6 percent, to 2.65 shillings by 12:10 p.m. in Nairobi.

“People are thinking it went down too much and it was a matter of time before it went up,” Wycliffe Masinde, a research analyst at Nairobi-based Kestrel Capital East Africa Ltd., said in a phone interview.

Eveready’s stock tumbled yesterday to its lowest level since it started trading in 2007 after the company said profit in the 12 months through September is expected to fall on increased global metal prices and rising financing costs because of depreciation in the Kenyan shilling.

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

To contact the editor responsible for this story: Antony Sguazzin at asguazzin@bloomberg.net

Bloomberg reserves the right to remove comments but is under no obligation to do so, or to explain individual moderation decisions.

Please enable JavaScript to view the comments powered by Disqus.