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Centum of Kenya Snaps 7-Day Decline as Bonus Shares Sale Eases

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Nov. 28 (Bloomberg) -- Centum Investment Co., East Africa’s biggest publicly traded investment company, snapped seven days of declines after a slowdown in the sale of bonus shares the company awarded investors.

The shares jumped as much as 2.6 percent to 14 shillings before trading 0.4 percent higher at 13.7 shillings as of 1:03 p.m. in the capital, Nairobi.

“The downfall was temporary because it was an initial sell off that comes when companies give bonus shares and everyone was selling their bonus shares,” George Bodo, an equity strategist at Nairobi-based Apex Africa Capital Ltd, said by phone today.

Centum offered one bonus share for every 10 held, resulting in the issue of an additional 60.5 million shares to stockholders.

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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