Eveready East Africa Closes Unchanged After Falling 8.8%

Eveready East Africa Ltd. (EVRD), Kenya and the region’s biggest dry-cell battery manufacturer, closed unchanged after falling the most in almost seven months.

The stock ended the day at 1.70 shillings at 3:00 p.m. in the capital, Nairobi, having dropped as much as 8.8 percent to 1.55 shillings at 11:14 a.m., and was 5.9 percent higher 14 minutes before the close.

“It is very thinly traded at the moment so you will get these wide moves,” Aly-Khan Satchu, chief executive officer of Nairobi-based investment company Rich Management, said in a phone interview today. “There is no clear path to profitability for the company.”

The company started trading on the Nairobi Stock Exchange in December 2006 at an initial public offer price of 9.50 shillings.

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

To contact the editor responsible for this story: Shaji Mathew at shajimathew@bloomberg.net

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