British-American Declines to 1-Month Low on Profit Forecast
British-American Investments Co. (BRIT), the Kenyan financial services group that began trading its shares in September, declined to the lowest in a month after saying last week annual profit would fall at least 25 percent.
Shares (BRIT) in the company dropped as much as 4.4 percent to 4.40 shillings before closing down 2.2 percent at 4.50 shillings as of 3 p.m. in the capital, Nairobi, the lowest level since Dec. 15.
“The profit warning is still weighing heavily on investors,” Eric Musau, a research analyst at Nairobi-based Standard Investment Bank Ltd., said by phone today.
The shares have only risen during two trading sessions this year, according to data compiled by Bloomberg.
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