Cooperative Bank of Kenya Advances on Profit Bets: Nairobi Mover
Cooperative Bank of Kenya Ltd., the East African nation’s fifth-biggest lender by market value, jumped the most in two and a half years on speculation full-year earnings will grow.
The stock surged 7.9 percent to 12.95 shillings at the 3 p.m. close in Nairobi, the capital, the biggest gain since June 2009.
“I would expect it to rise on expectations of earnings; I expect at least 30 percent growth in earnings after tax,” Renaldo d’Souza, a research analyst with Genghis Capital Ltd., said by phone from Nairobi today.
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