Crown Paints Kenya Retreats After Annual Rally: Nairobi Mover

Crown Paints Kenya Ltd. (CRBG), the country’s fourth-best performing stock this year, fell the most in more than a month as investors took gains, Canaan Capital Ltd. said.

Shares in Kenya’s only publicly traded paint manufacturer declined 2.1 percent to 35.25 shillings by the close in the capital, Nairobi, the biggest drop since July 27.

“There is some profit taking because the company has done really well and it is trading just below its all-time high,” Rufus Mwanyasi, head trader at Nairobi-based Canaan Capital, said in a phone interview today.

The stock has rallied 72 percent since the beginning of this year, more than double the 27 percent gain on the Nairobi Securities Exchange All-Share Index during the same period, according to data compiled by Bloomberg.

Net income in the six months through June jumped to 76.5 million shillings ($907,000) from 45.9 million shillings a year earlier, the company said Aug. 28. Sales climbed 17 percent to 2.1 billion 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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