Uchumi of Kenya Rises to Two-Week High on Sales, Customer Growth
The stock jumped as much as 7.6 percent to 8.5 shillings, the highest intraday level since Aug. 26, and traded 1.9 percent stronger at 8.05 shillings by 10:46 p.m. in Nairobi.
Sales rose to 10.8 billion shillings ($115.2 million) in the 12 months through June, compared with $9.61 billion shillings a year earlier, the Nairobi-based company said in a statement distributed through the Nairobi Stock Exchange today.
“The results are quite good, better than expected,” Eric Musau, a research analyst with Standard Investment Bank Ltd., said by phone from Nairobi today. Earnings per share of 1.47 shillings beat Musau’s estimate of 1 shilling per share.
Annual clients grew 10 percent to 19 million, Uchumi said.
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